Westport Business Man Aims to Enhance Town's Assets

'Patagonia' Development to Open at Former Bank Site



By Bonnie Adler

One of the movers and shakers in Wesport's real estate community is David Waldman, 35, a man with a great deal of impact on the retail stores that comprise the character of downtown Westport.

As president of David Adam Realty, a real estate company that owns nine properties totaling half a million square feet, including two buildings on Main Street, Waldman says he would like people to think of him as an honest businessman who really care about enhancing the beauty and natural assets of Westport. And if he happens to make a few bucks in the process, even better, as he is, undeniably, a businessman.

Those who shop in Westport cannot help bet be familiar with the roster of Waldman's tenants, which include Gap Kids and Baby Gap, Claire's, L'Occitane, Luck Brand Dungarees, Gymboree (which will soon be converted to Janie and Jack) and Aqua Restaurant.

With broker Sharon Maddern in his office, Waldman has also brokered an impressive array of real estate deals which practically blanket the entire downtown area and which include Guess, Domain, Mommy Chic, LF Sports, Papyrus, Chico's Starbucks, Lucy's Jacadi, Gia & Co., BCBG (slated to open in three months) and Restoration Hardware.

Last year, Waldman sold the building which now houses Guess, Inc., for just under $12 million.

Most recently, Waldman has been working with town officials to get approvals for his newest project — the renovation of the 1924 building known as the former Westport Bank and Trust building, which he purchased for $4.2 million and which most recently housed Hudson United Bank. Waldman is excited about the prospect of renovating the building under the new historic business district zoning designation recently granted by the town.

"My overwhelming desire is to redevelop the building in a manner that will bring back the historic elements that might otherwise have been lost." He said. "The exterior of the building will look very much the same, but we will keep much of the historic feeling, such as refurbishing the original moldings and floors, and displaying the old safe and the old murals."

In another coup for Waldman, the building has been leased to Patagonia, a privately held 14-store company which specializes in outdoor clothing and gear. Patagonia, which competed with and lost out to the space recently leased by Tiffany & Co., took the space for $90 per square foot. The rental to Patagonia especially pleases Waldman, because of the environmental policies steadfastly held by the company.

"They are a truly principled company," said Waldman. "Just one example is that all materials used in construction are recycled and environmentally sound. I also think it will make a great fit for Westport."

Waldman, who easily fits the classic description tall, dark and handsome, was just 21 when he went to work in the family real estate business, which was originally started by his father, Michael Waldman. In the early 1990s, he said, real estate in the region and in Westport had taken a turn for the worse, and he spent a few of those lean years learning the business from his father.

In 1995, when he was 25, David's father Michael accidentally crashed while piloting his small, private plane, and Michael Waldman and his two passengers, his nephews Glenn and Darcy Weiner, died.

"That was the hardest time in my life," said David. "I wasn't prepared for the immediate circumstances afterward." Eventually, as he slowly began to recover from the tragedy, Waldman took on a more assertive role, and a new, experienced partner, Lance Sauerteig, and started to build up and diversify the business his father started.

Ten years later, he now owns major properties in Westport, Danbury and Avon, Conn., as well as Woodcliff Lake, NJ. "I think my father would be proud of where I took the business," said Waldman.

He loves what he does, and he works hard at it, but not, he says, at the expense of spending time with his wife, Yvette, and their two children, Rachel, 8, and Jacob, almost 2. Waldman grew up in Westport, and lived here until just recently when he sold his Saugatuck Shores home and moved to Weston. He and his wife are expecting another child in September.

Waldman has also expended considerable energy as Vice President of the Downtown Merchant Association. In that capacity, he continues to create ways to beautify Westport's Main Street and enhance it for the future.

He admits the challenge can be daunting at time. For example, he is backing a plan to build a new 30,000 square foot space on Elm Street, of which 10,000 square feet would be retail and 20,000 square feet would be affordable housing. That space would be financed by construction of a metered and decked parking garage, and remains a concept so far resisted by many in the community.

Waldman says that he will continue to work with the Downtown Merchants to improve Main Street aesthetically, and that he wants to keep Main Street competitive with and superior to other shopping areas.

Waldman says that he believes that Westport is a truly special place. "We are trying to beautify what we already have and make it a more aesthetically pleasing place to shop," he said. "We lack the attractive and special architecture of a place like Greenwich, but we can certainly enhance what we have. Good things can occur if change occurs."

Taken from the 4/14/05 edition of the Westport Minuteman.


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