Issue link: https://nebusinessmedia.uberflip.com/i/1538798
HARTFORDBUSINESS.COM | AUGUST 25, 2025 17 SE RIES | CT'S ECONOMIC COMPE TITIVENES S Some developers are buying into Hartford's future vision. RMS Cos., a Stamford-based devel- oper active across Connecticut, has built 270 apartments near Hartford's Dunkin' Park and is wrapping up a 237-unit project next door as part of its larger North Crossing redevelopment. CEO Randy Salvatore sees Hartford at the early stages of a redevelopment cycle Stamford began 15 years ago. The gap between the two cities is evident in land costs. RMS recently paid $16 million for a 123,000-square-foot Burlington Coat Factory building in downtown Stamford, which it plans to demolish to make way for a 280-unit apartment complex. That price tag didn't include demoli- tion or redevelopment costs. In Hartford, by contrast, the city has granted RMS $1-a-year leases to build apartments on vacant lots around Dunkin' Park. Still, Salvatore said he's equally bullish on Hartford's prospects. RMS is partnering with the city on plans for a 120-room hotel, parking garage and new home for the proposed AI center on a 3-acre site next to the stadium. A vacant data center on the property will be torn down with help from a $4 million state brownfield grant. "I think Hartford has a really positive future," Salvatore said. "You still have a major presence of insurance companies there. You still have a lot of vibrancy there. What you don't have is enough people living on the ground. Going back 15 years, you didn't have enough people living in downtown Stamford either." Getting involved David Robinson is chair of the CRDA board of directors and the former general counsel of property and casualty insurer The Hartford. He said downtown apartments have been leasing quickly and commanding rising rents — trends that reinforce his confidence in the city's revival strategy. Recent redevelopment successes in Hartford and East Hartford are prompting more area corporate leaders to get involved, he said. "There's a growing openness to a more coordinated effort to help build a vision and a strategy that could be a guiding North Star to what the region could be with some mean- ingful public-private partnerships," Robinson said. Connect with us today! 860-448-4295 NMLS #402928 From the day you open your doors to the day you pass it on, and every day in between. Let's grow your business, together! We're here for it! SPONSORED BY OCTOBER 9 | FARMINGTON GARDENS | 5-8 PM TICKETS AVAILABLE NOW! JOIN THE CELEBRATION OF HBJ'S C-SUITE & LIFETIME ACHIEVEMENT HONOREES LEASABLE CLASS A OFFICE BUILDINGS IN DOWNTOWN HARTFORD ADDRESS BUILDING NAME RENTABLE BUILDING AREA (SF) VACANT (SF) SUBLEASE (SF) 755 MAIN ST. THE GOLD BUILDING 609,000 221,972 100 CONSTITUTION PLAZA 100 CONSTITUTION 221,410 12,108 12,108 185 ASYLUM ST. CITYPL ACE I 885,000 436,078 12,800 185 ASYLUM ST. CITYPL ACE II 272,124 130,431 100 PEARL ST. 100 PEARL 281,189 72,486 20 CHURCH ST. 20 CHURCH 418,810 209,385 73,941 1 AMERICAN ROW PHOENIX 345,687 55,000 55,000 350 CHURCH ST. METRO CENTER 290,325 58,365 24,365 225 ASYLUM ST. GOODWIN SQ. 331,371 115,000 38,817 280 TRUMBULL ST. 280 TRUMBULL 700,416 416,514 ONE STATE ST. ONE STATE ST. 486,162 71,051 10 STATE HOUSE SQ. STATE HOUSE SQ. 333,882 221,531 90 STATE HOUSE SQ. STATE HOUSE SQ. 379,914 108,981 1 CONSTITUTION PLAZA ONE CONSTITUTION 282,578 35,637 11,400 TOTAL 5,837,868 2,164,539 228,431 Source: Econsult Solutions, Inc./Horizon (2025), Avison Young