FOR IMMEDIATE RELEASE

JUNE 2003
MARKET REPORT

by Tom Hill III, CCIM/SIOR
Waterbury, CT. 

I'm sure you've heard the good news:  Waterbury is back, upon Mayor Michael Jarjura's first anniversary - he had a $14M surplus for the 2002/2003 budgets.  His administrations cooperation with The Waterbury Oversight Board (WOB) has paid dividends.  In harmony they are restructuring Waterbury government with honest budgeting and instituting systems to run the $300M corporation like a business.

 During his 2001 campaign, the state representative Jarjura promised to hire a Waterbury ombudsman.  Recently he came through with the hire of a new EDC Director to run WERC, The Waterbury Economic Resource Center.  Please visit waterburyitz.com for more.    

Mayor Jarjura has been able to form a working coalition with all the interactive community groups around Waterbury that are interested in his success,  such as the Greater Waterbury Chamber of Commerce, Waterbury Partnership for Growth, Naugatuck Valley Development Group, (see nvdc.org), Waterbury Neighborhood Council and many others. 

Our downtown arts/education/entertainment cluster is now bricks and mortar:  UConn, Arts Magnet School and 2700 seat Palace Theater where NVDC is constructing a huge new "back end" to the theater,  to house the touring Broadway shows that require specifics and lots of space in order to play a venue such as Waterbury.

 More on ITZ - 13 new businesses that have moved into the ITZ in downtown Waterbury. And the zone has been "stretched" in certain areas.   i.e.:  certain buildings and company’s that matched/fit the zone, even if it was outside the zone, used state legislation to attract Innovative Informational Solutions,  (www.innovativeis.com) from Woodbury to Waterbury, which I'm proud to say Drubner Industrials handled this million dollar sale.     

Waterbury survived revaluation after a 20-year delay. WATR-1320 AM  radio talk show callers predicted mass movement out of Waterbury.  Loads of houses went on the market, however, they continue to sell briskly. Housing is so expensive all over Connecticut. Houses new to the market in Waterbury that are realistically priced, have been snatched up and enjoyed by these Waterbury bargain hunters that are glad they moved here.  Many of these buyers are area first time buyers from Danbury and Fairfield County.   A recent real estate study found that houses in Waterbury are  $100,000 less than in surrounding towns.  

 A new Jewish school, which is moving into the current UConn branch, relocating downtown this fall, have been responsible for buying over 100 houses in the Hillside section of Waterbury, and brought many new residents to the community.  This trend will continue to grow. As soon as UConn moves downtown the existing branch on Hillside Ave will be taken over by the religious school Yeshiva Gedolah. 

Waterbury Partnership for Growth has obtained a 2 million dollar grant to study developing a major transportation hub, at the west end of downtown, which will connect the Brass Mill Center Mall, downtown, and the access of I-84 and Route 8 all together.  The transportation hub will call for 300,000 +/-  square feet and a combo of office/retail space, new rail and bus station, new roadways, and connect to 90 acres of new development planned along Freight Street. 

Taxes – Mayor Jarjura, his administration and WOB, have been able to stabilize taxes.  On some buildings, taxes have actually been lowered.  The 98 mill rate was reduced to 55 mills and grand list has stabilized and being added to.  Again, WERC's mission is to encourage new business and industry as well as business retention. The proposed budget for 2003-04, is $315,755,075, with the mill rate dropping slightly to 53.734 mills.                  

Roadways – Ground has been broken and 100’s of millions of dollars are being spent for highway reconstruction and widening of I-84, to take care of the intermittent traffic jams on I-84.  Two phases, one from downtown Waterbury east, out to Captain Neville Industrial Park at Mattatuck Heights, Austin Road; and the second phase will be from the Cheshire line into Southington.  Further, Connecticut DOT is working on the west side of the city to reposition different exit ramps and making the traffic flow smoother from the west side out to Southbury/Newtown.   Further studies have been added to modernize the Mix Master that crosses Waterbury and connects I-84 with Route 8.

 Tourism - Waterbury has over 1000 hotel rooms and the Waterbury Region Convention & Visitors Bureau (WRCVB) is responsible for over $231M in annual economic impact.  We host numerous conventions and business meetings.  For more, please visit www.waterburyregion.com.

 Stayed tuned, or better yet come and invest, while real estate values are here and interest rates are at an all time low.  

I am a CCIM/SIOR, one of only 280 dual designees in the world. 

Please tell me about your requirement or what you’re trying to accomplish, and I have the skills to help.

  Tom also can be heard on WATR – 1320 AM, every Friday morning from 9:30 to 10:00, and every other Tuesday evening from 6:00 to 7:00. 

                    Mayor Michael Jarjura and Tom Hill III, CCIM/SIOR

     On Inauguration Day, January 1, 2002 at Superior Court, Waterbury, Connecticut. 

For More Information Contact:

Tom Hill III, CCIM/SIOR
Coldwell Banker Commercial
203-755-4455
tomhill@tomhill.com

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