Sept. 24–NORWALK — F.D. Rich Co. expects to break ground this December on an eight-story extended-stay hotel on South Main Street in SoNo.
"We just closed our financing about 10 days ago for a 102-room Residence Inn by Marriott Hotel," F.D. Rich CEO Tom Rich told elected officials and fellow developers during a press conference on transit-oriented development at the SoNo Pearl Apartments on Friday. "So that project, after a long time of planning and waiting for the right economic environment and getting people to believe in it, is a reality."
Rich said his company closed financing with M&T Bank and hopes to start construction at 43-47 South Main St. in December. The site is now a parking lot adjacent to the Norwalk Police Department headquarters.
"It will be a great filling-in of a missing link between this neighborhood and the transportation center," Rich said. "So we're excited about that. We're going to have a hotel in South Norwalk."
Residence Inn by Marriott features extended-stay rooms. The average studio suite measures 457 square feet, sleeps one to four people, and features a spacious living room with sofa, distinct sleeping area, in-suite work space facing a window, fully-equipped kitchen with expansive dining bar, spacious bathroom with extra-large shower, luxury bedding and linens, a television and free Wi-Fi, according to the company's website.
At present, the nearest Residence Inns are located in Shelton, Milford and Danbury.
In April 2009, Norwalk zoning commissioners approved F.D. Rich Co.'s site plan for an eight-story, 121-room hotel at 43-47 South Main St.
Rich attributed the delay in construction to the Great Recession, which he said the country has been climbing out little by little since 2008. A number of favorable factors led to the securement of financing.
"Given the interest rate environment, given what's happening in Norwalk with the housing boom and the shopping center — which has not been discussed today but I think is a big part of the resurgence of this area — the stars were aligned finally to get the project financed," Rich said. "We also redesigned it to make it more feasible."
To the north, General Growth Properties plans to break ground next year on The SoNo Collection, a nearly million-square-foot upscale shopping center with 152-room boutique hotel and public space on the last dozen acres of the city's Reed Putnam Urban Renewal Plan area off West Avenue and Interstate 95.
Rich said The SoNo Residence Inn by Marriott will be an eight-story extended-stay hotel — "every room will have a kitchen" — with five stories of hotel rooms above three stories of parking.
"The entire street front will be a two-level lobby with double-height ceilings and very dramatic public spaces facing the street," Rich said. "And we'll have a beautiful roof deck that is going to overlook the water. … We'll have a deck that will have commanding views of Norwalk Harbor."
Rich anticipates families visiting The Maritime Aquarium and other local attractions booking rooms on the weekends and business travelers staying during the week. All will enjoy being within walking distance of dining, entertainment and the train station, he said.
"Why will they stay here?" Rich said. "Because they can walk everywhere. They can walk to entertainment. They can walk to get a meal. They can walk around. Also, we're right next to the train station with easy access to New York City and New Haven."
Rich said F.D. Rich Co. will run The SoNo Residence Inn as a franchise under Marriott.
"We pay them royalties for their branding and national reservation system," Rich said. "We're going to operate it."
