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Frequently Asked Questions (FAQ’s)
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1. What exactly is Waypointe? |
Waypointe is the name of a pedestrian-friendly, mixed-use development being developed in downtown Norwalk, Connecticut in a public and private partnership between Stanley M. Seligson Properties, The Common Council of the City of Norwalk, The City of Norwalk and The Redevelopment Agency. The 20-acre project will revitalize a depressed part of town, reconnect parts of the city and create a lively neighborhood designed to reflect the great cities of Europe and America.
The design philosophy for Waypointe is centered on creating an urban, pedestrian-friendly experience with extra attention to public areas and connectivity to local streets and beyond.
The Retail portion accounts for 535,000 square feet of retail space that will include both nationally-recognized and local retailers, boutiques, restaurants, specialty shops and neighborhood services. Fairfield County is considered by most retailers to be extremely underserved and an exceptionally attractive location because it is ranked as 1 of the wealthiest county in the United States.
In addition, 350 finely appointed residential condominiums and luxury rentals are planned for Waypointe. Mid-rise buildings and urban townhomes will be within walking distance to local merchants and restaurants. Norwalk’s workforce/affordable housing will account for 15% of the residential component of the project.
Considerable attention has been given to the office space component that will attract medical institutions, local area doctors and boutique corporate headquarters. In fact, 75,000 square feet of new office space is planned to complement the 38,000 square feet that exists on the site today. An integral part of the overall plan, the office component will ensure a daytime dynamic of employees to complement the retail and residential elements of the project.
See the latest Waypointe site plan. Click here
See the latest artist renderings of Waypointe. Click here |
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2. Where is Waypointe located? |
Waypointe is located in the heart of Fairfield County, Connecticut in the City of Norwalk. It runs along West Avenue just North of exit 15 on I-95. It is among 5 major redevelopment projects being conducted by the city intended to improve Norwalk's downtown urban core.
For a map of the Waypointe project area. Click here
See images of the current area. Click here |
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3. Why does the developer want to build this type of project in Norwalk Connecticut? |
The developer, Stanley M. Seligson, was born and raised in Norwalk. Stanley's father started a family business in the 1920's in a historic section of the city that was then a vibrant center of the community. The store was actually located adjacent to what will soon become Waypointe.
Stanley's vision for revitalizing Norwalk's downtown is rooted in his desire to recapture that vitality in a modern form. He began more than 10 years ago- sharing design concepts and development ideas with the city.
See a picture of the store Emmanuel Seligson opened in 1929. Click here |
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4. How is Waypointe different from a typical mall? |
Typically malls are fully enclosed, single-use, large mega-structures filled with national chain retailers, surrounded by surface parking lots with no residences and no connection to their surrounding neighborhoods. Most malls are owned and controlled by a single, large investment entity.
Waypointe, by contrast, is a new mixed-use district incorporating privately owned retail, residential and office uses that will be connected to the existing neighborhood by great streets, wide sidewalks, public gathering places and convenient parking (together called the Public Infrastructure), which are all owned and managed by the City of Norwalk. Waypointe is not just a shopping center. In addition to the retail, it includes homes and offices on streets that interconnect with the local roads. It is a neighborhood not a mall.
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5. How will Waypointe support the City of Norwalk's financial objectives? Will Waypointe overburden the City's public services? |
Taxes within this district today total approximately $1,300,000. Once Waypointe is built, the new retail stores, residences, and offices will dramatically increase the real estate tax revenue that is generated within this district, will add significantly to the City's "Grand List" and also strengthen and diversify Norwalk's tax and employment base.
Because the SSD tax will be utilized to pay for the new Public Infrastructure required by the project, the increased property tax revenues from the project (estimated to be $4,000,000) will increase the size of the City's general fund and can go to support City operations and thereby minimize the risk to existing Norwalk taxpayers. The City of Norwalk is not offering the developer a "TIF" - Tax Increment Financing; instead, all new real estate tax revenues will be directed solely to the City's general fund.
See how the city's recurring revenues are calculated Click here |
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6. Will Waypointe jeopardize the City's AAA bond rating? |
Waypointe will strengthen the City's economic health and enhance its bond rating. The City's AAA bond rating allows it to borrow money at a lower rate than is available to the private sector. This lower borrowing rate will be utilized to purchase the highest quality infrastructure possible. The bond obligation is being covered by the revenue from the Special Services District tax on the owners and tenants of Waypointe and by all parking revenues generated from within the Special Services District.
Norwalk homeowners will not pay any additional taxes when the City bonds are sold for the Waypointe Public Infrastructure because these bonds will be supported by two (2) entirely new revenue sources: the SSD taxes and the parking revenues. The bonds will not be repaid by Norwalk taxpayers that live outside of the Special Services District. Since parking revenues are a key component to repaying the bonds, Norwalkers will be helping to support repaying the bonds by visiting Waypointe and using the parking facility. In addition, the estimate $4,000,000 of gross property taxes that the city likely draw from this development has not been used in the repayment calculations which is another level of "cushion."
While the SSD payment is a fixed annual amount, parking revenues, the other source for bond repayment, will likely fluctuate based on usage and parking rates. However, even if parking revenues in a given year were to fall off dramatically, Norwalk homeowners' would not pay more property taxes to pay for the shortfall because the estimates used to calculate annual parking revenue needed for bond repayment are very conservative. These conservative estimates result in an annual "cushion" that protects Norwalk's taxpayers from any burden of bond repayment.
