Hartford Looking Up!

[HartfordTycoon]

I haven't finished this yet, it's long and I'm at work. It looks very interesting though and I'm going to go home and finish it right now.

Hartford, Connecticut: Looking Up

Revitalization takes off in old New England city.

Hartford Looking Up from Multifamilyexecutive.com

[Jerry2]

Wow! 95% occupancy rate! Wouldn't that suggest that more housing needs to be built if the population is to rise? (referring to the 140K thread)

[drc72]

Great Article!!! Looks like Hartford is poised for major growth this year. And I have to say it "It's about damm time!!!"

[HartfordTycoon]

Wow! 95% occupancy rate! Wouldn't that suggest that more housing needs to be built if the population is to rise? (referring to the 140K thread)

It certainly does mean more housing needs to be built. They are already filling in most of the vacant lots in North Hartford and I think the same is true in the South End. What's really gonna make the difference is towers. Hartford should have residential towers all over Downtown and Asylum Hill in my opinion. I would like to see some more residential in the North and South Meadows as well.

[MadVlad]

We should sent that to Larry G so he can make sure his tower at the YMCA site is appropriately high/big enough...

[Luca Brasi]

Living and working in Hartford, I get into conversations with people all the time regarding downtown Hartford's revitalization. When we talk housing, I always get the same question...

"Who is going to move into all these apartments they are going to build???"

Basic math will tell you that in a metro area of over 1 million people, there is going to be a percentage of people who would like to live downtown. In a city like Hartford where only a very few actually live downtown because there just aren't many options right now, its obvious to me that downtown Hartford can absorb many more residential units than already planned. Even if its only 1%, you are still talking more than 10,000 people. If metro Hartford doesn't grow, it doesn't matter because it would be at the expense of the suburbs. There just aren't enough places to live downtown right now.

[HartfordTycoon]

Living and working in Hartford, I get into conversations with people all the time regarding downtown Hartford's revitalization. When we talk housing, I always get the same question...

"Who is going to move into all these apartments they are going to build???"

Basic math will tell you that in a metro area of over 1 million people, there is going to be a percentage of people who would like to live downtown. In a city like Hartford where only a very few actually live downtown because there just aren't many options right now, its obvious to me that downtown Hartford can absorb many more residential units than already planned. Even if its only 1%, you are still talking more than 10,000 people. If metro Hartford doesn't grow, it doesn't matter because it would be at the expense of the suburbs. There just aren't enough places to live right now.

I totally agree. I was thinking that this morning and I think the same holds true for the metro area. Driving past the new condos near bishop's corner made me think about how much we are lacking for new attractive multi family housing in this region. That's why we can't hold on to young people. I'm very optimistic now that we are actually building places I would want to live, because there really wasn't much before I could really see myself aspiring too, other than Scarborough, Terry, or Prospect.....

[beerbeer]

Hartford 21 will provide the true test of the market. It will put 260 units on the market at once. That is a hefty increase in the housing stock.

Trumbull on the Park put 88 units on the market at once less than six months ago and it is over 80% full. If Hartford 21 fills at at anywhere near the same speed. It will be a great sign for downtown housing.

If that happens expect a slew of hair-brained schemes next year. The key for the city will become separating the legit proposals from the pipe dreams.

Personally I expect that H21 will fill quickly enough to entice other serious investors into the city.

[jcrc]

I am not sure 10,000 people living in downtown is realistic. We are talking about 5,000 units of apartments/condos. We currently have 1,000 units planned, that means another 4,000 units or equivalent of 16 more Hartford 21 size projects. Don't get me wrong, I would love to see that, but I would be happy if we have 5,000 people living in downtown.

[HeartbeatHead]

I am not sure 10,000 people living in downtown is realistic. We are talking about 5,000 units of apartments/condos. We currently have 1,000 units planned, that means another 4,000 units or equivalent of 16 more Hartford 21 size projects. Don't get me wrong, I would love to see that, but I would be happy if we have 5,000 people living in downtown.

well i think we all knoow that we have enough lots to hold 16 more hartford 21 sized projects

[MadVlad]

I think there could definitely be 10000 people living downtown. It obviously couldn't happen all at once, that would be a big, bloated load to absorb, but over a span of 5 or 10 years, as word gets around, I think it could be sustainable. As far as "who can afford all that", just look to places like Avon and Simsbury that have McMansion after McMansion after McMansion. The money is there, we just have to plumb the depths for the people that want it...

[drc72]

well i think we all knoow that we have enough lots to hold 16 more hartford 21 sized projects

Any word on when the YMCA lot will be developed?