Historic Rehabilitation Project:

The Carol Building - Waterbury, CT

The historic Carol Building was originally built in 1907. The five-story, brick Beaux Arts structure was once a jewel in the downtown neighborhood but fell into disrepair and blight after changing hands many times. The building was vacant for over 20 years during which time the roof collapsed–taking out each floor as it came down, leaving a shell of four walls and extensive debris.

In 2013, Arocin consulted with a development team for the purchase and reconstruction of the Carol Building. After purchase, the building underwent a “gut rehabilitation” and was reconstructed into 35 apartment units– 31 1-BR Units and 4 2-BR Units. The basement area of the development has a community facility that hosts a computer lab, office space, and space for an on-site resident service coordinator.

Due to the historic nature of the building, the 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, Soft Funds, and Conventional Permanent Financing.

Total Development Cost: $10.8 Million