Just when it looked like Wall Street Place might be gaining a little momentum, we get word of a potential setback.
Governor Malloy just toured the Wall Street property at the end of September in what most viewed as a celebratory occasion. Only a few weeks before the tour, Malloy helped to secure a $5 million Urban Act grant for Wall Street Place. It was starting to look like the project was headed in right direction even though the “groundbreaking” ceremony took place in front of the development just over a year ago. For the groundbreaking article from TheHour.com, CLICK HERE.
From a potential high, to a potential low…
The latest news in an article from the Norwalk Hour is that a tax credit might pose a delay. Here is the problem in layman’s terms: Congress has already allocated most of the $3.5 billion dollars worth of tax credits for this cycle. If POKO, the developer of Wall Street Place, misses out on these credits, they will have to wait until the next cycle of credits which is next year. This could obviously hurt their chances of meeting the proposed September 2014 completion deadline for Phase 1 of the project.
For more info on the tax credit delay, see the article from TheHour.com: CLICK HERE
Only time will tell how the direction of the Wall Street Place development shakes out.