The city of Danbury, Connecticut, is making significant strides in its downtown revitalization efforts with a new $24 million headquarters for Ives Bank and the conversion of the former Crowne Plaza hotel into residential apartments. These projects are part of a broader initiative aimed at rejuvenating an area that has struggled with stagnation for decades.
The construction of the Ives Bank headquarters is a prominent development in downtown Danbury, located at the intersection of Main and White streets. Ives Bank, formerly known as the Savings Bank of Danbury, boasts a history of 176 years and is recognized as the oldest continuously operating business in the city. A recent beam-signing ceremony marked a key milestone in the construction of the four-story building, which is scheduled for completion in 2024. “This is an important step in the revitalization of our downtown,” said Mayor Robert Alves. The bank’s new location is expected to attract 70 professionals, increasing foot traffic and invigorating the local economy.
Meanwhile, several miles away, the transformation of the Crowne Plaza into Innovation Studios is underway. This project will create 198 apartments, catering to the needs of work-from-home professionals and young residents. Developer Dan Bertram, who acquired the hotel in 2001 for $8 million, saw potential in converting the struggling property into modern living spaces. Unlike the downtown initiatives, this project is not part of the transit-oriented development plan, as it is located further from the Metro-North train station but offers easy access to I-84.
The Innovation Studios will feature micro-studios and one-bedroom apartments with leasing prices ranging from $1,475 to $2,075. Bertram noted that developing new housing from scratch would be financially unfeasible, thus making the hotel conversion a more practical solution. The apartments are designed to promote a lifestyle that blends work and leisure, offering amenities such as co-working spaces, fitness facilities, and recreational courts.
In addition to the Crowne Plaza conversion, the city is also witnessing smaller residential projects. Recently, plans were approved for a 208-unit apartment complex on Main Street, signaling a renewed interest in urban living. City officials emphasize the importance of providing diverse housing options that cater to young professionals, families, and seniors. The various initiatives, including projects at 30 Main and South Park, are part of a strategic effort to meet the evolving needs of Danbury’s residents.
Mayor Alves highlighted the significance of these developments, stating, “We are prioritizing a diverse range of housing options that meet the needs of young professionals, working families, and the seniors who have contributed so much to our city.” The conversion of the Crowne Plaza stands as a model for future redevelopment projects, showcasing how underutilized buildings can be transformed to meet modern housing demands.
As Danbury continues to grow and adapt, these projects represent a concerted effort to breathe new life into the city. With the combination of a historic bank headquarters and innovative residential solutions, Danbury is poised for a vibrant future that prioritizes both community and economic vitality.
