HFD/Conn Economic development

[The Voice of Reason]

As additional business news, SS&C put an official bin in for GlobeOp, and the boar accepted it. this may not be done obviously as there are 2 bidders, but if SS&C wins out the bidding, they would have operations in the Goodwin building downtown as well as up in Windsor. and they would be QUITE A BIT LARGER than they currently are. especially overseas. market cap would be 3+billion, so not too shabby for a locally grown company.

We need more of these mid size companies. we have more than our share of monsters, but very few mid size and small caps.

[The Voice of Reason]

This is something I have been talking about for a long time and it seems as though its not just in my imagination.

TD bank is expanding in downtown.

They are leasing 10,000 SF in the H-21 tower. they are taking the big fancy shiney corner space and the upper floor there as well.

first the bad.... This is in essence a relocation from 280 Trumbull. The branch at 280 Trumbull will be closed eventually.

The good!

-in addition to the 10 or so current employees at the downtown branch, an additional 30 more people will be hire/relocated to this location.

While its a tiny number of jobs, it is at least indication that TD bank conciders Hartford an important market, and worthy of allocating some of its workforce here.

This is a 10 year lease I might add, so thats pretty good, and as a result of it they will be building out the as yet unfinished space. When you have unfinished space like this its really hard to find a renter, so its awesome news that Northland found a renter that is committed and that will spend the money to put in flooring lighting and all the other requirements of occupation.

while this is nothing compared to the losses Hartford will face at "the Hartford" and really who knows about other companies leaving downtown or cutting back, This could bode well for things to come.

Like it or not, TD has moved into the area with authority, and have expanded from Maine down to Florida quite successfully. With Hartford the center of a large piece of their market the bank had kept many of the regional jobs out of the city. There is an office in Wethersfield next to Rt 3 on the riverfront, and Springfield even hosts the main presence in the area. even New Britain and Waterbury have a bigger TD presence.

If banks like TD Peoples and Webster continue to put operations downtown it would begin to create an industry cluster.

banking is an incredibly enviable business cluster to have.

dont believe me?

just google map or bing any major city with the birds eye images. look at the tallest office buildings and what logos are on them. most of them are banks.

Honestly, I think Hartford is probably the largest city in America without signage for a major bank on a building.

We have insurance, and that is awesome, but banks are in every town, so we might as well also have some regional banking offices and headquarters. Even worse, those banks are putting HQ all of the place around here but not consolidating them.

Springfield, Waterbury, New Britain, New haven, Bridgeport etc

We just need to lure more operations ceters to downtown and put a nice banking cluster together and we will only lure more jobs.

[The Voice of Reason]

http://www.hartfordb...tml?Type=search

LFG is looking for new space

apparently downtown and according to the article likely in the same building.

they are looking for 180K SF, 10K less than they have now, so it might actually be good news if they re-sign!

At this point I think it is key for downtown to hang onto downtown tenants while vacant buildings are converted into residential. some day, we may be in a position to look for downtown growth, but IMO the residential growth has to happen in order to make working downtown more attractive.

and another vote of confidence

http://www.hartfordbusiness.com/news23658.html?Type=search

not sure how many people work for this company, but its still a nice sentiment and a few more downtown workers is nice!

[The Voice of Reason]

Glad this went through!

http://www.hartfordbusiness.com/news23928.html

It seems that Greater hartford is more and more being chosen as a key shipping location.

this can only bode well for us long term as it might increase air freight as well as rail usage too.

I guess its not finalized yet, but at least its not dead yet

As previously reported in The Hartford Courant, the retailer is also considering a site near Albany, N.Y.

Dollar Tree has said the $57 million facility would create 200 new jobs over five years with an annual total average of $7.7 million in salary and benefits.

[MichaelQReilly]

Glad this went through!

http://www.hartfordb.../news23928.html

It seems that Greater hartford is more and more being chosen as a key shipping location.

this can only bode well for us long term as it might increase air freight as well as rail usage too.

I guess its not finalized yet, but at least its not dead yet

As previously reported in The Hartford Courant, the retailer is also considering a site near Albany, N.Y.

Dollar Tree has said the $57 million facility would create 200 new jobs over five years with an annual total average of $7.7 million in salary and benefits.

