Cherry Apartments

Waterbury, CT

Cherry Apartments is formerly the historic Waterbury Watch Company which was an American global clock and watch manufacturing company founded in 1854. Famous for the use of brass in their clocks, the Waterbury Clock Company was considered a leader in the clock manufacturing industry–being distinguished as one of the most recognized clockmakers in the US. By 1915, they were making more clocks than any other clock manufacturer in the United States. By the time they went out of business in 1944, they had become one of the most well-known makers of antique wall clocks.

In 2015, Arocin consulted with a development team for the purchase and the adaptive re-use of the Waterbury Clock Company–which was, at the time, a plumbing warehouse. The plumbing warehouse was redeveloped into 40 apartment communities–consisting of 34 1-BR Units and 6 2-BR. The first floor has an office and recreational space. The development also has a community facility that hosts a computer lab, office space for a leasing agent/property manager, and office space for an on-site service coordinator to provide supportive services for residents. Due to the historic nature of the building, the adaptive re-use/redevelopment architectural plans had to preserve its historic integrity as imposed by the CT State Historic Preservation Office. Funding sources include LIHTC, Historic Tax Credits, and Soft Funds and Conventional Permanent Financing.

Total Development Cost: $15.4 Million