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.