Introduction
Revitalizing historic properties in downtown areas can be a challenging endeavor, especially when it comes to obtaining necessary approvals and acquiring support from local authorities. However, with the right vision and expertise, even the most ambitious projects can come to fruition.
Such was the case with the development of 77-91 Main Street in Norwich, Connecticut, a landmark building in the Downtown Historic District. With the help of VisionRE, the client successfully obtained town approvals and secured backing from the town, paving the way for the development to move forward. In this blog post, we will delve into how VisionRE played a crucial role in helping the developer obtain approvals and not only gain the support of the town - but got the town to financially support all the construction costs, leading to the redevelopment of 77-91 Main Street.
Property Background
77-91 Main Street is located in the Downtown Historic District of Norwich, Connecticut which consists of two brick and masonry buildings constructed in the 19th century. These landmark buildings were designed by W.T. Hallett and were originally home to the Norwich Bulletin, the largest news publisher in the region. Over the years, the property has housed various businesses and is currently partially occupied by local mom and pop establishments, Ice & Fire Asian Cuisine, and The Next Street-Driving School.
The Downtown Norwich area is replete with historic properties that were initially identified by a 1981 Historical and Architectural Survey done by Dale Plummer (the current City Historian). In Mr. Plummer’s survey, over 130 properties were identified and labeled as historic. Research conducted by the Cecil Group and Mr. Plummer revealed that around 30 of these buildings were demolished and replaced by parking lots or vacant lots. Some of these properties have been replaced by new development, and several historic buildings have been altered or renovated over the years.
Because of this, the City of Norwich greatly encouraged developers to put these buildings to use. The client’s behind 77-91 Main Street proposed to renovate the interior of the buildings and preserve the exterior.
Project Plans
The project plans included 42 modern loft-style apartments targeting market-rate tenants, modern amenities such as a fitness center, high-speed communications infrastructure, smart home features, a lounge and game room, and recreational space, among others. The project also included restoring the beautiful masonry exterior, arches, and fine architectural details to their original appearance, under the guidance of the State Historic Preservation Office to ensure compliance with preservation guidelines and standards. The focal point, and perhaps the project’s main feature was the integration and combination of modern loft style apartments while maintaining and highlighting the building's rich and colorful history.
Presentation
Even with the grant/loans approved by the NCDC and invested money, the total project cost fell short of the necessary funds. To overcome this challenge, the developer sought VisionRE’s assistance.
VisionRE conducted a thorough analysis of the project and worked closely with the developer to develop a comprehensive financing strategy. This included identifying potential funding sources, negotiating favorable terms, and developing a compelling business plan to attract investors.
VisionRE assisted the client in putting together a package and presentation to the city to request the city’s commitment of incentive/programs that would allow the development to proceed smoothly and swiftly. The presentation layed out the benefits and effects of the subject development. It brought in factors of effects on the residents of the town and employment opportunities that would be created.
Presentation Outcome
The project was well-received by the town. They showed a keen interest in its success and agreed to sponsor the development and showed a keen interest in its success. The town sees the project as a way to revitalize the Downtown Norwich area, create job opportunities, and stimulate economic activity.
The town was so impressed with the project, that they agreed to fund the additional costs that came up during the construction period.
Conclusion
In conclusion, the revitalization of historic properties in downtown areas can be a complex and challenging process. However, the success story of 77-91 Main Street in Norwich, Connecticut, stands as a testament to the power of vision and expertise in overcoming obstacles.
With the invaluable assistance of VisionRE, the developer was able to obtain necessary approvals, garner support from local authorities, and secure financial backing from the town. The outcome of the presentation to the town was positive, with the town showing strong support for the development as a means to create jobs and stimulate economic activity. The success of 77-91 Main Street is a great example of how strategic planning and partnership with experts like VisionRE can lead to the realization of ambitious historic property revitalization projects, benefitting not only the developers but also the local community as a whole.