The City has made it clear, and the developer agrees that the City will not consider any commitment to bond financing that would negatively affect the City's credit rating. In fact, the developer has agreed to strict rules or "preconditions" on the authorization of the bonds to dramatically minimize risk to Norwalk taxpayers. For example, the City's total commitment is fixed at $104,000,000 with any cost overruns on the building of the new public infrastructure to be borne entirely by the developer.
In addition, the City does not assume the financial obligation of the bonds until construction of the project has been completed and 75% of commercial tenants have moved in. Therefore, the City will immediately have the revenue streams in place from the SSD tax and parking facilities to begin repaying the bond.
Review the preconditions for the issuance of the City bonds. Click here |
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7. What is a Special Services District (SSD)? |
The newly created Special Services District (SSD) is an important underpinning to the financing that will allow Waypointe to revitalize the West Avenue area of Norwalk. The SSD will levy a supplemental tax on all retail, residential, and office tenants/owners within the project. It is completely controlled by the City of Norwalk and its boundaries are strictly limited to the project area. The SSD will generate approximately $3,974,000 each year that will be collected by the City Tax Collector. This tax will be in addition to the municipal real estate property taxes to be levied by the City and is one of two primary revenue sources to be used to pay for the Public Infrastructure required for the project. New parking revenues are the second source.
See the boundaries of the Special Services District (SSD). Click here |
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8. Will Waypointe negatively affect "my tax bill"? |
The revitalization of West Avenue will positively affect the tax base of the City. In fact, Waypointe alone is expected to generate more than $4,000,000 in net new property taxes in its first year for the City. Not a penny of which is to be used for bond repayment. The SSD tax and parking revenue will be more than is required to pay for the $104,000,000 in new public infrastructure.
The City of Norwalk will own the infrastructure paid for by the $104,000,000 bond and the City is in first position, in front of any financial institutions, should there be any non-payment of taxes.
Review the new job and revenue projections. Click here |
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9. Will Waypointe generate traffic congestion along West Avenue and the surrounding neighborhoods? |
More traffic, yes. More congestion, no.
As part of the planning process, extensive traffic studies and reviews have been conducted by the City of Norwalk and Connecticut State officials. This analysis has led to a comprehensive set of traffic changes to be made as part of the Waypointe project that will improve safety, increase pedestrian friendliness and mitigate potential congestion impacts. Some of the congestion that is experienced today is due to problem areas that will be addressed and improved. A few of the significant improvements include I-95 exit and entrance ramps, the widening of West Avenue, easier access to Route 7 and more. The developer has agreed to the City's request for an independent traffic engineering firm to evaluate the proposed improvements.
See the proposed traffic improvements. Click here |
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10. Will Waypointe decrease pedestrian safety? |
Waypointe will increase pedestrian safety throughout the project area and along West Avenue. In fact, concern for pedestrian safety and convenience has driven the design of Waypointe. Pedestrian focused design features include 20' wide sidewalks, on-street parking, pedestrian "bump-outs" at the corners of each intersection and narrower vehicle lane widths all of which will slow down cars moving through the area.
Waypointe is also positively affecting neighborhood streets such as Orchard Street, Merwin Street, Academy Street, Quincy Street, and Chapel Street by implementing traffic calming measures designed to slow vehicle speeds. Among the measures implemented will be increasing the length of time pedestrians have to cross the street at all intersections and the addition of new pedestrian friendly crosswalks.
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11. Will Waypointe negatively affect current Norwalk merchants, public institutions or landowners? |
| Waypointe is estimated to attract over 2 million visitors to our City each year. These people will also be exposed to local area businesses. The entire Waypointe project was conceived to connect to and support the existing merchants, public institutions, and landowners around the new development. The Waypointe project is not a stand-alone entity; it will act more like a hub of activity and entertainment. Waypointe is expected to draw new residents, storeowners, doctors, patients, businesses as well as tourists. The revitalized district will provide a new place for everyone - those new to the City as well as longtime Norwalk residents - to shop, dine, and relax with friends and family members.
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12. How will the residents of the City and the State benefit from Waypointe? |
The Waypointe project is a private-public partnership designed to improve the West Avenue corridor for the long-term. Waypointe will help revitalize an under-utilized part of the City that will provide long-term benefits as well as short-term gains. Waypointe will generate significant new jobs, attract new residents and office workers, host a new set of retail attractions to support the existing merchants in the area for long-term competitive strength. Waypointe is among several major projects planned for downtown Norwalk that will help to rebuild and reposition Norwalk as the most attractive city north of New York City.
The Waypointe plan also provides for new public infrastructure including beautiful streets, sidewalks, traffic improvements, open spaces, trees, and parking facilities.
See the public improvements. Click here
Read the letter of support from Senator Joe Lieberman. Click here |
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13. How has Waypointe involved the community in the design and planning process? |
Since 2004, Seligson properties, the developer of Waypointe, held over 100 community-outreach meetings with nearby neighbors, merchants and other stakeholders in Norwalk. The goal of these meetings has been to create a dialogue with members of the community to better understand their concerns. In response to what we have heard, we have made many significant changes to the plan.
From the inception of the West Avenue Redevelopment Plan, our goal in partnership with the City of Norwalk and been to redevelop the obsolete and deteriorating West Avenue corridor into a major economic and social link that connects and unifies South Norwalk with the city center.
To see a list of associations and group that took part in the outreach program. Click here |
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