Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

October 31, 2024

Hoping for apartment redevelopment, Waterbury moves to sell 23,000-sq-ft downtown office/retail building

Michael Puffer photo Waterbury Economic Development Director Joseph McGrath on front of 20-30 Bank St., in Waterbury.

Waterbury officials are hoping to find a buyer interested in redeveloping a city-owned, 23,000-square-foot office and retail building in the heart of its downtown.

The city purchased the 1986-vintage building at 20-30 Bank St., along with a neighboring 62,690-square-foot commercial building at 21 West Main St., for $4.47 million last December. The buildings were mostly vacant and suffering from neglect. 

At the time, city officials believed they could guide the prominent buildings to a better destiny.

On Monday, the city issued a request-for-proposals, asking would-be buyers for plans and offers. Responses are due back the morning of Nov. 22. 

The 38-year-old, two-story building at 20-30 Bank St. is largely vacant, apart from a single, ground-floor restaurant.

Officials would like to see it redeveloped into a mix of housing and retail. But they are open to other proposals.

“Apartments would be ideal, but anything that brings additional vibrancy downtown,” said Waterbury Development Corp. Executive Director Thomas Hyde.

The city plans to hang onto the larger building, at 21 West Main St., at least for a couple years. Portions of it will be leased to office users. The bulk of the building will be used as temporary “swing space” for municipal workers who will be displaced during a renovation of the nearby Chase Municipal Building.

Waterbury Finance Director Michael LeBlanc said the city intends to eventually sell the larger building as well.

Economic Development Director Joseph McGrath described the building at 20-30 Bank St. as “solid,” but admits it needs some cosmetic work. He said the building configuration would lend itself to easy conversion into apartments, with the possibility for quaint shops and restaurants below. 

With more than 100 new downtown apartments due to come online downtown in the coming year, and more in the pipeline, McGrath anticipates snowballing demand for both apartments and retail amenities.

Bank Street, its sidewalks and streetscape are also scheduled for a complete cosmetic overhaul in the coming year, part of an ongoing improvement project for major downtown Waterbury arteries.

“I’m excited about it,” McGrath said of the Bank Street building. “I always thought it was a diamond in the rough.” 

Sign up for Enews

0 Comments

Order a PDF