Hartford Business Journal

May 4, 2020

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4 Hartford Business Journal • May 4, 2020 • www.HartfordBusiness.com SUBSCRIPTIONS Annual subscriptions are $84.95. To subscribe, visit HartfordBusiness.com, email hartfordbusiness@cambeywest.com, or call (845) 267-3008. ADVERTISING For advertising information, please call (860) 236-9998.Please address all correspondence to: Hartford Business Journal, 15 Lewis Street, Suite 200, Hart ford CT 06103. STAY CONNECTED For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Tel: (860) 236-9998 Fax (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O. Box 330 Congers, NY 10920-9894 www.copyright.com HartfordBusiness.com (860) 236-9998 Hartford Business Journal (ISSN 1083-5245) is published weekly, 28x per year — including two special issues in November and December — by new England Business Media, LLC, 15 Lewis Street, Suite 200, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Peter Stanton | CEO, pstanton@nebusinessmedia.com Joseph Zwiebel | President, ext. 132, jzwiebel@hartfordbusiness.com Mary Rogers | COO/CFO, mrogers@nebusinessmedia.com EDITORIAL Greg Bordonaro | Editor, ext. 139, gbordonaro@hartfordbusiness.com Matt Pilon | News Editor, ext. 143, mpilon@hartfordbusiness.com Beats: Health Care, Energy, Startups & Entrepreneurs, Banking & Finance, Government, Bioscience Joe Cooper | Web Editor, ext. 127, jcooper@hartfordbusiness.com Beats: Real Estate, Economic Development, Construction Sean Teehan | Staff Writer, ext. 145, steehan@hartfordbusiness.com Beats: Manufacturing, Technology, Higher Education, Transportation, Nonprofits Tim Doyle | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer BUSINESS Joe Zwiebel | Publisher, ext. 132, jzwiebel@HartfordBusiness.com Donna Collins | Associate Publisher, ext. 121, dcollins@HartfordBusiness.com Tom Curtin | Chief Revenue Officer, ext. 124, tcurtin@hartfordbusiness.com Lauren Stroud | Events & Project Manager, ext. 137, lstroud@HartfordBusiness.com Christina Zuraw | Events Coordinator, ext. 134, czuraw@hartfordbusiness.com Shannon Vincelette | HBJ Office and Events Coordinator, ext. 122, svincelette@hartfordbusiness.com David Hartley | Sr. Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Kristen P. Nickerson | Sr. Accounts Manager, ext. 133, knickerson@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Sue Lavin | Accounts Manager, ext. 128, slavin@HartfordBusiness.com Raki Zwiebel | Credit and Collections Manager Valerie Clark | Director of Audience Development, ext. 332 Jill Coran | Human Resources Manager PRODUCTION Christopher Wallace | Art Director, ext. 147, cwallace@HartfordBusiness.com Liz Cornish | Freelance Designer, ext. 140, lcornish@HartfordBusiness.com The town completed a feasibility study for the public market in 2018 and is working on a formal business plan for it. The vision is to create a "vibrant, safe and exciting new place" where residents and visi- tors could shop for fresh and locally produced meats, produce, dairy and baked goods as well as prepared foods and crafts, Kervick said. Plans also call for a two-building complex that would house 200 or so apartments and ground- floor commercial space. That project would likely be led by a private developer and the town has already chosen Stamford-based JHM Group of Cos. as the preferred development partner. A parking garage would also be built to sup- port the entire development, Kervick said. "With transit-oriented development we don't just need to bring commercial buildings we need to bring a critical mass of people as well," he said. There's already been development near the new station's location. The $64-million, 160-unit Montgomery Mill apartment redevelopment on Canal Bank Road, debuted in August and is nearly fully occupied, Kervick said, signaling demand for more living units. The Hartford Line cur- rently has eight stops — seven in Connecticut, and one in Massachusetts — which have spurred vari- ous developments along the 62-mile Springfield-to- New Haven route. Investments in new mixed-use developments near existing or proposed Hartford Line rail stations have totaled approximate- ly $430 million, according to the state Department of Transportation. Those projects, which encompass 1,400 residential units and 242,000 square feet of commercial and office space, date back to at least 2010, years before the Springfield-to-New Haven line expansion debuted, but in anticipa- tion of its potential impact. Puzzle pieces Financing the envisioned development around the new train station remains a big question, but the town is working with the Build America Bureau — part of the U.S. Department of Transportation — which has expressed interest in the project and has two low-interest loan programs to support transit- oriented development, Kervick said. The first selectman said the main priority is to get the station platform built and he wants to make sure the town's economic-development aspirations don't interfere with that effort. He's also cognizant of the irony in the proj- ect going forward at a time when ridership on the Hartford Line has significantly diminished amid the pandemic. "It's a scary prospect, but hopefully it comes back," he said. >> Town Profile continued Windsor Locks General Land area (sq. miles) 9 Median age 44 Population 12,556 Median household income $67,072 Unemployment rate 4.3% Major Employers Collins Aerospace Ahlstrom Bombardier Aerospace C & S Wholesale Grocers Inc. Health New England Housing stock Median price $190,400 Median rent $1,139 Government Total revenue (2017) $51,705,363 Per capita tax $2,666 Actual mill rate 25.83 Grand List $1,283,733,731 Economy Top employment industries Units Jobs Manufacturing 18 4,077 Transportation and Warehousing 62 2,544 Total government 21 1,548 Top taxpayers (2018) EAN Holdings $125,181,761 United Technologies Corp. (now Raytheon Technologies) $108,440,484 PV Holdings Corp. $58,101,536 Source: AdvanceCT Windsor Locks wants to develop around its planned train station, including opening a public indoor market. RENDERING | CONTRIBUTED

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