I hate this project. How much farm land does this state have to have chewed up by sprawl? Its not like there aren't a million other established industrial sites waiting for redevelopment. I'm all for jobs, but let's put them in already-developed places, not on virgin farmland.

[The Voice of Reason]

dude, agreed, but this site is in an industrial complex. its farming days are over. we might as well get the jobs and tax revenues

let me edit... the reality is that this state is terrible at land planning and farms will loose to strip malls or warehouses.

but as long as our urban core grows and strengthens, im not sure a little sprawl will hurt. If the metro grows up and out and the downtown strengthens, its a win. we are in New England, so If Hartford and Springfield grow together, so be it... we will never be Atlanta or Dallas with sprawl, but as long as our downtown is attractive and vibrant to visitors, workers and residents, I am OK

[beerbeer]

Connecticut does not have a sprawl problem. It's laughable how some folks come up with these buzz words and pretend there is a crisis. The entire eastern part of the state is a virtual forest. Tom Condon (?) in the Courant bangs the sprawl drum constantly. And I have never understod why he's on this crusade. Just google Connecticut and look at "maps." Concluding there is a sprawl problem is not intellectually honest.

IMHO. Connecticut could us a little more sprawl as that would indicate economic development. Would I prefer growth inside of city boundaries, absolutely. But getting worked up about a dozen acres or less is silly.

[The Voice of Reason]

The land use planning is the real issue in CT

we have these bedroom communities that want to increase grand list, so they allow crazy strip malls and vehicle based developments.

We should promote greater urban density with mass transit in Greater hartford. But its a tough call since The highways and roadways and small towns chasing grand list dollars keep winning.

I just read about a huge "mized use" development in Rocky Hill near the Rt 3 N exit on I-91

the developer refers to sales leakage or something like that refering to the shopping dollars of its residents leaving town. meaning people from RH spend money in Manchester and Farmington I guess. and that the town should strive for retaining it all.

the development is hardly mixed use BTW, its just strip malls like the ones on Silas Deane and The Berlin turnpike, but instead on Rt 3

crazyness!

we need a regional planning authority that forces better cooperation between downs, and maybe even revenue sharing on commercial development, so Canton could have remained a bedroom community or so that commercial centers like Manchester are better managed. so they can serve the entire community while preserving the regions around it. (like S Windsoe prettymuch HAS to develop roads in order to serve the developments in Manchester on its boarder, and IF you are stuck with the traffic, you might as well get some tax revenues, so Evergreen walk, is built... and expanded, and... expanded and expanded to include apartments

[beerbeer]

You're mixing appels and oranges.

I completely agree there has been an absence of intelligent regional planning in the capital region. Better cooperation would serve the greater good. Having a strong centralized core serves the public interest.

But, I repeat, Connecticut does not have a sprawl problem. 60% of the land in the state is forest. There are are more than adequate public lands, agriculture and wilderness in the state. Most of the towns in the state would be considered low density or rural. This is one of those environmental alamist issues that are so popular these days. Everything is a crisis. The sky is always falling. Except, it ain't true.

[The Voice of Reason]

I don’t think it has a sprawl problem, but like I said it has a land use problem.

If we were a rapidly growing metro, the land use issue would promptly become a sprawl issue. Even still it would not necessarily overly develop the state or be a crisis. But it is important to protect your character and it is important to look at planning before it is too late. Reason being that once the landscape is "ruined" it cannot be undone. While I didn’t disagree with you before I absolutely disagree with you now.

State land is fine and good and so are forests and agriculture, wetlands and yada yada yada right... hugging trees and all that good stuff my parents do and taught me as a kid.

But if due to poor preservation, low density sprawling development or some other malady, central CT loses the last of its Tobacco plantations it would be an absolute tragedy... even if 55% of the state remained forest or rural or whatever.

So I think it is important to plan today for the development of tomorrow and that begins by adding density early on and having towns work together.

I have mentioned the Auckland city council structure in NZ that dictated to towns within Auckland city, county and surrounding counties how many people they needed to be able to absorb. This allowed town to remain rural (or as they called it "lifestyle" and others to be "urban" If you Google Orewa, you will see that this town is much denser than the towns west of it. But this town is slated as a satellite urban center and is supposed to absorb a lot of growth. Some through the sprawling development in Silverdale and red beach near the motorway but also through high-rise development downtown.

