Hartford Business Journal

9 HARTFORDBUSINESS.COM | NOVEMBER 1, 2021 DEAL WATCH "We know there's a lot of activity downtown," Pilon said. Kenny said Lexington is working with several potential tenants interested in their storefronts, including a sports bar and music venue. "We're in the process of signing leases with a lot of interesting new businesses," he said. Among the downtown apartment properties Lexington owns or is a partner in are the Sage Allen Townhomes, Spectra Plaza, Spectra Pearl and Spectra Park apartments. Lexington Partners is also helping lead the $100 million redevelopment of Pratt Street, a project that will count several hundred new or refurbished apartments; 45,058 square feet of retail on Trumbull/ Pratt/Main streets; and about 1,000 parking spaces for residents and shoppers. Filling storefronts The Chamber event was designed to help fill storefronts that became vacant during the pandemic. "The purpose is to try to create the vibrancy back into our downtown," Concepción said. "COVID certainly didn't help our efforts to recruit more businesses into downtown. This is a nice opportunity to be able to fill up empty storefronts." It may have worked with the Bloom Bake Shop. "We saw a couple of great options ... and we're eager to move forward," Beaudoin said. The city is also working on an incentive/matchmaker plan to help small businesses that are starting up, Mayor Luke Bronin recently said, although details weren't immediately available. The program will aim to help fill up vacant retail space downtown and in Hartford's neighborhoods. "There is an announcement about that program coming soon," mayoral spokesman Akash Kaza said. It wouldn't be the first time the city tried to incentivize retail activity. In 2013, the Segarra administration launched the iConnect program, which offered free or reduced rent on a trial basis, with the hopes that businesses would gain enough traction to become permanent downtown tenants. It's impact, however, was limited. Empty storefronts have also been a political issue in Hartford. Earlier this year several city councilors proposed a measure that would have fined owners of long-term vacant retail properties $100 per day, which raised alarms among landlords and was eventually shot down. When it comes to filling storefronts, Kenny said Lexington is selective about the businesses they choose. "We have a reliably good idea, based on the people who live in our apartments, on what would be successful and what wouldn't," he said. "It's important to get the right business in place." Kenny said that while landlords were offering incentives last year, those lures are harder to come by today. "During the height of COVID, landlords were willing to offer discounted rents, free rent periods, or other enticements. Now, as the activity and commitments have picked up, those deals are becoming harder to find," said Kenny, who added that landlords are still helping with tenant improvements. Leases for downtown storefronts range from around $16 to $25 per square foot, he said. Face to face The open house brought potential tenants and downtown property managers face to face, said Shannon Mumley, director of small business development and strategy for the Hartford Chamber. "One of the things we're trying to do is break down the barrier between the property owner and businesses," Mumley said. "You have to call or email them and wait for a response. But having a day where they can meet the property manager and go in and see the space, that's what we want. "This is the first location we're doing this in, then we'll go from here to different neighborhoods with a goal of filling storefronts," Mumley added. Art Feltman, executive director of International Hartford, a nonprofit that helps immigrants, refugees and other minorities achieve their business ambitions, attended the open house to help one of his clients who owns a pizzeria in Hartford's south end. "They would like to do something more upscale, with full table service and drinks, attracting a younger crowd," Feltman said. "We help them get financing, write a business plan and deal with government regulations." When the pandemic hit and people began working from home, downtown businesses were among the casualties. But with infection rates dropping and companies, including The Hartford, announcing that workers will begin returning to the office, downtown foot traffic should pick up, which should help fill vacant storefronts. "Downtown Hartford gets a bad rap," Kenny said. "But when you take the amount of apartments that are full and parlay it with the people craving to get back out to bars and restaurants, a year from now it will look like a different place." Vacant retail space dots most of downtown including on Pearl Street. PHOTO | TERRY CORCORAN For Sale Here is a list of properties that have been recently listed for sale. They are ordered based on the number of days on market. Source: CoStar Property address City Listing price Property type Building sq. ft. Year built 885 Blue Hills Ave Bloomfield $495,000 Land 85 Sigourney St Hartford $4,000,000 Office 367,406 1984 2418 Main St Rocky Hill $2,900,000 Industrial 295,000 1965 99 Founders Plz East Hartford $5,000,000 Office 150,358 1971 480 Myrtle St New Britain $2,800,000 Office 138,986 1947 1170 Main St Newington $3,500,000 Industrial 134,985 1975 200 Constitution Plz Hartford $2,000,000 Office 124,480 1986 3411 Bailey Ave Multiple $12,616,729 Retail 109,279 98 Garden St Hartford $12,500,000 Multi-Family 100,000 1947 85 Granby St Bloomfield $3,900,000 Industrial 97,894 1957 263-275 Park Ave East Hartford $2,430,000 Industrial 97,348 1960 24 Carpenter St Hartford $7,000,000 Multi-Family 94,642 1198 Queen St Multiple $12,600,000 Retail 92,398 18-20 Trinity St Hartford Office 87,637 1905 5 Glen Rd Manchester $1,900,000 Industrial 85,981 1900 1000 Silas Deane Hwy Wethersfield $1,950,000 Industrial 78,000 1975 30 Trinity St Hartford Office 76,665 1905

• Cover