Tax credits help boost work to open new Stowe Street pizzeria – Waterbury Roundabout
State tax credits will help fund nearly 50 redevelopment projects across Vermont, including three sites in downtown Waterbury, one of which will bring a pizzeria back to Stowe Street.
The historic building that once housed the Blue Stone pub and restaurant will soon open as the fourth location for Stone’s Throw Pizza.
That’s according to Sam Handy, one of the new owners of the property, which spans from 13 to 15 Stowe Street. Handy is owned by the Grazers restaurant chain ownership group, which purchased the space last December.
From the street, the building occupies the left third of the two-story brick complex with WDEV Radio Vermont Group next to it and Axel’s Gallery and Frame Shop at the other end.
It measures approximately 5,000 square feet and has almost 3,000 square feet of food court space at street level. Above are two apartments, 1,000 square feet each, Handy said.
Rather than opening another Grazers restaurant — which has locations in Williston, Winooski and St. Albans — the new owners are leasing the restaurant space to Stone’s Throw Pizza. A recent job listing indicates that the new pizzeria is expected to open this winter; Handy has confirmed that it will likely open within the next three months.
New owners of the 100-plus-year-old building also benefit from just over $18,000 in state tax credits, which will cover about half of the construction costs to bring the space up to code. These funds were part of more than $4 million in tax credits awarded by the Vermont Agency of Commerce and Community Development late last month.
Tax credits are neither grants nor cash. They redirect income taxes owed to help cover the cost of building improvements for redevelopment. For example, a building with a tax bill of $10,000 that gets a tax credit of $4,000 will only owe $6,000 in taxes. Programs are offered by state and federal governments.
These recently announced state credits are available to projects involving commercial buildings and non-profit buildings over 30 years old that are located in designated town centers or villages, according to state program information.
Credits can be applied to pay for general rehabilitation, code compliance work and exterior improvements. A permit from the state fire inspector’s office posted on the window at 13-15 Stowe St., for example, lists work being done to reconfigure the front doors to swing outward. to comply with applicable codes.
Handy said the Grazers Group chose to buy the location as an investment and also because Waterbury was an attractive community.
“We love what Waterbury stands for, what they do – just the community feeling,” Handy said. “We thought that in the long term it would be a good investment for us. But really, it felt like being part of the Waterbury community is what we love. So on the commercial side, we saw an opportunity for a good investment in a big city, and we took it.
Handy said he and the other owners considered putting a Grazers restaurant in the building, but decided against it because Waterbury already had several restaurants offering similar fare. Instead, they looked for a pizzeria to partner with, and that’s how Stone’s Throw came into the picture.
“We were actively looking for another pizzeria to enter this space,” Handy said. “Stone’s Throw is going to do amazing things. I think they are a perfect fit. I think their business model is perfect. They are great people – it will fit in very well with the community.
The pizza franchise and building owners have agreed to a long-term lease, he added, although he declined to say how long it would last. “I would love for them to be around for the next 30 years,” Handy said.
Tax credits stimulate redevelopment, revitalization
On Sept. 27, Governor Phil Scott and the state Commerce and Community Development Agency announced that they had awarded 49 projects in the state more than $4 million in downtown and downtown tax incentives. village center.
The Town Center and Village Tax Credit Program supports planned rehabilitation and revitalization efforts in designated Town Centers and Village Centers. Together, the 49 projects will help generate more than $95 million in building and public infrastructure improvements, state officials said.
“These investments are making an impact, supporting local businesses, creating new housing and improving the economic vitality of our community centers,” Scott said, calling the tax credit program “a perfect example of one of the tools of our economic development toolkit that can be transformative.
Housing and Community Development Commissioner Josh Hanford said the council responsible for awarding the incentives selected projects in communities of all sizes. “This year we awarded a record number of rehabilitation and revitalization projects, and I am grateful to the dedicated Vermonters who are working to keep the hearts and souls of their communities vibrant places for years to come,” said he declared.
Scott announced the awards during a ceremony at the former US Customs House and Post Office in St. Albans which is to be redeveloped for mixed commercial use on the ground floor and eight new downtown housing units on the upper floors. Other examples of projects are the renovation of the 1901 Champlain Theater in Swanton Village Center into space for three new commercial tenants, and in Bennington, a landmark renovation will create three transitional housing units for women and children.