It’s called regional planning and while it does not stop sprawl, it at least organizes it and it has allowed communities to retain their agricultural past and character (dairy flat).

I dont think it has a sprawl problem, but like I said it has a land use problem.

If we were a rapidly growing metro, the land use issue would promptly become a sprawl issue. Even still it would not necessarily overly develop the state or be a crisis. But it is important to protect your charachter and it is important to look at planning before it is too late. reason being that once the landscape is "ruined" it can not be undone. while I didnt disagree with you before I absolutely disagree with you now.

State land is fine and good and so are forests and agriculture, wetlands and yada yada yada right... huggung trees and all that good stuff my parents do and taught me as a kid.

But if due to poor preservation, low density sprawling development or some other mality, central CT loses the last of its Tobacco plantations it would be an absolute trajety... even if 55% of the state remained forest or rural or whatever.

So I think it is important to plan today for the development of tomorrow and that begins by adding density early on and having towns work together.

I have mentioned the Auckland city council structure in NZ that dictated to towns within Auckland city, county and surrounding counties how many people they needed to be able to absorb. This allowed town to remain rural (or as they called it "lifestyle" and others to be "urban" If you google Orewa, you will see that this town is much denser than the towns west of it. but this town is slated as a satelite urban center and is supposed to absorb a lot of growth. Some through the sprawling development in silverdale and redbeach near the motorway but also through highrise development downtown.

its called regional planning anf while it does not stop sprawl, it at least organizez it and it has allowed communities to retain their agricultural past and charachter(dairy flat).

Regardless, small ammounts of sprawl can be bad, and I do not think we are terribly sprawly here, but I dint like the way you dismiss sprawl based on assumed % of tree cover. since it is not about that. Much like climate change (global warming if you prefer the old name for it) is not about the earth getting 20 degrees warmer over night, its about 1,2,5 degrees warmer. therefore putting slightly more water vapor into the atmosphere and changing weather patterns globally creating a year of freak storms, tornados, and other sever annomilies. 2 degrees IS bad, just like the ugly mess that is Manchester regardless of how much preserved land is still out there.

[beerbeer]

At this point in Connecticut's history, economic development should be the premeire consideration. If it isn't, Connecticut will lose the Fortune 1000 companies that are responsible for the high standard of living in the state. I highly recommend this alternative view.

Analyzing Sprawl: In the Eye of the Beholder, or Something More

www.cpbg.org/.../CPBG%20-...File Format: PDF/Adobe Acrobat - Quick View

the anti-sprawl movement at odds with the lifestyle and living choices made by most people in Connecticut, the United States and the world -- including ...

You've visited this page 2 times. Last visit: 5/16/12

(Please do not get into the CO2 fraud with me.)

[The Voice of Reason]

Some day Beer Beer, I would love to, honestly, but over a beer as these subjects always degrade into lef vs right political crapola

at least with a beer and the benefit of gestures, vocal tones and facial expressions there is a chance for a more productive and humorous discussion. Something the internet has destroyed for the most part.

More after I read your PDF

Not to completely discount that PDF, but you are aware that this organization is an industry puppet for developers right?

The president is the head of development at Konover and the board also includes the CT builders association president!

This reminds me of colberts SuperPAC

anyways, I am very supportive of intelligent development and I absolutely support policy that encourages more development in CT, but I do not want this to be in the form of a strip mall in every town nor do I want it to be autocentric.

I would love to see our state truely embrace urbanity in the cities, and rural living in the country and in the in between make sure that suburbs are sustainable and respectful in their growth. Suburbs are not evil, they just need to be kept in check and they need to not be wasteful. meaning space, resorces, services, energy etc...

[The Voice of Reason]

http://www.hartfordbusiness.com/news24071.html

Looks like more first 5 announcements might be coming our way.

Did they only give out 4 last year? and one was retracted so its netted to 3?

Cigna

ESPN

NBC Sports

Ticket Network-retracted

Was there another?

