June 2018 Newsletter

June 2018 | Newsletter

There are a number of projects currently underway, predominantly in the Downtown area of Franklin Street, Main Street, and Broadway. These developments total nearly $14 million of direct economic investment for the city of Norwich—just in Downtown alone! I am pleased to share and expand upon a few of these developments with you today:

FRANKLIN FOUNDING. It was the developments surfacing on of Franklin Street that sparked an economic expansion in Downtown Norwich. These Guys, the popular brewpub located on 76 Franklin Street, was nearly a $1 million development that started to stimulate growth five years ago. 30-66 Franklin Street boasts of three champion occupants— Foundry 66 ($400,000); Epicure Brewing ($900,000) and Rose City Fitness ($165,000)—with an additional $1 million in the pipeline for an additional three units. That’s over $2.5 million of investment in just one building!

BROADWAY BOOM. Seven out of thirteen buildings are currently in re-development on Broadway Street. The Fairhaven Building, 26 Broadway, sold late last year and will be undergoing a $1 million renovation for its 18 residential apartments. 51 Broadway, a mixed-use, retail apartment complex is nearing completion of a $400,000 renovation. Both 59 and 54 Broadway, respectively, are experiencing $500,000 re-developments. 80 Broadway, a 5,500’ sq. ft. property that has been city-owned since 1964, sold in April to a private investor. The Castle Building (former People’s Bank) at 4 Broadway, purchased in 2016, has a new anchor tenant set to move in late summer or early fall of this year.

Craftsman Cliff Roasters, an eclectic coffee roasting house at 34 Broadway, opened just last month after undergoing a $150,000 redevelopment process, aided in part by NCDC.

MAIN STREET SURGE. The infamous Reid & Hughes building of 201 Main Street was adopted by the Women’s Institute and is on track for the beginning of a $6 million redevelopment project for veteran housing. Development for this substantial venture began just under a month ago. This month, 88 Main Street began a fully-funded renovation of its mixed-use retail and residential space. 77-91 Main Street, a 3600’ sq. ft. mixed-use retail building just sold at $500,000. Eastern Savings Bank is halfway through a $1.65 million redevelopment project on the fourth and fifth floors of 257 Main Street.

NCDC, pub owner honored for contributions to downtown Norwich revival

Norwich — In the summer that will mark the 30th anniversary of the annual July 4 Norwich Harbor downtown fireworks festival, downtown business owner Paul Siefert had big words to say about the city’s urban center.

“I moved here in 1980,” the owner of Billy Wilson’s Ageing Still said Thursday evening at an event to honor his contributions to downtown Norwich. “This is as optimistic as I’ve ever been about downtown Norwich.”

Siefert, who purchased Billy Wilson’s at 57 Broadway in 2009, and the Norwich Community Development Corp. were selected by the Norwich Events Organization for the annual Ron Aliano Memorial Service Award for their distinguished service in the development of the city. Both were honored during a gala at the Marina at American Wharf on Thursday, the major fundraiser event for the fireworks festival….

CLICK HERE to read the full article.

The Chelsea Groton Foundation makes $100K grant for establishing a Global City Initiative — supporting the revitalization of Downtown Norwich

NORWICH, Connecticut (April 12, 2018) – Today, The Chelsea Groton Foundation announced funding for a multi-year project of supporting the revitalization of Downtown Norwich through a Global City Initiative. This multi-cultural program will assist existing efforts to bring people together to participate in rich, diverse, multicultural experiences that the residents of Norwich and its surrounding communities have to offer. The Initiative will also assist entrepreneurs who are interested in occupying storefront spaces in the Downtown area.

“Just like we’ve seen in many small towns throughout New England, the more activity there is in downtown areas, the better the commerce is. Similarly, having attractive and interesting storefronts helps to drive activity. What’s unique to Norwich however, is the incredible cultural diversity of its’ residents,” explained Michael Rauh, President and CEO of Chelsea Groton Bank.

“Norwich is such a special place. Our goal with funding this program is to capitalize on the wonderful diversity, beautiful architecture and incredible waterfronts that are all already present in Norwich,” continued Rauh. “We’re thrilled to be working with NCDC on the project, and hope that the Global City Initiative will help to bring together existing programming, improve awareness of all Norwich has to offer, and revitalize Downtown Norwich through multicultural events, festivals, and small business activity.”

The principal objectives of the Global City Initiative are to:

1) engage the strength of a diversity of population uniquely available in Norwich to the benefit of all,

2) to fill empty spaces in a very impactful area of Norwich, concentrated in the downtown, and

3) activate multiple different cultures into being a critical part of the resurgence of their new home community.

The overall project will occur in many phases over the next few years. Initially, the Chelsea Groton Foundation is partnering with NCDC to focus on increasing demand through cultural activities and by increasing occupancy of retail spaces downtown. Demand will increase by enhancing existing parades, ethnic food offerings, art galleries, and other special events to ensure they have a larger, more positive economic impact on the community, and by introducing new cultural celebrations in order to improve the vibrancy of Downtown Norwich.  In order to increase occupancy of retail spaces, NCDC and the Chelsea Groton Foundation committee will identify the properties that should have a retail presence, determine what needs to be done to make them each viable spaces and assist entrepreneurs in getting set up in those spaces.

“NCDC is the development agency for the City of Norwich and has downtown revitalization as a key mission component” commented Bob Mills of NCDC. “This new funding and focus will add a creative new dimension to filling spaces and making Downtown more vibrant for everyone.”