Services

Historic Tax Credit Applications


Client

CHERRY AVENUE APARTMENTS

Former Waterbury Clock Company
Total Qualified Rehabilitative Expenses: $15,321,741


About

Located in Waterbury, Connecticut, the Waterbury Clock Company was the pre-eminent mass manufacturer of timepieces in the United States between 1850 and 1944. By 1941, the factory had garnered acclaim as the sole manufacturer of Mickey Mouse watches, and by 1944, had become known as the United States Time Corporation. The buildings proposed for this rehabilitation project were constructed between 1917 and c.1935, embodying a second phase of expansion of the historic factory complex. Intent on capitalizing on federal and state historic rehabilitation tax credits and other local/state economic incentives, the developer, Cherry Avenue Partners, proposed the conversion of these factory buildings into a mixed-use affordable housing complex featuring both community and retail space. Cherry Avenue Partners engaged Gregory Dietrich Preservation to complete the three-part federal historic tax credit and four-part state historic tax credit applications, and to provide ongoing input to its design team. Beyond preserving a nationally significant resource through a comprehensive rehabilitation, the project also addressed a critical need for affordable housing, while incorporating sustainable treatments.