New Commercial Building

While Norwalk has several redevelopment projects on hold, there is a large commercial project that is being built up privately. Here is an article on that.

NORWALK

By CHRIS BOSAK

Hour Staff Writer


Not all construction is crawling or at a standstill in Norwalk.

Bucking the trend of slow-moving progress in the commercial real estate industry during the recession, the rebuilding of 770 Connecticut Ave. is quickly moving toward completion. The building, the former site of Color Film Corporation, is a 42,500-square-foot, five-story building near the Darien border. Designed for retail and office use, the building will include a two-story atrium at the entrance.

"We're negotiating with tenants and we have offers from sizable users," Michael Muffoletto of The Brocur Group, the leasing agency for the building, said. "We're getting a lot of activity now that it's taking form. We have a little work to do on the outside and the build-outs for the tenants on the inside."

The project is being built by Matell Contracting of the Bronx, N.Y. Muffoletto said the developers are eyeing other spots in Norwalk for building. Matell, headed by Anthony Martello, also has properties in Stamford and Westchester County.

"He likes being in Norwalk and we're looking for other places," Muffoletto said.

Tad Diesel, director of marketing and business development in Norwalk, said the location makes sense for building on speculation, even in this market.

"It's a great-looking building in the perfect location. It's very accessible and they have Class A neighbors," he said. "A spec building right there should be very successful."

The building is located off Exit 13 of I-95, near RiverPark, which is home to tenants such as Priceline.com and Stolt-Nielsen.

Muffoletto is confident the building will attract quality tenants and some will sign leases soon. He added, however, that many companies are still skittish about the economy.

"There's a lot of hesitancy and that's holding up commitments," he said. "As a business, you can't plan from behind, you have to plan from ahead."

The building is 12,000 square feet larger than the previous building on the site. Muffoletto said the building is suitable for about 12,000 square feet of retail, although if an office tenant requires more space, it can be accommodated, he said.

"Everything is brand new. It's a completely new building," Muffoletto said. "It has a lot going for it and you're right on Connecticut Avenue."

Jim Fagan, senior managing director of Cushman & Wakefield, said the building could be the perfect fit for the right tenant.

"For a tenant who wants exposure and new space, this building couldn't be better," he said. "There's not a lot of new space out there. But it's a tough market. It's a difficult time for anyone with vacant space."