In a transaction involving one of the most significant development sites in Fairfield County, Spinnaker Real Estate Partners LLC has announced the sale of a 12.6-acre undeveloped site at the intersection of I-95 and Route 7 in Norwalk to General Growth Properties (GGP), one of the nation’s largest retail owners and developers. The sale price was not disclosed.
The site, which is located within Norwalk’s Reed Putnam Urban Renewal Plan, is one of the last major parcels to be developed on Interstate 95 in Fairfield County.
Spinnaker has approval to develop the site into a 1.1 million-square-foot mixed-use project called District 95/7 featuring Class A office space, retail, residential and hotel.
According to reports, General Growth has told investors the site will feature a “ground up mall development” costing $285 million.
Spinnaker had held development rights to the property under a Land Disposition Agreement with the City of Norwalk and the Norwalk Redevelopment Agency. Under the terms of the purchase agreement with GGP, Spinnaker will remain as part of the consulting development team for the development of the site.
“We look forward to working with General Growth Properties in developing this important property into a world-class project that will create new jobs and result in economic benefits for the entire region,” said Spinnaker chairman and CEO Clayton Fowler. “General Growth Properties is one of the nation’s premier retail center developers with significant financial resources,” he added.
Spinnaker Real Estate Partners LLC, which is based in South Norwalk, owns, develops and manages mixed-use, commercial, and multi-family properties in Connecticut, New York, Oregon, and Missouri.
General Growth owns Connecticut’s Brass Mill Center, in Waterbury, and Shoppes at Buckland Hills, in Manchester.