Waterbury’s Board of Aldermen, meeting Monday, signed off on a $250,000 application to help the Republican-American’s ownership plan a conversion of the newspaper’s roughly 70,000-square-foot headquarters into a mix of 38 apartments, office and commercial space.
With its 245-foot-tall clock tower, the Republican-American building at 389 Meadow St. is one of the most recognizable landmarks in the state and has long served as an unofficial, but ubiquitous, symbol of the city.
The Pape family, which owns the newspaper and associated property, has teamed up with Parker Benjamin Real Estate Services LLC, a Farmington-based investment and real estate services firm with expertise in renovation of historic properties. The project is estimated to cost about $12 million.
The Board of Aldermen, on Monday, unanimously signed off on a $250,000 application to the state Community Investment Fund grant program for funding to advance plans for the conversion. A response is expected around March.
The state assistance was repeatedly questioned by Republican Alderman Kelly Zimmermann, who noted this public funding will be going to a privately run project.
Zimmermann said she is a “big fan” of having the iconic building in the city but questioned the city’s liability.
“It sounds like we are using a lot of resources to make something happen for a privately owned property and I’m just a little confused,” Zimmermann said.
Waterbury Development Corp. Executive Director Thomas Hyde explained his agency would oversee the use of state dollars if the grant is awarded, but would have no financial commitment beyond the cost of staff time. He also noted his agency commonly helps nonprofits and private businesses advance economic development plans.
The Community Investment Fund has repeatedly provided planning funds and even hefty financial backing for private development projects seen as in-line with the state’s economic development interests.
In September, for instance, the Community Investment Fund endorsed spending $6 million to help New Britain partner with a private developer on a mixed-use redevelopment of a former Department of Public Works property. Another $771,312 was approved to help Windsor Locks prepare a site for a 122-unit, mixed-use redevelopment project.
Waterbury Mayor Paul Pernerewski stressed the proposed redevelopment will preserve a historic building and further the city’s strategy to revitalize its downtown.
“I think it’s a good project and if you agree, you will vote to go forward with this,” Pernerewski said.
