Waterbury Area Development Committee: Yes to Downstreet’s 51 S. Main proposal

Oct. 14, 2022  |  By the Waterbury Area Development Committee 

What is the proposal? 

Registered voters who are residents of the Edward Farrar Utility District will be asked whether to approve the sale of the 0.8-acre parcel at 51 South Main Street to Downstreet Housing & Community Development for $138,000. Downstreet would develop and manage 24-26 units of rental apartments on the parcel, with construction planned to begin in early 2024. Plans are in development, and Downstreet is also exploring the possibility of including retail space on the ground level. 

What and who is the WADC? 

The Waterbury Area Devolvement Committee is a volunteer committee that advises Waterbury’s Economic Development Director – employed by Revitalizing Waterbury with municipal funding – on how to support sustained presence and growth of businesses, assist and welcome prospective businesses, recruit new businesses, and advocate for responsible economic development in all of Waterbury. 

Current committee members are Monica Callan, Julie Frailey, Mark Frier, Chair Charles Grenier, John Grenier, Daniel Long, Keith Roberts, Rosemarie White, Jason Wulff, John Zimmerman and Economic Development Director Mark Pomilio Jr.

Why the WADC supports the proposal: 

• A recent housing study conducted for Revitalizing Waterbury by the New York consulting firm Main Street Group recommends that Waterbury should work with developers to construct new housing that remains in use for full-time residents and/or those who qualify for housing assistance and Waterbury should prioritize the development of studio, one- and two-bedroom housing. 

• The lack of available housing in Waterbury created by a low supply of housing versus the high demand resulting in dramatically increased prices making Waterbury a less affordable place to live. 

• The increased number of year-round short-term rental units has reduced available long-term housing and rental stock in Waterbury. When the Housing Study was conducted in the summer of 2021, Waterbury had 53 short-term rental units listed. Based on data sourced from AirDNA’s Vermont’s listings, that number has increased to a total of 129 as of July 2022. This is a 140% increase from one year ago. 

• The challenges facing people who want to move to and work in Waterbury are occurring at all wage levels. Employers across the board are having difficulty finding and retaining employees because of the housing challenges Waterbury is facing. 

• The need for more high density housing in our downtown, which has been identified in the housing study, the municipal plan, and other sources. 

• Downstreet is the right partner for this type of project. They currently have three successful projects in Waterbury with a total of 57 units at the Stimson & Graves Building, Green Mountain Seminary, and South Main Street Apartments. The Stimson & Graves Building has been managed by Downstreet since it was acquired from Revitalizing Waterbury in 1995. They have also managed the Green 

Mountain Seminary building since 2002 and the South Main Apartments since they were completed in 2015. 

Who is Downstreet? 

Downstreet Housing & Community Development is a mission-driven, non-profit organization that strengthens the communities of Central Vermont by engaging with people, providing affordable homes, and connecting people to the resources and services they need to thrive. Since 1987, Downstreet has enriched neighborhoods in Washington, Orange, and Lamoille Counties through real estate development, a variety of home-ownership programs, Support & Services at Home for older and disabled Vermonters, and a rental portfolio that provides high-quality, environmentally responsible homes for more than 850 people through mixed-income apartment and mobile home park rentals. 

The upcoming vote 

The vote on whether to sell 51 S. Main Street to Downstreet will happen at a special meeting of the Edward Farrar Utility District voters on Monday, Oct. 24, starting at 6:30 p.m. at the Main Street Fire Station’s upstairs meeting room. (Please do NOT park at the fire station.) 

Eligible voters are individuals who live in the utility district and are registered to vote. If you are unsure whether you are included, contact Town Clerk Karen Petrovic at 802-244-7033 or email to karen@waterburyvt.com.