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Board approves sale of 24–30 Bank Street to M4 Investment Group for $585,000
Summary
The Waterbury Board of Aldermen approved the sale of 24–30 Bank Street to M4 Investment Group LLC for $585,000; the buyer says it will invest $2–3 million to add about 25 apartments and revitalize first-floor commercial space, part of the city's downtown revitalization strategy.
The Waterbury Board of Aldermen on Jan. 21 approved a purchase‑and‑sale agreement to transfer 24–30 Bank Street to M4 Investment Group LLC for $585,000. The intergovernmental committee recommended the sale after a public hearing that drew both support and broader resident comments on downtown priorities.
Michael LeBlanc, the city’s Director of Finance, described the buyer’s plans during committee discussion: the developer expects to invest roughly $2–3 million, convert upper floors into about 25 apartments (19 one‑bedroom and six studios) and renovate first‑floor commercial space, including work on an existing restaurant. LeBlanc said the project is intended to mix residential, commercial and restaurant uses to help revitalize downtown.
“It's part of the city's vision...and it's part of the revitalization of downtown,” resident Paul Condash said during the public hearing, urging aldermen to support the sale.
The sale was recommended by the intergovernmental committee and approved by voice vote at the meeting. No tax abatement application was reported to have been submitted as part of this motion; committee members said the buyer had not applied for tax abatement at the time of the discussion.
What happens next: staff will proceed with closing steps under the purchase‑and‑sale agreement and the buyer will begin planning renovation work. The Board did not set specific timelines for construction or occupancy during the meeting.
