Hartford Business Journal

12 Hartford Business Journal • April 18, 2016 www.HartfordBusiness.com RESERVE YOUR SEATS TODAY! In Partnership With: EVENT & TRAVEL PARTNERS and Presented By: Date: May 23, 2016 Time: 5:30pm-8:30pm Location: Infinity Hall 32 Front Street, Hartford Ticket Information: Single Ticket Rate: $75.00 Pack of 6 Tickets: $410.00 Pack of 12 Tickets: $780.00 Please note: This is a cocktail style event. There are no "tables" for this event. Join Connecticut's Department of Energy and Environmental Protection (DEEP), along with the Hartford Business Journal and the Connecticut Green Guide, this May for the Green Circle Sustainability Awards. The awards event will recognize this year's Green Circle Awards honorees, and be a celebration of sustainability, recognizing companies throughout Connecticut for their contributions and achievements. TO REGISTER: go to www.HartfordBusiness.com & Click on 'Our Events' QUESTIONS? Contact Amy Orsini at aorsini@HartfordBusiness.com or 860-236-9998 ext. 134 Join us at a special evening as we celebrate the 2016 Green Circle Sustainability Awards All American Waste, LLC All Waste, Inc. BD Medical Systems BJ's Wholesale Club Boehringer Ingelheim Pharmaceuticals, Inc. Brewer Pilots Point Marina Brookfield YMCA Comprehensive Energy Efficiency and Resilience Upgrades CED Greentech East Chapman Manufacturing Company Christopher Kueffner, Partner, The Adventure Park at Storrs Clean Energy and Sustainability Task Force Comcast Cable Connecticut Farm Energy Program - CT Resource Conservation & Development Area, Inc. Connecticut Green LEAF Schools Connecticut Technical High School System (CTHSS) Coventry Energy Conservation Alternative Energy Advisory Committee CT Department of Correction CTfastrak, Connecticut's First Bus Rapid Transit System DaCruz Manufacturing, Inc (formerly C&M Screw Machine Products, Inc.) Domingo Medina Eastern Connecticut State University: Green Campus Committee Eco-Smart, Inc. ESPN Inc. Ginger Chapman/Yale Office of Sustainability Goodwin College Greenwich Academy Hartford Marathon Foundation Joel M Rinebold, Director of Energy Initiative at Connecticut Center for Advanced Technology, Inc (CCAT) Joyce D. and Andrew J. Mandell Greater Hartford Jewish Community Center, Inc. Kate Donnelly, Chair, Hampton Green Energy Committee King Low Heywood Thomas Leticia Colon de Mejias and the Green Eco Warriors Materials Innovation and Recycling Authority (MIRA) Meriden Enterprise Center c/o 290 Pratt Street, LLC Middletown Area Transit Bus Maintenance and Storage Facility New Haven Board of Education(NHBOE)/AFB Management O&G Industries, Inc. Oak Grove Montessori School Pharmacia and Upjohn Company LLC Pitney Bowes Pratt & Whitney Saybrook Point Inn & Marina, LLC Southern Connecticut State University Stamford 2030 District Sub Edge Farm The City of Hartford Planning & Zoning Commission; Sara Bronin, Chair The Hartford The Orchards at Southington Town of Cheshire Water Pollution Control Department Town of Manchester Sewer Department Town of Old Saybrook United Technologies Corporation University of Connecticut University of Connecticut/Department of Natural Resources and the Environment USA Hauling & Recycling Valley Container, Inc Wilton Go Green, Inc. Windsor Marketing Group 2016 FINALISTS (In Alphabetical Order) Event Sponsors: Event Partners: when built a decade or more ago, bristled with the latest exte- rior-interior finishes and amenities but are now showing their age, some complain that too many apart- ment operators are chasing too few of the Millennials and Baby Boomers who are their target market. "The problem right now is one of timing,'' said landlord Marc S. Levine, who redevel- oped 78-unit The Lofts at Main & Temple in 2006. " … Everybody is waiting on UConn to be a catalyst; rely- ing on the state offices being a catalyst … but they haven't happened yet. The only thing that has happened is the apartments have been built. The supply is ahead of demand.'' Levine, who with the late Philip Schoen- berger redeveloped The Lofts and other downtown buildings into offices and tempo- rary and permanent lodging, was referring to UConn's impending 2017 relocation of its West Hartford campus to downtown, which is projected to bring about 2,000 students and faculty to the center city. Also, the state's pur- chase of the twin-building Connecticut River Plaza office complex that will house more than 1,000 state workers, also in 2017. Both are projected to ramp up demand for downtown housing, which explains the rush to get apartments renovated or built, observers say. However, until that fresh demand material- izes, existing apartment landlords are, in effect, poaching market share from one another. The impact, Levine said, is evident in The Lofts' slowed pace of new lease signings and renewals, though he declined to be specific. In the last year alone, the 285-unit 777 Main apartment skyscraper was among the resi- dential buildings to begin lease-up, along with 63-unit 179 Allyn St. and The Spectra Boutique Apartments, with 190 units in a 12-story former hotel tower fronting Constitution Plaza. Top 10 Markets for Lease Renewal Rates (February 2016) Rank Metro Renewal Rate Rent Change 1 Northern N.J. 65.50% 4.70% 2 Hartford 65% 3% 3 Cleveland 59.70% 3.30% 4 New York 58.70% 5% 5 Milwaukee 58.50% 2.60% 5 Philadelphia 58.50% 3.50% 7 Miami 57.90% 3.40% 8 Detroit 57.20% 4.40% 9 Providence 56.40% 5.20% 10 Boston 56.20% 5.40% S O U R C E : M P F R E S E A R C H from page 1 New interiors, a dog park among lures A model one-bedroom unit in downtown's Trumbull On The Park is a testbed for new interior hues and faux-wood flooring as part of an overall building refresh to draw tenants. H B J P H O T O | G R E G O R Y S E A Y

• Cover