Hartford Business Journal

20 Hartford Business Journal • January 13, 2020 • www.HartfordBusiness.com OPINION & COMMENTARY EDITOR'S TAKE Hartford's next development phase an important milestone G round-up development is a rare bird in Hartford. Whether it's lack of demand or high costs and taxes, new construction — other than a publicly financed ballpark — has largely eluded Hartford over the last decade. Have you seen many cranes in the Capital City? There have been a few, but if you've visited high-growth metropolitan areas in recent years — think Austin, Nashville or Boston — cranes are as common in their skylines as multistory office and apartment buildings. That's why it was notable when Mayor Luke Bronin recently told me he sees the city entering a new phase of economic development, where ground-up construc- tion, in both downtown and surrounding neighborhoods, will be the focus. And he's not just blowing hot air. There are multiple projects in the works to back up his proclamation. For example, the city is close to finalizing a development agreement with Stamford-based RMS Cos. to build phase one of the city's Downtown North neighborhood, near Dunkin' Donuts Park. That $46-million investment would include ground-up construction of 200 apart- ments, with retail and parking spaces. There are also plans to develop lots near The Bushnell and 13 acres of vacant city-owned land at the corner of Park and Main streets, where a $26-million, 108-unit apartment development is in the works. This is a significant moment in Hartford's evolution as it tries to become more of a live, work and play city. Yes, ground-up development is tricky to pull off because it's more expen- sive and harder to finance, particularly in Hartford, where a sky-high mill rate necessitates significant state subsidies and city tax breaks to make projects profitable. But the fact that several mostly residential projects are in the pipeline is meaningful. It shows developers are more willing to risk capital on Hartford's future. More importantly, it indicates that demand is still strong for more apart- ments, despite over 1,000 new rental units having come online in recent years. That means people want to live in the Capital City to be closer to jobs, entertainment and nightlife. Still, don't expect cranes to dominate Hartford's skyline. We aren't anywhere close to a building boom and there are challenges to ground-up development moving forward. First, there is a lack of developable land in Hartford, which encompasses only 18 square miles. That's part of the reason most development since 2010 has involved rehabbing old properties, which will also continue in the coming years. Hartford's 74.29 mill rate is a major deterrent, although Bronin said the city is ready to make property-tax deals with developers willing to risk pri- vate capital here. That provides a short-term Band-Aid but a long-term fix to the city's stifling commercial property tax rate is still needed. Any new projects will likely also need financing help from the quasi-public Capital Region Development Authority. The cost of construction is also high in Hartford, although it's a cheaper alternative than building in New York City and Boston. That's a selling point the city must continue to leverage. The day we see a new office building constructed downtown would be another important milestone because it would mean more businesses are eager to be in the city. We are still a long way off from that happening, but some momentum is better than none. TALKING POINTS 7 rules of the road to drive you forward By Bernard Kavaler W hether you're a small business, nonprofit, professional association or community group, seeking growth and advancing is pretty much a constant. These seven approaches may not be lay-ups or guarantees, but they tend to work. 1. It's not about you. Really. Un- derstand your clients or customers' needs, first and foremost. That may seem obvious, but it can be tempting to focus more on the spectacular array of services and specialties you offer. Keep an eye on the direction the lens is focused, and consider how what you say is likely to be heard. 2. Don't lose the data in the stories, or the stories in the data. Personal stories are considered most compelling in the media environment that bombards us all. They're more likely to resonate with intended audiences, at times breaking through and going viral. However, don't overlook the data in those stories. The numbers can provide necessary back-up for the story you're telling. Mix and match. 3. Panorama, plus close-up. Don't limit yourself to reading only the most popular sites or sources, and your habitual go-to's. Take a look at what else is out there — you may find opportunities to con- nect what you do to something else that's happening, reaching new audiences or reminding old audi- ences that you're still around. Cast a wider net, then zoom in. Pivoting from something already in the news means you don't have to forge a new path, just drive forward. 4. Collaborate, coordinate and cooperate. Broaden your base, ex- tend your reach. Build alliances and be open to novel side-by-side op- portunities. Partnerships need to be developed with care, but can drive you to new places in new ways. 5. Surprise people. Most of us love hearing a wonderful story about something we just couldn't have anticipated. Tell your organization's story in a fresh way, with a twist. Perhaps your product or your team provided an innovative solution. Did you step outside your lane to a good result? Telling how and why is likely to be noticed — and remembered. 6. Trends say something. You decide what. A slice of data, or even a good anecdote, can move the ball — but only so far. It is a solo voice in a vast expanse. Echoes and inertia usually aren't enough. Try to build a chorus — it will resonate longer and take you further. Look for trends in your data that can help to make your case, explain what it means and why it matters. Start with facts, add a sprin- kling of impact or implications. 7. It's better when someone else says it. Extolling your own virtues is only a start. Don't stop, but don't rely exclusively on those results. Give others — individuals, organizations, customers, volunteers, donors — the tools to tell your story persuasively. The path ahead may not always be smooth or straightforward, but it can be navigated successfully. Try this as a guiding light to help illumi- nate the journey: A picture may be worth a thousand words, but words are the catalyst for action. Bernard L. Kavaler is managing principal of Express Strategies, an advocacy writing and PR firm. Greg Bordonaro, Editor Bernard Kavaler Broaden your base, extend your reach. Build alliances and be open to novel side-by- side opportunities.

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