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Wall Street Journal Puts Spotlight On Growth In New Canaan

New Canaan's First Selectman Robert E. Mallozzi gets ready to cut the ribbon on the newly renovated Town Hall in September. The town's recent growth spurt has been featured in an article in The Wall Street Journal.
New Canaan's First Selectman Robert E. Mallozzi gets ready to cut the ribbon on the newly renovated Town Hall in September. The town's recent growth spurt has been featured in an article in The Wall Street Journal. Photo Credit: Jay Polansky

NEW CANAAN, CONN. -- New Canaan has charm, history, and wealth going for it, but rather than rest on its picturesque laurels, the town is staking its fiscal future on new developments such as condominiums and retail shops, according to an article in The Wall Street Journal.

According to the Journal, a passel of new restaurants have sprung up near a new condo/retail complex on Forest Street where a little bit of real estate heaven is going for a cool $1.8 million. And a second mixed-use development is being built in another part of the town.

First Selectman Robert Mallozzi III told the Journal that town hopes the new condos will not only help meet the needs of older residents looking to downsize, but will spur business growth and help taxpayers by increasing the tax base.

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