Hartford Business Journal

17 HARTFORDBUSINESS.COM | March 14, 2022 that it had reached an agreement to sell a piece of property adjacent to its campus on Trout Brook Drive — currently the home of the Children's Museum of Connecticut — to New York-based Continental Properties, which plans to build a luxury rental community there. The Children's Museum, which occupies 3.5 acres, is in the process of finding a new location. Continental has said it is still in the "early stage" of reviewing potential layouts and architecture for the property and will be consulting with town officials in the near future. A formal project application is expected to be submitted later this spring or early summer. And in December, the University of Connecticut's former West Hartford campus — once expected to host tech offices — sold for $2.75 million, to buyers who have largely stayed out of the spotlight. The Hartford Business Journal confirmed that a top executive at a Rhode Island real estate development company will play a key role in the property's repurposing, though no plans have been announced. Zelman attributes the flurry of activity to the community's dynamism and balance of a lively downtown with residential options — a "suburban town with an urban core." "This is a great community that has rejuvenated itself," Zelman said, pointing back to the development West Hartford Demographics Snapshot Land area (sq. miles) 22 Median age 41 Population 64,083 Median household income $104,281 Unemployment rate 3.3% Key Employers • Legrand, North America/Wiremold Company • CLA (CliftonLarsonAllen) • Triumph Engine Control Systems • DORO Restaurant Group • Colt Manufacturing Government Total revenue (2018) $318,431,000 Per capita tax $4,020 Mill rate 41.8 Grand List $6,363,394,009 Housing stock Median home value $334,300 Median rent $1,325 of commercial draws like Blue Back Square, which was built in the mid-2000s. The recent growth spurt also coincides with a trend toward more urbanized living, as well as changes in demographics. "Before COVID, there was a flight into urban areas, and this is kind of a continuation of that," he said. "People are getting married at a later age, settling down at a later age, they're more transient and this population — upwardly mobile professionals — have the income to support highly- amenitized rental units." Like Gorski, Zelman said he doesn't think builders will run up against a lack of viable properties any time soon. "It's infill," he said. "There's product that just doesn't fit the times anymore and it's time to change its use. That's nothing new." Zelman also pointed to stretches of New Britain and New Park avenues, which still have open and available space. "We're just at the beginning of a wave of development," he said. Economy Top employment industries Employers Employment Avg. Wage Health Care & Social Assistance 5,636 258 $39,742 Retail Trade 3,687 248 $30,118 Accommodation & Food Services 3,551 182 $25,023 Source: AdvanceCT What better banking's all about sm . westfieldbank.com Member FDIC Having a vision for your business is great. Adding our insight? Commercial Lending Term Loans n Lines of Credit n Commercial Real Estate Loans n Letters of Credit n SBA Loans You don't just want a loan. You want solid advice from an experienced business banker. You want a fair rate, flexible terms, and local decisions by a bank that's invested in your community and your success. That, plus a whole lot more, is what you can expect from Westfield Bank. How can we help your business? Call 860.265.3920. That's better.

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