FOR IMMEDIATE RELEASE

January 30, 2003 

SIOR's ask Tom Hill for Waterbury Transaction Report

It's an opportunity to report on the Greater Waterbury region, and my SIOR activities, for the NEREJ.  SIOR's find this page to be helpful in promoting the business we do with one another and promote the benefits of SIOR to your readers.   

If you haven't read, Waterbury has improved its finances dramatically, with the hard work of Mayor Michael Jarjura, who was elected mayor last year, and has worked diligently and cooperatively with the State Oversight Board, to put Waterbury's financial house back in order.  He finished his first year with a surplus, the first surplus in many, many years. 

 If you've passed by on I-84 and see the cranes in the sky,  you will see the ongoing construction of our arts/entertainment/education cluster, which Governor John Rowland and the State Bonding Commission have contributed about $300M into the magnificent new UConn branch, Arts Magnet School, and finally, the 3500 seat Palace Theater.  A complete new "back of the house" has been installed at the theater to host traveling Broadway shows.   The theater is expected to open late 2004.   

Transactions I've completed lately, are as follows: 

Tech-Air is building a 25,000 SF distribution mixing facility on 10 acres, in the Naugatuck Industrial Park, at an approximate $200M investment.   Borghesi Building and Engineering, of Torrington, is the builder. 

Innovative Solutions, of Woodbury, bought a 15,000 SF corporate/tech center for $1M, and then invested in fit-out and a solutions installation center, and were able to take advantage of Waterbury's ITZ (waterburyitz.com).  

A HUB bank branch that was closed due to consolidation, was sold with the help of an SIOR from New Jersey, Michael Jacobus.   

The Westbury Room, a 5000 SF banquet hall, in lower Litchfield County, that seats 125, was sold to Dennis Rose, of Queen's Kitchen & Bakery.  It's interesting to see the activity continuing in the food and beverage industry.   

Back to downtown Waterbury; Shortt's Market, an 8000 SF mixed use building, that has been open since 1902, was sold to an investor from Rhode Island, who saw the value of downtown Waterbury.  

Transactions in the pipeline which will be reported in more detail in the future, are 25 acres of development land, in the approval process, and  s 10,000 SF light industrial facility seeking SBA financing.  Also, an 8000 SF apartment building and a small strip center, both under contract.   

Besides that, we're all busy, and my take is that folks with money that have been parked or in the stock market, are taking advantage of "some good values" that are available at the moment.   

I hope all of you are healthy and profitable, and will consider attending our quarterly SIOR meetings in the future. 

 Thank you.

 Cordially,

Tom Hill III, SIOR/CCIM

For More Information Contact:

Tom Hill III, SIOR/CCIM
203-755-4455

Send mail to SiteMaster@TomHill.com with questions or comments about this web site.
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