Boroughs & Burbs 34: Darien, New Canaan & Westport: Discussion on What Makes these Towns Special (David Genovese, David Waldman, Tucker Murphy, Laura Budd)

Boroughs & Burbs, the National Real Estate Conversation

David Genovese and David Waldman, Laura Budd and Tucker Murphy on the "Future of Downtown" in Darien, Westport and New Canaan, Connecticut
We have all read about the bleak future of suburban downtown and particularly retail. "It's too hard to park" and "The landlords ruined it by raising rents" and "There are no mom and pop shops" and "Amazon killed it" and "It's lost its charm" More recently the work-from-home phenomenon has led people to wonder about the future of office space. And yet despite these problems our restaurants are having record-setting business, retail vacancy rates are below 5% and workers are returning to the office. Or are they?
Our first two guests are two of the biggest change-agents in Fairfield County. While others may manage more square feet, their projects seek to define the future of two of our most beloved towns, Darien and Westport. These two men are transforming the downtowns while recognizing the challenges of creating transit-oriented development, pedestrian-friendly, with a collection of attractive buildings set around beautifully-designed and well-maintained public spaces in the heart of their respective downtowns – all with just the right mix of curated retail, restaurants and other businesses, and the addition of residential housing and office use.
Laura Budd and Tucker Murphy are Directors of the New Canaan Chamber of Commerce and for the last decade their jobs have been "to connect the community with commerce". When I want to know what merchants are thinking or where rents are moving, I ask them. So, of course we asked them to help us get the most out of this hour, to get to the bottom of the Future of Downtown.
David A. Waldman is responsible for re-developing and managing over 800,000 square feet of office and retail space, primarily in downtown Westport. David founded David Adam Realty in 1991. His focus has been on maintaining and expanding his portfolio as well as retail leasing in Downtown Westport. He is currently Vice President of the Westport Downtown Merchants Association (WDMA) and heads the Capital Improvement Committee, a group he has been affiliated with since 1998. Previously he has served as President from 2004-2006. David is currently spearheading an initiative to beautify and revitalize the Main Street area. David also sits on the Board of the Plan Implementation Committee (PIC) whose mission has been to revitalize Downtown Westport since 2008. David and his wife currently sit on the board of The Advisory Council to the Campaign to Establish an International Center for Velo-Cardio-Facial Syndrome. David graduated from Syracuse University, Bachelor of Arts in Child Psychology in 1991. He is also a member of ICSC.
R. David Genovese is adding 116 luxury apartments, 12 units of housing purpose-built for adults with developmental disabilities, 85,000 square feet of Class A office space, and nearly 100,000 square feet of retail, restaurant & fitness space in Darien. David founded Baywater Properties in 2001, following a 12-year career in real estate investment banking in New York and London. Prior to founding Baywater, David served as Co-Head of Real Estate Investment Banking for Credit Suisse First Boston. Previously, David served as a Managing Director in Bankers Trust Company's Real Estate Investment Banking Group. David is an honors graduate of Colby College and The London School of Economics and Political Science. David also received an MBA from The Wharton School of The University of Pennsylvania. David is currently a member of the Board of Directors of The Human Services Council of Norwalk, the Darien Athletic Foundation and The Real Estate Finance Association of Connecticut. David has served as a member of the Board of Overseers of Colby College, and as a board member of the Darien Technology and Community Foundation, the Darien YMCA, the Darien Historical Society, and Darien Revitalization, Inc.