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September 9, 2022

Waterbury launches new program to boost economic development downtown

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By Jean Falbo-Sosnovich

The Greater Waterbury Chamber of Commerce Foundation in partnership with the City of Waterbury has created a new economic development initiative aimed at strengthening its downtown.

The Central Business District Investment Program aims to help property owners negatively impacted by the COVID-19 pandemic fill available storefronts downtown. It will also assist new and existing businesses moving into those vacant spaces succeed.

A total of $1.5 million has been earmarked for the program, and grants of up to $100,000 may be awarded to develop or restore interiors or exteriors of ground-floor retail spaces. The Greater Waterbury Chamber of Commerce Foundation is directing $1.5 million in American Rescue Plan Act funds to fund the new initiative.

Chamber officials said many property owners faced challenges due to the pandemic, and were unable to secure tenants for vacant storefronts, resulting in loss of revenues, increased costs and deserted business corridors. The new initiative aims to assist those property owners, as well as connect future business owners to available storefront space in downtown.

“The Central Business District Investment Program is a unique initiative that is designed to spur new economic activity within the downtown Waterbury area,” said Mary Rosengrant-Chiappalone, chairwoman of the Greater Waterbury Chamber of Commerce Foundation and Waterbury Regional Chamber board of directors. “Businesses of all sizes were greatly impacted and continue to reel from the ravages of the pandemic. We hope this program helps to bring new development activity to our vacant storefronts.”

Director of Public Policy and Economic Development at the Waterbury Regional Chamber of Commerce Joseph Violette lauded the new initiative.

“This initiative will provide a significant incentive for property owners to make improvements to existing ground floor spaces in need of upgrades and offers opportunity for small businesses to lease vacant storefronts,” said Violette. 

Grant applications will be reviewed and awarded by an oversight and approval committee comprised of city and Chamber foundation officials. The funds must be fully distributed by June 30, 2024. The program's intent is to provide property owners with funds to help incentivize small businesses to lease their vacant spaces and provide a much-needed economic boost in the Central Business District. The Central Business District Boundaries can be found online HERE.

Applications are now being accepted and are expected to close on June 30, 2023. A list of program guidelines and eligibility criteria for applicants can be found on the Chamber’s website. Special consideration will be given to minority and women-owned businesses, restaurant and café spaces and vacant properties adjacent to other vacant properties.

Vacant storefront property owners can fill out a pre-application, and current or future business owners can fill out an inquiry form, at the Waterbury Regional Chamber website HERE.

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