Hartford Business Journal

12 Hartford Business Journal • March 11, 2019 • www.HartfordBusiness.com FOCUS they hit, and they're going to hit throughout the year. The beauty of it is that they're coming on in phases." Although an expanding commercial office market and the opening of UCo- nn's downtown campus in 2017 are among factors driving demand, there hasn't been a corresponding spike in monthly rents, which have plateaued at $1.80 to $2.30 per square foot, said Freimuth. Mar- ket-rate rents at Teachers Corner, for instance, run $1,000 to $1,980 a month; affordable units are $740 to $910. "We still haven't reached a point where the rents are high enough to drive a wholly private" apartment-devel- opment project, Freimuth said. The more, the merrier Owners of existing apartment build- ings say they aren't worried this year's additions will oversaturate the market. Instead, they welcome the infusion of new residents, saying it will drum up demand by enhancing the vibrancy of the city. Christian said he'd be more concerned if he was the only developer building apartments downtown. "My own feeling is the more the merrier, and I'm really excited by the momentum," said Fairfield developer Bruce Becker, who owns 777 Main. He said he sees Hartford following a similar track to New Haven, where he also developed a downtown apart- ment tower earlier this decade. "The more housing that was built, the greater the demand was, and I think that's happening in Hartford, too," he said, explaining that more tenants can also drive desirable retail development. He's most interested in what's being planned for some of the buildings at street level. "I hope that they take the approach we did," Becker said, ticking off a list of 777 Main's re- tail storefronts, including Blue State Coffee, a barber shop, hot yoga studio and a CVS. "Even if it doesn't make im- mediate financial sense, those are the things that help add to the quality of life in Hartford." Sanchez, his new tenant, hopes so too. While she praises how far Hartford has come as a livable city, she wishes there were more grocery and clothing store options downtown, which she said are plentiful in other urban centers known for attracting Millennials. Though she can now walk to work, she still needs a car to pick up weekly essentials. "I think a perk of living in a city is being able to walk to almost every- thing," she said. by making another one. At e McAuley, you'll experience the active, independent retirement you deserve. Enjoy spacious, beautiful apartment homes, great neighbors, and all that you love about West Hartford living. Let us show you how you can skip the hassles of homeownership at the area's only Life Plan Community, and celebrate your success in style! 275 Steele Road, West Hartford eMcAuley.org • 860-920-6319 Celebrate a Lifetime of Smart Decisions >> Adding Inventory continued Becoming available in 2019 in downtown Hartford 101 Pearl 157 units, $28.4M project 111 Pearl 101 units, $21.4M project 81 Arch 53 units, $20M project 370 Asylum 60 units, $20M project 100 Trumbull 16 additional units to building, $1.5M reconfiguration 289 Asylum 8 units, $1.5M 50 Morgan 96 units, $19.5M 491 units, $112M in total funding (of which, CRDA's share is $32.6M in equity and loan). Other projects queued for 2020 and 2021 total another 190 units in downtown. State policies could impact CT's spring homebuying season Q&A talks with Rob Levine, a Realtor and 2019 president of the Greater Hartford Association of Realtors, about the re- gion's housing market and the spring homebuying season. Q. Home sale prices in Connecticut rose 3.2 percent in 2018 to $258,000, according to the Warren Group, while the number of homes that traded hands fell slightly by 2 percent. How is the Greater Hartford market faring? A. According to Greater Hartford housing numbers, new listings and overall inventory have been on a gradual decline when compared to the year before. Prices, however, in- creased over the previous year. For all of 2018, Greater Hartford's home sales fell 2 percent to 12,303 units vs. 12,070 sold in 2017, while their median price climbed 5 percent to $230,000. The Greater Hartford market has been relatively steady and I don't see Rob Levine President, Greater Hartford Association of Realtors RESERVE YOUR SPACE NOW! contact Donna Collins, Associate Publisher at 860-236-9998 ext. 121 Or dcollins@HartfordBusiness.com BE A PART OF DOING BUSINESS IN CONNECTICUT 2019! View the 2018 Digital Edition at www.DoingBusinessinCT.com Doing Business in Connecticut showcases Connecticut's many economic development opportunities, and the attributes that make Connecticut the place to work, live and play. The resource for all companies looking to expand in or relocate to Connecticut. ALL NEW EDITION! PARTICIPATION OPPORTUNITIES: • Sponsorships • 2-Page Company Profi le • Advertising

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