NORWALK, Conn. -- Lowe’s Home Improvement is coming to Norwalk.
Cushman & Wakefield of Stamford announced Monday, April 7, that the home improvement retailer has signed a long-term ground lease at 100 Connecticut Ave. for a new one-story, 150,000-square-foot store. The estimated completion date for the building is in the first quarter of 2015.
The property at 100 Connecticut Ave. is currently being used as a one-story, 120,000-square-foot office building. Initially the conversion of the site to big-box retail required a second story. Hall Investments held discussions with the city of Norwalk, eventually proposing an amendment to the zoning regulations that revised the minimum building height requirements for retail buildings in selected areas that were more than 80,000 square feet.
After several public hearings, the Norwalk Zoning Commission gave Lowe’s approval to build the store. The project is expected to create about 150 construction jobs and at least 130 full-time and part-time jobs once the store is open.
Cushman & Wakefield’s Thomas J. O’Leary, senior director, represented the landlord, Hall Investments, LTD.; David Smookler, Joe Mastromonaco and Ted Gildea of the Dartmouth Co. represented Lowe’s Home Improvement.
“We knew from the beginning that the highest and best use for 100 Connecticut Ave. would be retail,” O’Leary said.
Lyda Hakimi, principal of Hall Investments said, “Lowe’s interest in the site provided us with the opportunity to reposition the property from its current office use to retail in the vibrant Norwalk market.”
“It has been a long-term objective for Lowe’s to have a presence in lower Fairfield County, and 100 Connecticut Ave. is the ideal location for us,’’ said Jeff Gellerman, director of real estate acquisitions in the Northeast region for Lowe’s.