Also, very interesting to note from the article as paraphrased below:

The administration of Gov. Dannel P. Malloy hints that there are possible deals in the offing to bring large out-of-state businesses to Connecticut, The Waterbury Republican American reports.

Catherine Smith, head of the DECD is disclosed that they are looking to close some more First Five deals during a monthly meeting Tuesday of agency heads. She did not say how many, but indicated more than one.

You got my attention!

[MichaelQReilly]

Connecticut does not have a sprawl problem. It's laughable how some folks come up with these buzz words and pretend there is a crisis. The entire eastern part of the state is a virtual forest. Tom Condon (?) in the Courant bangs the sprawl drum constantly. And I have never understod why he's on this crusade. Just google Connecticut and look at "maps." Concluding there is a sprawl problem is not intellectually honest.

IMHO. Connecticut could us a little more sprawl as that would indicate economic development. Would I prefer growth inside of city boundaries, absolutely. But getting worked up about a dozen acres or less is silly.

Suffice it to say, I disagree. Pretty much all of the 91 corridor is well on its way to being an unending sea of strip malls and sub-divisions. Many of the towns up and down 91 are pretty close to the point of having no undeveloped land. In just the past 20 or so years I can cite you a dozen examples of areas that went from primarily rural farmland to totally developed. Just because there is still a bunch of state forests out in Kent or Lebanon doesn't really say much about the way the growth has occurred and continues to occur in that same 20 year time period. The population of the state has not grown commensurate with the amount of land we have chewed up in the last 20 years. I have no problem with development, but it should be intelligent growth and it should be growth that is necessary. If new offices need to be built lets put them in Hartford or in the close-in suburbs, not on some virgin land way out in some formerly rural area. Same thing with houses. I understand that people like living near farms and in the countryside, but if you build enough subdivisions or mcmansions out in South Glastonbury or in Suffield they stop being the very things that drew people to the area in the first place.

[Theophrastus Bombastus]

If you want to see SPRAWL, visit Houston, Dallas, or San Antonio sometime. Those highways make I-91 look like a quaint country road....

http://www.texasbusiness.com/houston-sprawls-and-sprawls-cms-3615

http://www.planetizen.com/node/38162

[MichaelQReilly]

If you want to see SPRAWL, visit Houston, Dallas, or San Antonio sometime. Those highways make I-91 look like a quaint country road....

http://www.texasbusi...prawls-cms-3615

http://www.planetizen.com/node/38162

No question places like Houston and Atlanta are a on whole different level. But just because this area isn't yet an awful hell hole like they are doesn't mean that we should just look the other way and say there is no problem.

[The Voice of Reason]

I was looking at the state bond commission minutes...

To provide a grant-in-aid to City of Hartford to finance strategic plan for housing development in downtown, including areas surrounding Bushnell Park.

$200,000

Looks like they are getting organized for future development in downtown and around the park.

This is surely a study of the existing state and city land/buildings to see which would make the best residential buildings to determine best opportinities.

[The Voice of Reason]

Mixed bag here today....

Northrup is closing a plant in Norwalk costing the state some 300 jobs. so thats bad news especially since they are aerospace engineering type jobs.

On the plus side, St Joes is now a University

The University of St. Joseph

http://www.hartfordbusiness.com/apps/pbcs.dll/article?AID=/20120608/NEWS01/120609828/-1/NEWS

They are continuing to expand as a school and I think this really bodes well for Hartford and West hartford.

They also mentioned adding a doctorate in Nursing as a definite. Lets hope this happens downtown as well, and as they had previously has said they were putting Pharm and other grad schools in or near downtown...

I'd like to see their undregrad campus grow too. that part of West Hartford has the capacity to support its growth not only with the Uconn land, but this would help bishops corner as well. It really is a great place for a more sizable uiversity.

[Theophrastus Bombastus]

_{http://www.courant.c...0,2447856.story}

_...Where?

[The Voice of Reason]

Cool!

especially since there is not really much competition in these segments downtown at this time...

Closest thing to a Jamba Joice is maybe from Edible Arragmenents?

and there are no bagel places except duncan donuts and those hardly count as bagels.

I suppose, and at the same HOPE IT DOESNT, but I suppose it might hurt JoJos business. who really knows though, independedt cafes are extremely resilliant as they have loyal customers who shut chains.

