HARTFORD: Keypoint Partners, LLC of Burlington, Mass. has released The KeyPoint Report for Greater Hartford, CT 2018, according to Bob Sheehan, vice president of research. This comprehensive retail real estate report examines supply, occupancy, absorption, and retailer expansion and contraction for virtually every retail property in the region. Keypoint has offices in Cromwell and Enfield.
According to the report, the inventory of retail space in Greater Hartford totals 37.6 million square foot, with a vacancy rate of 10.6%, a “significant drop,” from last year’s rate of 11.1%.
QA+M Architecture’s conceptual renderings of downtown Derby on Factory Street.
(rendering credit QA+M Architecture)
DERBY: Plans are moving forward in town with a proposal that would bring new life into the south side of the downtown area. During the Planning and Zoning Commission’s unanimously approved making the south side of Main Street., where the nearly-vacant Factory Street is, into a planned development district., clearing the way for the development in downtown Derby.
The commission’s amendment is allowing a developer, Derby Downtown, LLC, to propose their $400 million project. Derby Downtown’s conceptual plan includes four-story buildings with a total of 400 apartments as well as shops, restaurants and residential services on the first floor of each building. Approximately 100 units will be built in each phase over the next 4-6 years.
TRUMBULL: Hearst the publishing giant that owns the CT Post and New Haven Register has just gotten even bigger in Connecticut with the acquisition of seven southern Connecticut weekly newspapers.
The purchase from Hersam Acorn Newspapers, LLC in Fairfield County, includes the print and digital assets of The Ridgefield Press, The Wilton Bulletin, New Canaan Advertisers, The Darien Times, The Shelton Herald, The Trumbull Times and The Milford Mirror.
In addition to the Post and New Haven Register, Hearst Connecticut Media Group includes eight daily newspapers includes, Greenwich Time, Stamford Advocate and The Norwalk Hour, Middletown Press, Danbury News Times, The [Torrington] Register Citizen and twenty other weekly newspapers including the Shoreline Times, Darien News, Fairfield Citizen, New Canaan News, The Greater New Milford Spectrum, the Westport News and Connecticut Magazine.
Connecticut residents and business people probably don’t need any more evidence as to the well discussed fiscal issues for the state. However, Connecticut landing just one notch below the bottom of the barrel in a new report that grades the fiscal health of all states. The Nutmeg State has recently ranked 49th for fiscal health by The Mercatus Center at George Mason University.
The ranking is based on its solvency in five separate categories.
Connecticut has between 0.42 and 1.05 times the cash needed to cover short-term obligations, well below the US average.
Revenues only cover 92 percent of expenses, with a worsening net position of –$693 per capita. In the long run, Connecticut’s negative net asset ratio of 1.71 points to the use of debt and large unfunded obligations.
Long-term liabilities are higher than the national average, at 230 percent of total assets, or $17,418 per capita.
Total unfunded pension liabilities that are guaranteed to be paid are $121.65 billion, or 48 percent of state personal income.
OPEB [other post-employment benefits, example healthcare costs] are $21.89 billion, or 9 percent of state personal income.
Only Illinois was ranked below Connecticut, while neighboring Massachusetts was listed at 47th the Commonwealth’s Governor’s re-election advertising cites a one billion budget surplus.
The top five most fiscally solvent states reported were Nebraska, South Dakota, Tennessee, Florida and Oklahoma. The bottom five are Kentucky, Massachusetts, New Jersey, Connecticut and Illinois. The fiver year tracking shows that Connecticut was among states that consistently performed poorly.
SPRINGFIELD, MA., LEDYARD: While the Connecticut and now Massachusetts casinos go head to head, the tax coffers of both states remain big winners.
The newly opened [August 24] MGM Casino in Springfield reported $9,456,976.90 in gross gaming revenue in the month of August.
Slot machines generated the overwhelming share of the take, with $7,347,491.15 in revenues while table games generated $2,109,485.75. MGM reportedly drew 150,000 visitors during its first three days and Massachusetts reported it earned $2,364,244. in taxes for its take.
Meanwhile in Ledyard the Mohegan Sun and Foxwoods Casino reported dips in slot revenue.
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