Hartford Business Journal

HARTFORDBUSINESS.COM | JULY 14, 2025 5 Deal Watch Developer Jason Milligan stands at the corner of Wall and Isaacs streets in Norwalk, where one of his buildings is adorned with a 'Wall Street Is On The Rise' mural. HBJ Photo | Michael Juliano Developer envisions art-friendly, 'vibrant downtown' in plan to revitalize a key CT city center Milligan said he will announce a major brand for both hotels soon. "We want to have a vibrant down- town where the shops are full and the more people on the street, the better," Milligan recently told the Hartford Business Journal. "What we're trying to build here is a community that is fun." Arts and culture district The Wall Street corridor is a key downtown commercial artery in Norwalk that includes Wall, River, Main, Isaacs and Commerce streets; West, Mott and Belden avenues; and Burnell Boulevard. The city has focused on redevel- oping the area, which suffered signifi- cant damage from the historic Flood of 1955. The city's pedestrian-friendly plan includes widening sidewalks, creating public event spaces and adding landscaping and green space. It also aims to improve street lighting, form seating and gathering areas and preserve historic buildings. There is a particular focus on the arts. The roughly 93-acre neighbor- hood is home to the Norwalk Conser- vatory of the Arts, a two-year theater college, and the District Musical Hall, a 2,000-person music venue. "The Wall Street area is a little village, or a little niche area, where it's artistic and creative, and it's focused on arts and culture," Milligan said. The developer's experience in the area hasn't been without its challenges. Dominating the neighborhood's low skyline is a six-story, two-building affordable housing development — known as Wall Street Place — that has faced years of delays, partly due to a legal tussle between Milligan and the city. New York-based developer POKO Partners started building Wall Street Place in 2007, but then stopped construction when the Great Reces- sion hit in 2008. Milligan and Wall Street Recap Associates bought the property in 2018 to complete the 155-unit project. However, Milligan ended up in a five-year legal battle with the city, which filed a lawsuit arguing the developer had ille- gitimately purchased the devel- opment site by violating a land disposition agreement. Construction didn't resume until 2023, when Stamford-based JHM Financial Group bought the property. The project is expected to be completed by early 2026. Milligan, who lives in and grew up in New Canaan, said he is happy to see the Wall Street Place project move forward to completion, even though he's no longer involved in the project. "I have zero complaints about any of this," he said. By Michael Juliano mjuliano@hartfordbusiness.com D eveloper Jason Milligan envisions people admiring local artwork as they walk to shops, restaurants and entertainment venues within the city of Norwalk's reemerging Wall Street area. He also sees them ambling around a pedestrian-friendly neighborhood that's home to thriving businesses and residents who are proud of their tight-knit community. To achieve that vision, Milligan, an owner of about 40 retail and office properties in the area and a staunch supporter of the city's $27 million Wall Street Corridor Improvements Project, plans to invest more than $120 million in two new develop- ments in the neighborhood. Last September, his real estate company — Milligan Realty, head- quartered at 48 Wall St. — received city approval to build a six-story, 210-room extended-stay hotel at 21-23 Isaacs St. In early February, the firm also got the go-ahead to construct a 102-unit apartment building and 96-room hotel on the site of a five-story office building, at 24 Belden Ave. Plans call for renovating the office property and bookending it with the apart- ment building and hotel. It will have 45,000 square feet of ground-floor retail space. Milligan said both projects will take about 18 months from start to finish. The Belden Avenue development should start in two or three months, and the Isaacs Street hotel may begin construction this year. The Wall Street corridor in Norwalk (highlighted above) includes Wall, River, Main, Isaacs and Commerce streets; West, Mott and Belden avenues; and Burnell Boulevard. Contributed Image | City of Norwalk Continued on next page

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