Council approves put option for Firestone parcel; receives Heart of Norwalk implementation update

The Norwalk City Council on Aug. 19 approved a two‑year put option giving Prime Store Development LLC the right to purchase the property at 12158 Firestone Boulevard for $1,150,000 and heard a staff and consultant update on the Heart of Norwalk specific plan and implementation tools.

City staff presented the put-option agreement as a strategic step tied to the Heart of Norwalk vision plan. Alex Hamilton, city staff, said the put option sets a purchase price of $1,150,000 and allows for capitalized costs—such as Phase I environmental studies and appraisals—to be added. The agreement also includes a provision for an annualized 10% return that compounds monthly on the sum of the purchase price plus capitalized costs and outstanding reimbursement fees, and staff said the term is two years with the ability to assign the contract to the city if needed.

“The put option agreement is just that. It's an option agreement,”…