EastHamptonBy Town of East Hampton

EAST HAMPTON: In June the town council took an important first step in preserving and protecting its historic Village Center with the implementation of a Tax Increment Financing (TIF) District. The TIF District plan will allow the town to set aside increased revenue generated through property taxes within the district in order to perform projects that directly benefit the Village Center area with the goal of promoting growth, redevelopment and creating an inviting atmosphere in the historic downtown.

East Hampton, known colloquially as Belltown, was once home to several bell and toy manufacturers, all of which were nestled in the Village Center, originally drawing on water power from nearby Lake Pocotopaug. Beginning in the 1970s, changes in the manufacturing industry resulted in the loss of all but one bell manufacturer to date. Several large historic mill buildings sit, blighted, vacant or underutilized throughout the area. TIF is a method used to catalyze economic development through anticipated future increases in property tax revenues to generate incremental revenues to help pay for costs within the district.

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The Y is Q's First Tenant

 

By Putnam Economic Development

PUTNAM: n the true spirit of community, the Quinebaug Regional Technology Park (The Q) is a regional economic development initiative between the towns of Brooklyn, Pomfret, Putnam and Scotland. Strategically located in the Tri-State, including Conn., Mass. and R.I., The Q is a 267-acre technology park accessed directly off I-395 at Exit 45. 

Suited to support industry sectors such as aeronautics, plastics and medical devices, the site further supports the growing sectors of agritourism and ecotourism, like breweries and soap making. Amenities of The Q include The Hale YMCA Youth and Family Center, the Q’s first tenant, which offers two swimming pools, a whirlpool, exercise room, fitness classes, member child-care and many other health and wellness amenities. 

A farmers’ market is less than a half mile away which is adjacent to a dog park. The Q also offers access to the Putnam River Trail, a two mile-long biking and walking trail winding its way along the Quinebaug River, through Rotary Park and into historic downtown Putnam. The River Trail features a canoe launch, bike repair station and runs behind Rotary Park’s bandstand, which hosts several outdoor events and concerts. 

The Q is being developed and sold in phases with several lots in Phase I still available for sale.  

With a downtown packed with award-winning dining options, specialty shopping, arts venues, theaters, a well-known antiques section as well as year-round events, festivals and activities, it is no wonder that the town of Putnam was recently named “One of the Best 15 Small Towns to Visit in New England” by Boston Magazine. Putnam is a small town with a big attitude!

POM 616 New ParkWEST HARTFORD: What developers ae calling “a pioneering mixed-use community,” located next to the new CTFastrak “rapid transit stop,” 616 New Park hopes to attract “everyone from millennials to seniors.”

The 54-unit project, has one and two-bedroom units, and is priced both at market rate and at rates attractive to a workforce earning at or below 60% of the area’s median income. Eleven units are designated as supportive housing for veterans.

Retail space is available on the ground floor, cost for the project was $15.6 million.

The "pet friendly" apartment rents range from $1600-$2300 per month.

Screen Shot 2018 07 30 at 9.37.21 AMHAMDEN: An $8.7 million price tag was made for a 30 unit [130 bed] Hamden apartment building adjacent to Southern Connecticut State University campus.

The buyer was 1160 Silas Deane Company, LLC [433 South Main Street, West Hartford] and the seller was by One Hundred Ninety Pine Rock Avenue, LLC.

Ralph Lewis of CW Commercial Real Estate [a subsidiary of Calganini] represented both sides of the off-market sale. This transaction marks the second sale of this property by Lewis, who represented both buyer and seller in August of 2015 when it traded for $7.6 million.

JCPenneyMANCHESTER: Winstanley Enterprises, LLC of Concord, MA has acquired the two million square J.C. Penney distribution warehouse facility located at 1339 Tolland Turnpike for $70 million from J.C. Penney.

Winstanley Enterprises says it plans to renovate the interior and exterior of the facility and transform the location into a bulk warehouse and distribution center.

