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HARTFORD: Cushman and Wakefield’s Hartford Office released its Qtr 2 real Esate review for the Hartford Office Market. While the report points to a stronger economy with reducing unemployment, segments of the market continue to struggle. The Harford suburban office market is seeing negative absorption and weaker per square foot lease rates.

Overall vacancy for the region continues to be running in the negative as well. On the good news bad news front, the Central Business District is seeing positive growth, but according to Cushman it is coming at the expense of suburban properties, not new growth.

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.

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.

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.

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.