Image courtesy of Crosskey Architects.

The developers of a stalled multifamily project in downtown Norwalk are hoping to convert the 151-unit project to a largely affordable housing development.

The so-called “POKO project” would be rebuilt with two structures on neighboring parcels – one at 61 Wall St. with 101 affordable units and another at 17 Issacs St. with 50 market-rate units. The buildings would contain 10,233 square feet of retail space and 192 parking spaces between them. The affordable units would be priced for residents earning 80 percent or less of area median income.

Market units will start at $2,100 a month for a studio and up to $3,050 for a two-bedroom unit, the Norwalk Hour reports.

The project was originally planned by POKO Development as a 101-unit project with at least 20 percent of its units set aside as affordable units. Construction came to a halt in June 2016 when its financing collapsed, leaving a partially-complete, Tyvek-wrapped frame building. The city and the lead developer, JHM Financial Group, engaged in a multi-month war of words over the project as negotiations about its fate dragged on.

JHM was chosen to develop the project by Citibank, which acquired it after its original proponents failed. Financing for this new project is being provided by the bank’s affordable housing arm, Citi Community Capital. According to documents filed with the city this month, Citi plans to invest an additional $35.3 million in construction financing, $16.9 million of term debt and $27.6 million of new equity. into the project. This comes on top of a loss of $14 million to date on the initial project.

“It is important to note that Citibank and JHM have spent a tremendous amount of time and effort to present a proposal that meets the goals and objectives of the City and its stakeholders. This is the final and best offer that can be made,” the development team said in a filing with the city.

The project was approved by the city’s Common Council last week and could resume construction soon.