“This facility is one of the largest distribution warehouses on the Eastern Seaboard, and we are very excited to breathe new life into the property,” said Adam Winstanley, a principal of Winstanley Enterprises. “We look forward to working closely with the community, creating new local jobs and offering distribution tenants a top-tier facility centrally located here in Manchester.”

Madden Thomas Stamford 1By Thomas Madden, AICP, 

Director of Economic Development, Stamford

Stamford is preparing to be the city of tomorrow through a repeating $2 million implementation grant for the next five years by CTNext, the state’s business development entity. The award is helping to develop the city’s “Innovation Playground” through investment into projects that support Stamford’s “Smart Cities” movement and in partnership with private companies such as Harman International Industries, Frontier Communications, Synchrony Financial, AT&T, Local Motors, Navya and public entities including UConn, CTDOT, the Stamford Partnership,Fairfield County Business Council,Downtown Special Services District, and BLT. These partners envision Stamford as an intensely collaborative, walkable, digitally enabled city, connected to NYC and to other major Connecticut cities through technology and support both small and large business in entrepreneurship and innovation pipeline.

kubtecSTRATFORD: Kubtec Digital X-Ray has purchased a freestanding building at 111 Research Drive for $1.045 million. The building, on 0.67 acre, encompasses 10,216 square foot and includes a loading dock.

Founded in 2005 in Milford, Kubtec Digital X-Ray, a registered trademark of KUB Technologies Inc., is a research based organization that develops digital x-ray solutions for medical, research and industrial applications.

uncasville marriotUNCASVILLE: Fairfield Inn & Suites Uncasville, a recently renovated four-story 105-room hotel located off I-395 has been sold for $11.05 million.

Located 12 miles from the New London Union Train Station and 57 miles from Bradley International Airport, the property was recently repositioned from a Best Western to a Fairfield Inn and Suites by Marriott.

Jonathan Ruprai, senior director of Marcus Millichap’s national hospitality group, along with Jerry Swon and Daniel Zagoria of the firm’s Manhattan office, secured the exclusive listing to market the property on behalf of the seller, a private investor.

 2018 07 undervalued cities 2018 mapNEW YORK: Smartassets.com the financial resources website says “whether you’re a first-time homebuyer or a grizzled veteran of the home-buying experience, you want to make sure you are taking out a mortgage you can afford.”

To that end the company says it “analyzed data to find the most undervalued cities in the U.S in 2018.”

New Haven was chosen as the seventh most undervalued city in the country.

colliersNEWINGTON: Nickerson Properties LLC has purchased 445 & 445A Willard Avenue for $2,095,000. The 9,760 SF office condo property is 100% occupied by Davita Dialysis and Family Adult Day Care. Nicholas R. Morizio, SIOR, CRE and Terri Rockefeller of Colliers International in Hartford, represented the seller Rotundo Developers LLC.

CE WoundCenterNEW BRITAIN: The Advanced Wound and Hyperbaric Medicine Center on The Hospital of Central Connecticut’s campus has been rehabilitated by C.E. Floyd Company [Middletown], worked with Jacunski Humes Architects of Berlin. The original schedule was 14 weeks, but according to a release by E.E. Floyd the hospital wanted to occupy the space sooner. The company achieved it “by working longer days and implementing lean construction practices, such as a daily huddle and maintaining a constraints list,”, the compressed schedule took eight weeks.

“Our new state-of-the-art wound care center in New Britain will ensure our hospital offers the most advanced therapies, products, and practices to our community,” said Janette Edwards, vice president of operations for Hartford HealthCare’s Central Region, in a press release published on the hospital’s website. “The new center includes six treatment rooms, allowing us to treat more patients and increase our rate of healing difficult wounds.”

Previously, C.E. Floyd converted a gymnasium into the Family Health Center in Bristol for the Hospital of Central Connecticut. This outpatient care facility provides many medical services to the community, including another Advanced Wound and Hyperbolic Medicine Center.

