Hartford Business Journal

HBJ 070422_Issue

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18 HARTFORDBUSINESS.COM | July 4, 2022 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Hartford, CT Since 1942, our goal simple: To provide our complete design, planning construction services industrial and retail on years of experience, competitive and offer When the strictest attention is critical to your success, always count on Borghesi From concept to occupancy, is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … these things are going to be positive, and more and more people are going to recognize the city as a place they want to live. We think things will move very positively over the next 10 to 15 years." Creating the experience Matthew Nemerson, who spent five years as New Haven's development administrator until 2018, also cited Yale University and its medical school as big drivers of New Haven's economy and apartment developments. "Between the medical school and university, Yale added about 8,000 jobs over the last eight or nine years," said Nemerson, who is now vice president of strategic partnerships at Shelton energy technology company Budderfly. "That's just a lot of people moving into the area." New Haven has a well-established network of bars, retail, restaurants and apartments that create the experience Millennials are seeking, Nemerson said. Hartford may be a bit behind that curve, but it could get to a similar place in the future, he said. But the remote work trend isn't likely to help Hartford, he added. That trend makes it easier for people to live in established hotspots like New Haven or Stamford, even if they are more distant or costly. "People over the last 10 years have basically said 'I would rather live in a smaller, if very expensive, apartment if I can have access to food and fun,' " Nemerson said. "Hartford will have HARTFORD SNAPSHOT GENERAL 2020 Population 121,054 2010 Population 124,775 Population change 2010-2020 -3,721 Land area (sq. miles) 17 Median age 32.1 Median household income $36,154 MAJOR EMPLOYERS • Hartford Hospital • Travelers • The Hartford • Aetna GOVERNMENT Mill rate 74.29 Grand List $4,036,000,866 HOUSING STOCK Median home value $165,300 Median gross rent $1,004 TOP EMPLOYMENT INDUSTRIES Health Care & Social Assistance Finance & Insurance State Government Source: AdvanceCT; U.S. Census data NEW HAVEN SNAPSHOT GENERAL 2020 Population 134,023 2010 Population 129,779 Population change 2010-2020 4,244 Land area (sq. miles) 19 Median age 30.8 Median household income $44,507 MAJOR EMPLOYERS • Yale University • Yale-New Haven Health • Assa Abloy Inc • Southern Connecticut State University GOVERNMENT Mill rate 43.88 Grand List $6,600,438,670 HOUSING STOCK Median home value $199,000 Median gross rent $1,219 TOP EMPLOYMENT INDUSTRIES Health Care & Social Assistance Educational Services Local Government Source: AdvanceCT; U.S. Census data to continue to make its urban street life worth living if they are going to not have people living in New Haven and commuting to Hartford." Hartford city officials and the CRDA have worked for years to bolster downtown's vibrancy, including through the creation of the Front Street Entertainment District and minor league baseball stadium. In June, the CRDA began building a sports betting lounge at the XL Center, with the aim of opening later this year. The city and Hartford Chamber of Commerce, in December, launched the "Hart Lift" program, which gives matching grants of up to $150,000 to help outfit first-floor spaces for retail- oriented businesses and restaurants. Funded with $6 million in federal COVID-19 relief funds, Hart Lift aims to help the city recapture some of the restaurant and retail activity killed off during the depths of the pandemic. As of April, the chamber approved 25 grants totaling about $2.5 million. Klaynberg said the city program has been a tremendous boon. As of December, most of the retail spaces in Spectra's properties were vacant. "They all filled up in a matter of months" after the Hart Lift program launched, Klaynberg said.

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