State incentives, including support from new quasi-public development agency, spurring major multifamily projects in Waterbury, Enfield
A long-vacant, 145,656-square-foot office complex in downtown Waterbury could be transformed into more than 100 apartments thanks to new state programs that incentivize multifamily development.
The cluster of office buildings at 81 and 111 West Main St. – including one known as “the Sovereign Bank Building” – have been empty for more than a decade. These prominent buildings dominate a corner of West Main Street across from the city’s downtown Green, with three linked buildings ranging from two to eight stories.
The properties also include a freestanding, 3,460-square-foot office building in the shadow of the larger complex.
Michael Belfonti, founder and CEO of Hamden-based Belfonti Cos., said he is assembling designs and financing for a roughly $30 million redevelopment that will create 100 or more apartments, mixed with amenities and commercial uses. A recent swell in state-supported financing options has been key to giving the project life, he said.