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Rendering of the to be built Thomas S. Perakos Arts and Community Center at The Gunnery

 

WASHINGTON: The Gunnery private school celebrated the groundbreaking of the new 32,000 square foot $17 million Thomas S. Perakos Arts and Community Center. The new facility is one of the largest on the campus of the co-educational college preparatory boarding and day school.

The S/L/A/M Collaborative (SLAM), say it was designed “to reflect the English Tudor and shingle style architecture prevalent on campus.” The building will be constructed by O&G Industries, and is estimated to be complete in December 2019.

One StamfordSTAMFORD: The law firm Day Pitney LLP has relocated to 1 Stamford Plaza into 19,450 square feet. Pitney’s new digs is a 16-story, 219,000 square foot class A office tower. The firm is expected to move in the first quarter of 2019.

The lease, which encompasses the entire 7th floor, features an “efficient floorplate” with a mix of private offices and meeting spaces. The new offices will house 70 employees, including 32 attorneys.

Day Pitney has been at Canterbury Green at 201 Broad Street in downtown for the past 30 years.

Funke Maureen greenboxBy Maureen Funke

Director of Development, greenbox-is [an environmentally oriented interior space construction company]

 

Have you heard all the buzz about Opportunity Zones?

Opportunity Zones are at the heart of what could become the nations’ largest economic development program! The initial reactions from economic development officials and involved parties across the state are promising. In summary, the 2017 Tax Cuts and Jobs Act established the federal “Opportunity Zones” (OZ) program, a new community development program designed to encourage long-term investments by providing favorable capital gains treatment for investors who support eligible projects in designated communities. The program is especially beneficial for long term investors… making it financially attractive for investors to focus on long term investments with a holistic community based approach.

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Mayne

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Wait

CENTERBROOK Ben Mayne and Andrew Wait have been added to the architectural staff at Centerbrook Architects. Mayne joins fulltime following internships at the firm in each of the two previous summers. A second-generation designer, Mayne graduated this spring with a bachelor’s degree from Cornell University’s top-ranked architecture, art & planning program. He is originally from Suffield.

Wait comes to Centerbrook upon completion of bachelor’s and master’s degrees in architecture from Northeastern University. The Andover, Mass., native was a two-time participant in Northeastern’s co-op program, where he worked at LDa Architecture & Interiors and Prellwitz Chilinski Associates.

Sheehan Garrett CEDAS
cedas

By Garrett Sheehan

CEDAS [Connecticut Economic Development Association] board vice president, and the President of the Greater New Haven Chamber of Commerce.

ROCKY HILL: To have state economic growth, there must be communities that have invested their time and energy into building an economic development program. Often times, the intent is there, but the quality of economic development programs can widely vary among municipalities. Many communities have not been exposed to other economic development programs and what is considered best practice. In order to improve the economic development efforts of the entire state, the Connecticut Economic Development Association (CEDAS) is preparing to launch a land use and economic development best practices program for municipalities.

NPCG CheshireCHESHIRE: Regency Court Apartments located at 19 Stony Hill Road. and 50 Country Club Road has been sold for $1.98 million.

The property consists of 22 apartment units and 10 garage bays which provide additional income. The seller was Regency Court LLC. The buyer, a private Connecticut-based investor, purchased the property for a price that equates to $90,000 per unit, and a capitalization rate of 7.7% based on current net operating income.

Edward Jordan, JD, CCIM, Northeast Private Client Group managing director and Taylor Perun, senior associate in the firm’s Connecticut office, represented the seller and procured the buyer.

Colcord Sadie CERCBy Sadie Colcord

Economic Development Coordinator, Town of Beacon Falls

Located in the heart of Connecticut’s Naugatuck Valley Region, Beacon Falls is the industrial town you don’t know about – but should. With a thriving industrial core and abundant commercial real estate opportunities, Beacon Falls is home to a wide variety of companies – from nationally-renowned firms to small, family-owned businesses. Companies of all sizes and stages in the business cycle are integrated into the fabric of the community, as customer service to businesses is equally as important as customer service to residents. Beacon Falls aims to grow its workforce, support its businesses, and maintain its quality of life for residents. The forward-thinking, business-friendly culture of local government is one of many reasons that Beacon Falls would make an excellent location for your next business investment. Be sure to reach out to discover if Beacon Fall’s new tax incentive program may be relevant for your business expansion or relocation.

