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.

water2HARTFORD: In spite of the announcement by Connecticut Water Services [Nasdaq: CTWS] that it is going ahead with its merger with the San Jose Group [NYSE: SJW], Eversource [NYSE: EV] doesn’t sem ready to throw in the towel.

The company released a statement challenging CTWS’s statements about its bidding process, saying, “Connecticut Water confirmed yesterday that its “go-shop” process failed to solicit even a single additional indication of interest. Rather than being designed to solicit potentially superior proposals for the benefit of Connecticut Water shareholders, the “go-shop” process instead failed to reflect a sincere intention to consider superior alternatives.”

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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.