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NORWALK, Conn. A Norwalk development company was denied a one-year extension on a prominent proposed project in a decision Tuesday evening by the Common Council.
On March 21, POKO Partners requested a one-year extension on its agreement with the city to develop Wall Street Place, a housing and commercial complex in the Isaacs Street area of Wall Street. The council denied that request but approved a six-month extension. Since it is dated back to March 21, the company must reapply for another extension by Sept. 21 or show that it can meet its obligations and move ahead.
The council is concerned that POKO does not have the financing it needs to complete the project. Councilman Doug Hempstead said there has been talk of a $5 million gap from the outset and that there doesn't seem to have been much progress in closing that shortfall.
Councilman David Jaegar asked whether the city was prepared to pull the plug on the project. Timothy Sheehan, executive director of the Norwalk Redevelopment Agency, said, "That would be a determination we would have to come back to."
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