100 Benton Street Stratford CTSTRATFORD: SCP Distributors LLC, of Covington, LA signed a long-term lease for 32,000 square feet of industrial space at 100 A Benton Street.

The company says it is, “the world’s largest wholesale distributor of swimming pool supplies, equipment and related leisure products.”

The company has more than 200 locations, including in Windsor.

Jon Angel, president of Angel Commercial, LLC of Southport, the only Realtor involved in the transaction said of the company’s location choice, “Stratford has proven to be a thriving base for successful businesses in a wide range of industries.”

The landlord of this multi-tenanted building is Stratford Industrial Park, LLC.

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Survey Sampling International renewed 47,765 square feet at 6 Research Drive in Shelton

 

STAMFORD: A second quarter report by Colliers International Group [Nasdaq: CIGITSX:CIG] shows that the Fairfield County office market showed gains in spite of the impact of some large scale vacant space.

The report follows::

The Greenwich and Stamford submarkets continued to post positive activity, but rumored interest among some large occupiers wasn’t enough to prop up leasing across the County, which fell 44.5% below the five-year quarterly average to 495,304 square feet. Concurrently, the average asking lease rate dipped from last year, falling $0.14 per square foot to $35.95.

“Newly available space at 383 Main Ave. in the Central submarket contributed to half of the 60 basis point increase in the availability rate, which rose from last quarter to 24 percent,” said Sean Cullen, director of research for Colliers’ Stamford office. “With the exception of the Greenwich and Stamford submarkets, availability rose across the entire county.”

Screen Shot 2018 07 20 at 9.15.47 AMHARTFORD: CT Department of Economic and Community Development’s Kolie Sun reviewed the status of the state’s housing market in an article in the Connecticut Economic Digest [see it at https://www1.ctdol.state.ct.us/lmi/digest/pdfs/cedjul18.pdf].

Sun says, the 2017 housing market and its “continuing recovery from the recession that ended in 2010.” The article notes that a bright spot of the state's real estate market is the continuing upward trend of home sales and median prices two years in a row. According to the Warren Group report, CT single family sale numbers reached a pre-recession high not experienced since 2006. In addition, single family home sales in 2017, at 34,259, represent a 5.0% increase from 2016. The median single-family home sales price had an increase of 1.6% to $249,900 in 2017. Condominium sales price also increased 0.3% during the same time period.

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NEW HAVEN: A detailed real estate report by the real estate firm Colliers International shows that new developments in the recently ended 1st Quarter combined to produce a positive outcome for New Haven’s office market. While the report presents the information as good news the actual city’s vacancy rate has increased in the quarter.

More than 60,436 feet of square footage was absorbed in the quarter, which is a pretty healthy number for New Haven. As we previously reported in January, Colliers had not yet considered the new 95,000 of square feet by the new “tech” building, District. The most recent report includes that added space to the New Haven market, and it has increased the overall vacancy rate for the city from 19% percent at the end of 2017 to 19.3 percent today in spite of the new square footage leased.

The Collier’s report authored by New Haven realtor John Keough describes the District located at 470 James Street between the East Rock and Fair Haven neighborhoods.

milfordsqMilford: A newly developed shopping center, already leased out to a  variety of prime national tenants has been sold.

Milford Square is a 62,442 square foot retail center on Route. 1. The property is newly developed and 100% leased to a tenant mix including REI, Panera, Verizon, Sleep Number, and Pet Valu. Additional tenants at the property include Salons by JC and Tomato & Co. The class A center is in an area with 3.4 million square feet of retail within 5 miles of the center including retailers such as Costco, Lowe’s, Stop & Shop, Whole Foods, Walmart, Home Goods and Marshalls.

