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HARTFORDBUSINESS.COM | DECEMBER 9, 2024 23 5 WE WATCHED IN 2024 companies into remaining office buildings, boosting occupancy rates. If Arulampalam gets his way, those conversions would include the state's two-tower, 575,000-square-foot office complex at 450 Columbus Blvd. The property, formerly known as Connecticut River Plaza, was purchased by the state in 2013, under then-Gov. Dannel P. Malloy, for $34.5 million as a way to shrink the government's leased space. Since then, numerous state agencies have consolidated into that building. The mayor has asked state offi- cials to consider selling the prop- erty to a developer for conversion into apartments. Funds raised by that sale could be used to rent space in other, privately held downtown office towers for several years, giving the market a much-needed shot in the arm, Arulampalam said. A working group with high-level staff from the city, state Depart- ment of Economic and Community Development and Capital Region Development Authority formed this past summer to begin analyzing which buildings are best suited for conversion. Those discussions have also involved Gov. Ned Lamont's office. The group is expected to hire a consultant to help with the analysis, so a data-driven request for state funding can be made, Arulampalam said. "The goal is to have a one-time ask of the state to right-size the office space, converting some into residential," Arulampalam said. "We know there is massive demand for residential in our downtown. Those buildings often have waiting lists (for tenants) by the time we cut the ribbon on them." In a recent interview, Lamont said he has had talks with downtown landlords, including LAZ Parking CEO Alan Lazowski, about the office market. He noted the state has already been assisting the city of Hartford in office-space conversions via funding allocations to CRDA. The quasi-public state agency has provided low-interest loans and tax relief to developers, yielding 3,353 apartment units downtown since 2013. More than 1,500 additional units are in the pipeline. "Some of these office buildings are custom-made to go residential," Lamont told the HBJ. "Some have big empty, unused space in the middle of the building, which means it's okay for commercial, but it's not very good for residential. So, we are going over that analysis now, but we've done a fair amount (to support office conver- sions in the city). The city has also engaged Vernon- based Tyche Planning & Policy Group to help craft zoning regulations that will make conversions easier and reduce barriers to other, creative uses for empty office space. That work might lead to gyms, restaurants, golf simulators and other non-traditional uses in office spaces, Arulampalam said. "We are trying to figure out a whole host of ways to use vacant office space to continue to build on the vibrancy you are seeing grow in our downtown, but also to fill up the space to ensure these buildings are sustainable," Arulampalam said. Corporate cooperation The mayor said he's also been conducting regular meetings with some of the city's largest employers — including CVS/Aetna, Hartford HealthCare, Travelers and The Hart- ford — that have helped germinate some big ideas he hopes to act on. One involves creating a centralized procurement portal that would allow the city and its small businesses to leverage the buying power of the big corporations to save money on purchases ranging from copier paper to catering. Another would create a centralized jobs portal that brings together more than two dozen different job training and hiring programs, to make it easier for the city's major employers to find local talent. Hartford Mayor Arunan Arulampalam in October announcing the creation of a new Office of Arts, Culture and Entertainment within City Hall. HBJ PHOTO | MICHAEL PUFFER One firm. Expanded expertise. BerryDunn and Burzenski & Company have joined together to better serve our clients. Commercial | Nonprofit | Healthcare | Government ... and now Veterinary Practices Explore opportunities » berrydunn.com