[HartfordTycoon]

Cool. I think Downtown is on the cusp of being on the radar for many national brands. I think things are moving in the right direction downtown. I've been working downtown for about 2 months now and during the workday it's comparable to so many other vibrant urban cores. There needs to be a laser focus on adding more housing so that we can reach a critical mass where it'll actually be active 24/7. The state also needs to hurry up and move a bunch of employees downtown into empty building like CT River Plaza. Imagine that building full with employees and BofA/777 Main and the former Hotel on the plaza completely filled with workers and residents. It would make such a huge impact and fill most of Hartford's most visable empty buildings.

[The Voice of Reason]

so true. and it also seems as though Americas return to the cities is still underway even after the recession.

If those things happen BT its going to make a massive difference, but you even left out the Hollander II project that will surely happen, its just a matter of when, and the 101-111 Pearl st RFP that we should be hearing the details on any day now.

[The Voice of Reason]

A few things to catch up on....

1: Aetna made a big move buying Coventry Health of Maryland.

this may not directly lead to more jobs in Hartford, but is ultimately a positive for one of our largest companies and one of our largest employers.

2: In the HBJ, there was some positive leasing news... I know right!??

Law firm Axinn Veltrop & Harkrider signed a seven-year renewal that adds 6,588 additional square feet to its space at 90 State House Square in downtown Hartford.

AVH has been occupying 21,407 square feet in the building.

so 27,995 SF total now! IIRC thats nearly 2 full floors in that building. It may not be much, but it is more positive absorption. Add this to the First 5 move announced a month or so ago, and the re-signing of Lincoln Insurance, TD banks new lease and retail location, the expansion of St Josephs Pharm school...

I am feeling "cautiously optomistic"

In the industrial world....

We lately have been on a roll attracting industrial leased and build outs.

From Advance Auto Parts to Walgreens to Dollar Tree.

[The Voice of Reason]

There have been a few more developments as of late....

The Residence Inn Downtown is getting a major rennovation.

http://courantblogs.com/ct-real-estate/major-renovations-planned-for-hartford-residence-inn/

East Granby-based RSCC Wire & Cable LLC leased 2,412 square feet of office space at 280 Trumbull St. in downtown Hartford.

this company was bought by berkshire Hathaway and is being combined with another unit, but needs more space at its factory, so they are moving some offices downtown. To me this is a nice move. sure its a tiny little space, but its a company from Granby growing and choosing downtowen to be its administrative HQ. If this Berkshire uinit continues to grow or Berk chooses to co locate additional lines, this could be good for Hartford.

Lets not forget that Berkshire owns some of the larger insurance companies out there including GEICO and General RE

[The Voice of Reason]

A few news items recently... big ones!

Charter Communications is moving HQ from St Louis to Stamford.

http://www.courant.com/business/hc-stamford-new-corporate-hq-20121001,0,5346459.story

200 odd jobs over the next couple years will be coming to town, and they are expected to be high level jobs.

Also...

SS&C bought another company.... they are buying all kinds of companies... they seem like a real growth engine for the area..

http://www.courant.com/business/connecticut-insurance/hc-ssc-acquires-gravity-financial-20120928,0,3017653.story?track=rss

This one is kinda cool!

Kate Emery who owns a Farmington company with 50 employees is looking to create a social enterprise economy in Connecticut. Basically helping companies get started that are not for profit solely but for social good first. these are companies that are not beholden to shareholders.

http://www.hartfordbusiness.com/apps/pbcs.dll/article?AID=/20121001/PRINTEDITION/309289986/1043/PRINTEDITIONDATES

The organization is looking at downtown Hartford office locations including the vacant Capitol Center building on Asylum Street, which is slated to be turned into a mixed use apartment complex, realty sources say.

Further more.... she is in talks to move her company downtown as well!!!!

Emery, who is also CEO of Farmington information-technology vendor The Walker Group, confirmed that her organization is looking at downtown Hartford office space. A deal could be announced in early October.

Lastly, the Stag has finished selling off units...

http://www.courant.com/business/connecticut-insurance/hc-the-hartford-life-prudential-20120927,0,474538.story?track=rss

This time the life unit to Pru