Mark Kandkhorov and Michelle Abramov of Asset Commercial Realty Group LLC’s (AssetCRG) exclusively represented RJ Milford LLC in its 1031 purchase of Milford Square. for $28 million. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, CG Milford, LLC, an affiliate of the Cappelli Organization of Valhalla, NY.

casino ewindsor

HARTFORD: The Mashantucket Pequot and Mohegan Tribes, released an updated rendering of their planned East Windsor entertainment and gaming facility. The renderings were submitted to the town as a part of the local approval process.

The proposed development will be a 188,000 square foot world-class gaming and entertainment facility with roughly 1,800 slot machines, 50 table games and 10 poker tables. Construction is slated to begin in the Fall of 2018, with an opening date tentatively scheduled for the Spring of 2020.

The East Windsor casino and the partnership between the two competing Connecticut Indian tribes was approved by Connecticut’s legislature to address competition from a new $800 casino development by MGM in Springfield, Mass., scheduled to open on September 1.

vascularSHELTON: U.S. Vascular Management Group of Trumbull has leased 8,600 SF of premier office space at International Place, 6 Research Drive in Shelton. VMG is a management consulting firm for medical practices.

The new office was delivered turnkey by owner/developer R.D Scinto. Rob Scinto of RD Scinto represented the landlord in the negotiations and Paul Mortenson of US Vascular represented the tenant in the transaction. The 10-year lease has a value of $1,787,417 and The Proto Group LLC, Lou Proto was the sole broker in the transaction.

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bigstock Increasing Real Estate Market 1692403BOSTON: Realtors and Connecticut homeowners are sitting a little prettier this spring as homes sales for April are the best in more than ten years and prices have increased by 6.4% year over year according to The Warren Group, publisher of The Commercial Record.

A total of 2,584 single-family homes were sold in Connecticut in last month, compared to the 2,402 homes sold in April 2017 – a 7.6 percent increase. Meanwhile, the median single-family home price increased 6.4 percent to $250,000, compared to $235,000 a year ago, marking the seventh consecutive month of median price gains. Year-to-date, single-family home sales totaled 8,478 transactions with a median sale price of $243,000.

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Apartmentlist.com a national renter’s website released a report detailing the level of segregation in metro areas across the country and the relative difficulty that residents in segregated neighborhoods have with rental payments.

According to the report while cities are growing increasingly diverse generally, residential segregation still exists in all of the nation’s major cities. A release from the company’s director of research Chris Salaviati says “the Fair Housing Act is now 50 years old, but residential segregation observed today can be directly traced to the legacy of discriminatory housing practices.”

Connecticut metros, Bridgeport-Stamford, New Haven - Milford and Hartford - W.Hartford - E. are among the top tier of segregated cities in in the one hundred largest metro markets. New Haven- Milford metro is ranked #29. The overall segregation index of 0.49. meaning 49% of the minority population in the New Haven metro would need to move to another neighborhood in order for the demographics of each neighborhood to match the demographics of the metro as a whole.

house bar graph arrow up2BOSTON: median single-family home price in Connecticut increased in March and the median condominium price followed a similar trajectory, according to the latest report from The Warren Group, publisher of The Commercial Record.

A total of 2,012 single-family homes were sold in Connecticut in March 2018, compared to the 2,229 homes sold in March 2017 – a 9.7 percent decrease. Meanwhile, the median single-family home price increased 7.8 percent to $248,000, compared to $230,000 a year ago, marking the second consecutive month of median price gain. Year-to-date, single-family home sales totaled 5,834 transactions with a median sale price of $240,000.

5 Research Drive SheltonSHELTON, Dark Field Technologies has relocated their headquarters from Orange to Shelton, according to Jon Angel, president of Angel Commercial, L.L.C. in 5,785 square feet of space at 5 Research Drive.

“5 Research Dr. is an 84,000 square foot office building near Route. 8 that is owned and managed by R.D. Scinto, Inc.,” said Angel who was the sole broker in this transaction. “Tenants in this building have access to the plethora of amenities available at the nearby Enterprise Corporate Park, which include a private fitness club, cafés, a 200-person auditorium, daycare center, airport limo/shuttle service, salon & spa, and tennis and basketball courts.”

