New Jersey Community Capital has expanded its national presence with a $10 million equity investment in The Walk, a mixed-use development in Norwalk, Calif. The project was developed by Primestor, a Los Angeles-based firm with a track record of community-focused development.
The Walk is a phased, mixed-use, modular development located at the intersection of Imperial Highway and Norwalk Boulevard in Norwalk. The project will redevelop an 8.2-acre, city-owned parcel used for surface parking and municipal operations, under a 65-year ground lease with the City of Norwalk. As of July 2024, the city’s population was 98,230, based on U.S. Census data.
The master plan envisions four mid-rise residential buildings over podium parking and six separate retail structures organized around a central public plaza that connects to City Hall and the Norwalk Transit Center. The site plan integrates open-air pedestrian corridors, outdoor dining areas, and civic green space to create a unified town-center environment within the city’s downtown core.
At full buildout, The Walk will have 374 residential units, including 56 affordable units, and about 94,000 square feet of retail and restaurant space, supported by two podium garages providing 685 parking spaces. The project is expected to create 456 construction jobs and 324 permanent jobs and will include on-site solar generation that will reduce carbon emissions by 30%.
The residential program totals about 240,000 net rentable square feet, with a mix of studio, one-, two-, and three-bedroom units averaging 750 square feet.
“This project, in partnership with a highly regarded community-based developer, exemplifies our commitment to revitalizing neighborhoods not only in New Jersey but nationally,” Bernel Hall, president and CEO of NJCC, said. “This project in greater Los Angeles is a major step in the growth of NJCC and the positive impact we can have.”
New Jersey Community Capital, founded in 1987, is a nonprofit community development financial institution focused on advancing opportunity through strategic investments and knowledge-based programs. It finances and supports individuals, businesses, educational organizations, and communities; preserves and develops affordable housing, community facilities, and educational organizations; and creates sustainable economic development.
Evan Weiss, head of the New Jersey Economic Development Authority, was a board member at New Jersey Community Capital.
