The Waterbury Times|Public Accountability|Published May 14, 2026
Waterbury — When 27-year-old developer John Mariolis spoke with the Hartford Business Journal in June 2025, he described himself as young, ambitious, and in the middle of completing his first independent real estate development project in downtown Waterbury.
“I’m young. I’m ambitious,” Mariolis told the publication during a tour of his Field Street conversion project. “I’ll buy as much as I can here in Connecticut…”
At the time of the interview, > MICHAEL PUFFER< The Hartford Business Journal Mariolis’ conversion of 59 Field Street into 22 apartments was still underway. Yet public records show the City of Waterbury had already advanced another major downtown redevelopment agreement connected to the Mariolis development network months earlier.
That second project was the city-owned Exchange Courtyard property at 24–30 Bank Street.
And the timeline is now drawing renewed attention to how Waterbury selects and advances developers for publicly controlled downtown properties.
A Rapid Timeline
According to city records and Connecticut business filings:
- January 8, 2025 — Waterbury’s City Plan Commission advanced the Exchange Courtyard project through referral
- January 9, 2025 — ODA LLC was formed in Connecticut
- January 11 & 18 — legal notices were published for the public hearing
- January 21 — the Board of Aldermen approved the sale agreement
- December 22, 2025 — the deed was ultimately recorded showing entities tied to the project acquisition
Public filings list ODA LLC with a Hicksville, New York address and identify members as:
- Spiro Muka
- Olga Spiro Muka
- Despina Spiro Muka
- Angelos Spiro Moukas
The LLC later appeared as part of the purchasing structure tied to the Exchange Courtyard redevelopment.
“First Independent Development”
What makes the timeline notable is that Mariolis himself publicly characterized the Field Street conversion as his first independent development effort.
The Hartford Business Journal reported:
“After years of helping his family with developments in New York and Connecticut, John Mariolis is advancing his first independent real estate investment…”
At the same time, the article stated:
“The Mariolis family is expected to shortly purchase” the Exchange Courtyard property.
That statement came roughly six months before the deed was finalized.
Questions About City Standards
The issue is not whether developers can discuss projects before closing. In commercial real estate, that is common.
The larger question is this:
Why was the city comfortable advancing another major publicly owned redevelopment project connected to a first-time independent developer before his first downtown conversion was fully completed?
Waterbury officials have repeatedly emphasized the importance of revitalizing dormant downtown properties and attracting outside investment. But the growing use of layered LLC structures, out-of-state investor groups, and pre-closing project announcements has also fueled questions about transparency and vetting standards.
Public records reviewed by Waterbury Times show:
- the Exchange Courtyard approval process was already moving through city channels while the Field Street project remained unfinished;
- ODA LLC was formed immediately after early municipal advancement of the project;
- and the final acquisition structure included multiple investment entities connected to the redevelopment effort.
Public Process vs. Behind-the-Scenes Negotiations
Municipal redevelopment experts note that projects are often negotiated long before the public sees formal hearings or votes.
By the time a redevelopment proposal reaches referral stages or Board of Aldermen approval, developers are often already assembling financing, investors, and legal entities in anticipation of closing.
Still, the timing raises broader civic questions:
- When are developers effectively selected?
- How much of the deal is already structured before public hearings occur?
- And what benchmarks should developers meet before receiving access to additional city-controlled properties?
The Bigger Picture
The Exchange Courtyard deal reflects a broader transformation underway in downtown Waterbury, where outside investment groups have increasingly acquired long-vacant buildings for apartment conversion projects.
Supporters argue the city is finally seeing reinvestment after years of stagnation.
Critics argue the public still lacks visibility into:
- who ultimately controls redevelopment entities,
- how investor groups are assembled,
- and what standards are used before public assets are transferred.
As additional documents are sought through Freedom of Information requests, the timeline surrounding Exchange Courtyard is likely to face increasing public scrutiny.
Read More Development News
Calls Grow for Greater Oversight of Downtown Development Projects Tied to M4 Investments
Are New York Developers Getting the Green Light in Waterbury When It Comes to Permits?
Leave a Reply