HARTFORDBUSINESS.COM | July 18, 2022
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and inflation have been among the
biggest challenges. He said issues
from sourcing materials to securing
general and subcontractors have
extended the length of time to bring
the Blue Back location online and at
a higher cost.
"It's probably 25% to 30% higher
than a build-out three years ago,"
Dunn said.
Brandes has experienced those
impacts first-hand, but he said
Charter is looking to add food
and beverage establishments
that complement Blue Back's
current offerings, but are also well-
capitalized and growth-oriented.
With current deals in the works,
Brandes said, Blue Back's 225,000
square feet of retail/restaurant space
has jumped from 80% occupied last
year to more than 90% this summer.
Meantime, Blue Back's 48
apartment units have rebounded
even more rapidly, according
to Brandes, from roughly 65%
occupancy to nearly 100%.
The work, however, is not done.
Brandes said Charter continues to
renovate the common areas and
lobbies of its office buildings and
residential inventory.
With the progress to date, Brandes
said he remains bullish on Blue
Back's future.
(Left photo) An aerial shot of Blue Back Square, which encompasses 450,000 square feet of office, retail and apartment space. (Right, top) Blue Back contains 48 apartment units above its retail space. Cheesecake Factory remains a longtime tenant.
