PRESS RELEASE: Avison Young Named Exclusive Sales Agent for Opportunity Zone Development Site at 64 South Main Street in South Norwalk, CT29 Sep 2020
Lot boasts 1.45 acres of prime development space in the highly sought after SoNo neighborhood of Norwalk, CT
New York– The Tri-State Investment Sales Group for Avison Young has been named the exclusive sales agent for 64 South Main Street, a 1.45-acre lot in Connecticut’s South Norwalk neighborhood. The site is being offered without an asking price.
An Avison Young team led by Principal and Head of Tri-State Investment Sales James Nelson, Principals Erik Edeen, Sean Cahill, and Kevin Malloy, Vice President Nate Swetland and Associate Director Fritz Richter are marketing the property on behalf of ownership.
The 63,208± square foot Site is envisioned for a new six-story mixed-use multifamily building containing 3,773 square feet of retail and 108 residential units, along with four townhouse units and eight pre-existing additional units in two historic properties on the site which will be preserved totaling 120 units on the site. The property also benefits from its location in an Opportunity Zone; which would afford a 10 percent reduction in capital gains tax on invested capital plus the benefit of zero capital gain tax liability on the project if held for 10+ years.
“South Norwalk is one of the most desirable towns in all of Fairfield County, with one of the tightest real estate markets in all of Connecticut,” said Edeen. “This project is featured in an Opportunity Zone designation which encourages investment in previously neglected areas. In addition, 64 South Main Street provides a unique opportunity to develop a blend of uses that meets the needs of retail, residential development and parking. The development will ultimately attract the flood of residents seeking a suburban lifestyle while maintaining connectivity to Manhattan which can be accessed in an hour commute.”
64 South Main Street is conveniently located off I-95 exit 14 and Routes 1 and 7, and is steps from the South Norwalk Police Station, restaurants/cafes, a myriad of parks and professional services and the South Norwalk commuter rail line.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Gail Donovan, Senior Director of Marketing, Tri-State: 212.729.7140
- Erik Edeen, Principal & Director of Operations: 203 927 7480