'Monroe is Open for Business'

Bryan Atherton says the economy is bouncing back. Growth in industrial/office leads to a comeback in residential, which brings in more retail, according to the owner of Atherton Associates Commercial Properties in Monroe. But while he observes a rejuvenation in the industrial sector, he says office is lagging behind.


Winthrop E. Baum, chairman of The Fairfield County Commercial Brokers Network (FCCBN), says office is where the higher paying jobs are.

"Companies are incentivized to cut back staff in this economy," Baum said at an FCCBN luncheon held at Edith Wheeler Memorial Library last Thursday. "If the office market ever comes back, we could build more."

As a result, Baum told his fellow commercial brokers they have to be creative with the existing spaces that are available. For instance, converting an abandoned industrial property to apartments.

Atherton was the keynote speaker at the lunch, organized by the Monroe Economic Development Commission and sponsored by Newtown Savings Bank, Union Savings Bank, Atherton Associates, Kimball Group, Jay Keillor Land Engineering & Surveying LLC, Sippin Energy Products and Hodson Realty Inc.

Soup Thyme, 450 Monroe Turnpike, catered the lunch.

Zoning Updates

Town Land Use Dir. Scott Schatzlein and Planning Administrator Will Agresta gave commercial brokers an overview of revisions proposed to Monroe's zoning regulations.

Agresta said there would still be separate approvals for applicants, but everything would be coordinated into a single review process. Schatzlein said staff reviews would "expedite the process when it gets to the commission."

"We can get it through and make it as painless as possible," he said.

In his speech, Atherton praised Monroe for making positive changes to its Plan of Conservation & Development and to its zoning regulations.

"The slogan should change from 'Monroe Means Business' to 'Monroe is Open for Business,'" Atherton said.

Chinese Investors

Atherton said Monroe had 7,500 square-feet of "net positive absorption" in available industrial space last year, and said he believes that number could be 80,000 to 90,000 square feet this year.

Atherton said Monroe had some significant transactions, including filling the former Robohand buildings at 482 and 484 Pepper Street with tenants — The Panthers' Den and DATTO. Space that had been foreclosed on at 731 Lantern Ridge was successfully sold at auction and will be closed on soon, according to Atherton, opening the door to a new tenant and more commercial tax revenue.

The luncheon wrapped up with commercial brokers sharing successful transactions, available listings and what their clients are looking for.

Among some of the stories shared were a West Haven Friendly's being converted to a diner, a new medical building and the opening of DHL in Wallingford. One broker said wealthy Chinese investors are interested in buying up 5-star hotels and spending their money near Connecticut's casinos and in California. He said they're willing to do deals of up to $110 million.

'We've Rounded a Corner'

Roberto Perez, chairman of the EDC, was impressed with the turnout Thursday, saying around 48 brokers and 10 to 12 other people (including some bankers) took part in the lunch.

"There was a much better atmosphere because things are on the uptick," Perez said, comparing the event to last year's when the economy was more sluggish. "We've rounded a corner."

Perez said the lunch had "great sponsors" and touted how positive it is for Monroe to have local developers, who actually live in town, selling brokers on investing here.

Perez said, "A lot of towns can't say that."