News
Latest News
November 21, 2005
Saint Mary's Hospital Expands at Croft Commons
HAMDEN, CT - Saint Mary's Hospital, one of Waterbury's oldest teaching hospitals, is expanding its offices by an additional 20,010 square feet at Croft Commons, a premiere office building at 95 Scovill Street in the heart of the Connecticut city.
The hospital’s leased space at Croft Commons will grow from 16,800 sq.ft. to 36,810 sq.ft. on the 3rd and 4th floors of Pavillion A and the 3rd floor of Pavillion B. The hospital's IT Department, Pediatrics, and an OB/GYN clinic will now all be housed at Croft Commons, announced Michael Belfonti, President and CEO of Belfonti Associates, LLC. A Belfonti-related entity is a partner in the ownership of Croft Commons.
Croft Commons is a completely renovated, 95,000 sq. ft. office building owned by Scovill Commons Partners, LLC, whose other partner is an entity controlled by Tom Gessler of Gessler Development.
The Belfonti-Gessler partnerships represent one of the largest owners of office buildings in the City of Waterbury. They also own Waterbury Commons, a 182,500 square foot office complex in downtown Waterbury. In addition to Saint Mary's Hospital, other tenants at the property include Social Security Administration and the City Health Department.
"We continue to see the economic vitality of the region largely supported by dynamic healthcare organizations like Saint Mary's, which employs more than 1,700 workers," said Michael Belfonti. "As property owners and managers as well as invested members of the Greater Waterbury community, we look forward to assisting them with their expanding network of services in and around the region. We will continue to provide the finest office properties to serve these institutions and other businesses that make up the newly invigorated local economy."
Founded in 1907 by the Sisters of Saint Joseph of Chambery, Saint Mary’s Hospital is a 347-bed Catholic teaching hospital located directly across the street from Croft Commons. Just last year, the hospital received approvals to allow both elective and emergency angioplasty, as well as open-heart surgery.
Most recently, in response to a dramatic surge in demand from its emergency room, Saint Mary's launched a $2.75 million project to renovate and reconfigure its 13,000 square foot emergency department.
According to Tom Gessler, demand for these and other types of critical medical services will further sustain economic investment in the downtown area. "Waterbury's location makes it a superior hub for healthcare as patients from throughout the Central Naugatuck Valley have access to the high quality care that an institution like Saint Mary’s provides," he said.
Belfonti and Gessler, through aggressive asset management, and an extensive capital improvement program implemented by Gessler's company Precision Realty Management, have participated in supporting the significant renaissance of Downtown Waterbury. In addition to the Belfonti-Gessler holdings in Waterbury, other recent notable development projects in the area include the University of Connecticut's Waterbury campus, which is located directly behind Croft Commons, and Downtown Waterbury's jewel, the Palace Theater, which reopened in 2004 after a $30 million dollar restoration.
The property management company for Croft Commons is Precision Realty Management, Inc., a Gessler-related company which is responsible for the day-to-day management of the property. The asset manager for the property is MCR Property Management, Inc., a Belfonti-related company.
Belfonti Associates, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.