When The Byrds sang these words, written by Pete Seeger and ripe for remembering, Henry Papparazzo was envisioning a retirement community in the Northeast for New Englanders he believed would rather not migrate to warmer climates. A moratorium was put on zoning allowing for the 1000 acres, made up of two farms and the former Victor Borge estate, to be developed into Heritage Village… and the rest, as they say in Southbury lore, is history.
Economists often use the phrase: what the market will bear - to mean the price someone will pay, or not pay, for a product or service. This is true of real estate as well. The market for the 2-acre lot, single-family home is not what it once was. Residential realtors and construction home builders are seeing the shift. “In towns with significant multi-family housing stock, those markets are very hot right now,” says Justin Bette of Southbury-based, Bette Realtors. “There is an obvious sea change in the retail and office commercial real estate market. There are almost no new commercial developments that don't include a substantial housing component.”
Southbury’s not immune to the impacts of population changes. We need to consider the importance of housing to our local economic development. Housing in Southbury makes up over 80% of the town's assets. As our town services are supported by property taxes, it is important that we take an inclusive approach and make investments where the demands are.
If we want Southbury to be attractive to young people to settle down, start a business or work locally, become contributing citizens, volunteer for boards and commissions, raise a family, and buy a home here, then we must provide them with housing options to get started. Because where they start is where they’ll stay and they’re the future of Southbury.
The need is there as well for those who wish to down-size; empty-nesters, or retirees, seeking to stay in Southbury. And we want them to stay.
The point I am making is that commercial and residential real estate are connected. Multi-family housing is a catalyst for commercial growth. Economic development is supported by housing.
Last month, I wrote about risk. A developer is more apt to take a risk if a portion of their commercial project is multi-family housing, as it provides them with an early, near-guaranteed return on their investment (ROI). Permitting this, with insistence that it be of high-quality, will yield our town dividends of wonderful restaurants, services and stores for our citizens.
Further, with careful placing, housing can serve to stimulate the economy with more feet-on-Main-Street, providing more customers to our local businesses.
The oft-cited argument that more housing means more school-aged youth, and therefore comes with too great a cost to the town in services, is antiquated. The cost to Southbury will be greater if we do not attract more youth. For, just assuredly as winter follows fall, we cannot stop the seasons. If we’re not growing, we are declining. If we are stagnant, we are declining. For Southbury to continue to be the model and admired community it has been for many decades we must, like the seasons, turn, turn, turn…
Kevin Bielmeier
Economic Development Director
Town of Southbury
EcoDevDirector@southbury-ct.gov
(203) 262-0683
[This article first appeared in Southbury Neighbors magazine.]