Searching for funds for Mad River Mill project

WINSTED — Although the proposal for the Mad River Mill Apartments is still in the early stages of the approval process, town officials are already working to find ways to bridge the $3.5 million dollar funding gap to develop the property.

Martin Kenny of Lexington Partners has proposed turning the derelict five-story mill building — which sits at the corner of Bridge and Main streets in Winsted — into a $10 million apartment complex with 64 units.

Sue Ann Marolda currently owns the building.

Economic Development Commission Chairman John Morici said if the proposed complex were built from scratch, it would cost about $6.5 million.

But, because the project is to be a complete restoration of a historic building, the estimated cost increases to about $10 million.

And so Town Manager Keith Robbins is working with Kenny and other town officials to research the availability of state and federal grants to cover the remaining renovation costs.

“That money is now going to come from the town,†Morici said, adding that no taxpayer dollars will be used to help fund the project if it is approved.

Kenny officially presented his plan to the Economic Development Committee during the board’s regular meeting on Sept. 15. The meeting was open to the public and attended by members of other town land use boards and commissions.

“The presentation went well,†Morici said, adding that a recording of the meeting is available from the commission for those who were unable to attend.

The development plan calls for the complete restoration of the historic knitting mill, which was built in 1870.

The plan calls for the demolition of the ancillary building to the rear of the property to make way for parking and landscaping improvements.

The complex will house 64 apartment units ranging from 495 to 1,200 square feet, with 78 parking spaces to the rear of the site. The portion of the first level that fronts the river will feature outdoor patio areas, exposing the fully restored brick facade to Main Street.

The complex will include a fitness center, storage space, commercial outdoor grills for tenant use, a laundry room, recycling center, private storage areas and bicycle storage racks.

Morici said the rent on the units will vary from about $600 up to $2,000 a month. He added that the current yearly town taxes on the old mill building are $1,500.  

If the complex is built, the yearly property taxes will jump to around $170,000.

The proposal must now go before the Planning and Zoning Commission, as well as the Inlands Wetlands and Watercourses Commission, for review and approval.

Morici said if everything goes smoothly through the application process and the plan is approved, it will be about three years before the project can be completed.

The proposal for the Mad River Mill Apartments project may be downloaded from the Economic Development Commission’s Web site at
winchesterctdevelopment.com.