2115 State StHAMDEN: , A 19,000 square foot industrial property at 2115 State Street has been sold. The purchase price was not released but a recent listing for the property cited a price of $589,900 for the cost to purchase.

Dave Melillo of the Pearce Real Estate North Haven office was the selling broker for the freestanding industrial building on 2 acres, the former home of Cummings Steel. The seller, represented by Melillo, was 2135 State Street, LLC and the buyer was Community Crusade for Children, Inc. Jeff Del Favero of Berkshire Hathaway New England Properties represented the buyer.

Community Crusade is a non-profit organization that operates under the Kiducation name and recylces clothing.

BlueRibbon DunkinDonutsFARMINGTON: CREW-CT – The Real Estate Exchange, supports “advancing the achievements of women in commercial real estate,” the group named its winners of its 23rd annual Blue Ribbon Awards for best Connecticut real estate projects completed in 2017. The winners were announced the evening of April 25 at the Connecticut Science Center in Hartford.

There were 27 notable real estate projects nominated this year. The selection panel included Cecil Adams, director of museum services, Wadsworth Atheneum;Rebecca Nolan, vice president of global business development, MetroHartford Alliance; and Courtney Hendricson, vice president of municipal services, CERC. John Glascock, director of the center for real estate and urban economics at the University of Connecticut served as emcee for the event and announced the following winners:

 CBC LogoHARTFORD: The Connecticut Building Congress (CBC) has named the winners of the 2018 Project Team Awards (PTA).

The Awards Banquet will be held on June 12.

One of the winners listed below will be named the Project Team of the Year at the event. CBC also will award several scholarships to graduating high school seniors who will be attending a two or four-year college next fall to study a field within the A/E/C industry.

Congratulations to the teams on the following projects:

Elton Terence Branford 180x225By Terence Elton

BRANFORD: “Make no little plans” was the advice of American architect and urban designer Daniel Burnham. His point was that in order to make communities more livable and to have the future we desire, good planning is critical.

Branford believes Burnham would approve of its approach to development. As a town, Branford considers such plans as more than an exercise, devoting time, energy, resources and much thought into its planning efforts, and then uses those plans to move the town forward.

This is evident as the town works to dovetail its Transit Oriented Development Plan, completed last fall, with efforts currently underway on its decennial Plan of Conservation and Development. Neither is produced in order to just check the box and then filed away until the next time; rather they are intended to be effective tools for the town to plot its course for the next decade.

Screen Shot 2018 05 17 at 2.37.23 PMNEW HAVEN, LOS ANGELES: New Haven based Pickard Chilton working with Arup, Corgan, and The Beck Group was selected as one of six leading architecture and engineering firms to showcase the first designs at Uber’s 2nd Elevate Summit, for uberAIR Skyports. These conceptual designs mark the first steps from industrial leaders to create infrastructure for high-volume operations of uberAIR networks in and around cities.

According to a release from Pickard Chilton, dozens of submissions, were whittled down to six concepts were selected which demonstrate a high degree of realism and technical feasibility. Finalists include: Gannett Fleming, BOKA Powell, Humphreys & Partners Architects, Pickard Chilton working with Arup, Corgan, and The Beck Group.

NEW HAVEN: AIA CT released the winners of its 2018 Business Awards. The organization says,this statewide award honors architects for solving business problems for Connecticut clients, thereby demonstrating the power of architecture to shape business performance, improve peoples’ lives, and provide a value- added service.”

The annual awards are juried by an independent panel of architects, this year’s jurors are

Victor Cassella, American Polyfilm Company, Branford; Brent Robertson, Fathom, West Hartford; Tony Terry, AIA, Terry Architecture, Branford.

There are two size categories, [under and over 50 employees] for the awards to help clarify the project scale and two “social” categories, Community Integration and Civic Contribution.