Hartford Business Journal

5 HARTFORDBUSINESS.COM | AUGUST 23, 2021 DEAL WATCH experiences. He points as an example to outdoor and adventure gear retailer, REI, who he has worked with. "The experience can be less about buying an item and more about teaching [a class] about the adventure or leisure so [customers] can learn to do those things, which in turn drives a need to buy the inventory," he said. And it's not just Baby Boomers and Gen X flocking to stores. Gen Z is, too. In fact, 81% of Gen Z, ages 14 to 24, prefer to shop in stores, they say, largely for mental health reasons and to disconnect from social media, according to recent surveys by A.T. Kearney, a global consulting firm. That's good news, McNamara says, because retail is a cornerstone of thriving communities, providing not only a tax base but an aesthetic as well. "Ordering everything from a computer is a bit insular," he said. "And if Americans just want the convenience of things delivered to their homes, we'll be dealing with a lot of empty storefronts and blight as a result." Project pipeline D'Addabbo said he does not foresee that happening anytime soon, especially in more rural communities where land is often less expensive than urban centers, which face the dual challenges of higher lease rates and the uncertain return of a remote suburban workforce. D'Addabbo currently has new ground-up development projects in the works in every New England state but Maine and a pipeline of revenue for the next 18 months. He said his biggest concern these days is less about whether consumers will walk through the doors of his team's new Tractor Supply Co. developments when they open later this year, but rather the costs of constructing those buildings. Amid pandemic supply-chain disruptions, the price of materials like steel have skyrocketed making new-store development — which can run several million dollars — an even bigger investment risk than retrofitting existing properties or simply leasing property his firm owns. But after nearly 40 years in the retail property industry, including the last 15 in retail property development, D'Addabbo said he is comfortable hedging his bets on the strength of brick-and-mortar retail. He expects to increase gross revenue by 50% over the next two years and has 100 acres of developable property in Litchfield for both commercial and residential use. PHOTO | COSTAR Last Modified Art Director 1" = 1" CT Commercial Lending Print Layout None Project Bleed Project # Document Name 21-LBB-0045_FY21_CL_HBJ_10x6.75_M1_V1.indd 21-LBB-0045 Version # M1_V1 BB NB Colors In-Use Fonts and Linked Graphics Forma DJR Deck Regular DIN Condensed Light Cyan Magenta User Printer Output Date 7-15-2021 7:57 AM Becky Bowman None 7-15-2021 7:57 AM Mech Scale M1_V1 For nearly 200 years, Liberty Bank has been behind companies that think big. We provide commercial loans, mortgages, and working capital lines of credit that can be tailored to meet your business's current needs and those in the future. Loans for $1,000,000 and up. Scan the QR code to call a Commercial Lending Officer today or visit liberty-bank.com/ct-commercial-lending to find a local lender. Loans, lines of credit, owner-occupied and investment mortgages up to $50 million. All loans are subject to credit and underwriting approval. Member FDIC Equal Housing Lender Seven-figure business loans for million-dollar ideas. Liberty Bank was part of a multi-bank fi nancing deal behind Goodwin University's acquisition of the University of Bridgeport in May 2021. CP26054_21-LBB-0045_FY21_CL_HBJ_10x6.75_M1_V1.indd 1 CP26054_21-LBB-0045_FY21_CL_HBJ_10x6.75_M1_V1.indd 1 7/16/21 5:06 PM 7/16/21 5:06 PM Social services nonprofit buys downtown Hartford building, plans renovations, new use Social services nonprofit The Village for Families & Children said it has purchased a downtown Hartford office building and plans to relocate some of its mental health programs there. In a statement, the Hartford- based nonprofit said the three-story, 32,000-square-foot building at 450 Church St. will one day house a children's outpatient clinic and early intervention home visitation program. Before that, however, the partially vacant site will have to undergo renovations, likely lasting into early 2022. The purchase price was $1.6 million, city land records show. The Village said up to 100 employees will work out of the new location. "Our expansion in Hartford demonstrates our commitment to the community and also the growing need for the mental health services and other supports we provide," said President and CEO Galo Rodriguez. "I'm also pleased we will be able to renovate a highly visible property that's mostly empty and in need of repairs. Fixing it up and adding dozens of employees to downtown is a real positive." Officials said The Village will maintain its other locations in Hartford, including its main campus at 1680 Albany Ave., Village South at 331 Wethersfield Ave. and The Village Spring Street Family Center at 105 Spring St. 450 Church St., Hartford.

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