11 replies to this topic

[The Voice of Reason]

Is the state going to sell off the buildings ringing the park for residential repurposing while moving thousands of jobs into Hartfords downtown?


So, there are a few things iv read including an article about the state looking to buy some 100000+ SF buildings on the cheap, and consolidate offices and departments int them.  its is also looking to get out of some expensive leases.  

mainly the state is looking to get out of small fragmented spaces, and sell those buildings.

The article even says this effort is concentrated in Hartford and references a few properties including ct river plaza


http://www.hartfordb.../news22050.html


The state owns 254,308 acres or 8 percent of all land in Connecticut. That includes more than 3,700 structures, which accounts for 59.6 million gross square feet of building space spread across 92 percent of Connecticut’s cities and towns.
Connecticut uses state owned space to meet nearly 96 percent of its total office needs, but pays $62.1 million a year to lease an additional 3.1 million square feet of office space.
That equates to about $20.34 per square foot.

I think I put a lot of that info in a thread about building a govt complex, but its good to post again.  Amazing that 59 million SF figure is!  I am content with consolidating the govt into a few downtown properties though Id rather a magic tenant arrives from out of state.

Anyways, If the state buys CT River plaza and its 556,000SF as well as say the BOA building and its 300,000SF, and then stuffs them full of state workers (3000-4000 of them) downtown would forever be changed!
then if the buildings lining the park are repurposed into residential, the city center and capital district would be completely different in such a good way.

I am not making this up either because the IQuilt and recent articles about it have referenced state support and interest in having the IQuilt  area around the park surrounded with housing to reinforce vitality...
Am I crazy? because I have seen a few articles that have been leading me down this thought path.  It seems as though the state is behind Hartford, and while not "buying" projects blatantly like the 7 pillars, is doing more important and perception changing things like the bio science center, IQuilt,  This potentially massive office switch,  Cigna HQ move that could lead to a new building.

[beerbeer]

Really interesting stuff. Shocked by the fact "The state owns 254,308 acres or 8 percent of all land in Connecticut."  That would have to include state parks, no?

I would think there would be fist fights in the state legislature if the state moved out of places like Wethersfield and into the city. But I would love to see it.

[HartfordTycoon]

It really would be fantastic if the state could significantly move into some of the office space downtown and really put a dent into that 30% office vacancy rate. It would certainly have a far reaching impact on future uses for some of the buildings they currently occupy and put positive pressure on the downtown office market.

[The Voice of Reason]

well, lets also not forget that the office vacancy rates in Hartford are totally skewed by our unique corporate presence and state/city use of traditional office space.

When they track those numbers they do not count civic office space (even if its leased space) and they don't count company owned space.

So, to break that down those numbers do not count any of the Travelers owned buildings that are 100% occupied.  same with the Hartford, the Phoenix, Aetna.   thats a few million square feet at 100% occupied.  the report only counts 6 million SF in downtown Hartford across 15 buildings.   I bet if they were included we are better than 15%.  especially when you include all the SF that the state and city have leased.

Positive pressure would be awesome though.  I mean CT River plaza is literally 9% of Hartfords total reported office space.  If it were full we would be at 21%

but... because of the way they report it, as state owned it would be more like 23%

WOW, I am a NERD!

[MichaelQReilly]

Maybe the State can buy one of the big empty lots downtown and build a new state office building something like this:

[The Voice of Reason]

I think we would all love to see the parking lots go away, but they would need a lot more space than that building.   CT river plaza at 560Ksf will only satisfy 1/6 of their potential need.  and states being states, Id count on a soulless box.

Anyhoo, CT River plaza at 30 million is a steal compared to building a 600k SF building on a parking lot for probably 150 Million

[The Voice of Reason]

This is going to happen people!
I talked to someone who works at CBRE and is involved in the process of shuffling around the offices.  they are apparently the lead consultant.

We are getting very close to start hearing about final decisions although I don't know which building(s)  I have theories.

also to push the point the state approved the authority that will make the actual purchases and sell the vacant buildings, or turn them into apartments.


as far as my theories??

The state will buy CT River Plaza and consolidate a crapload of its workers there.  in addition, they state will likely buy 200 Constitution plaza


http://www.hartfordb...0@22308;Article

It fits the criteris the state is looking for at 135,000SF.  Even better, its right next to CT River plaza attached by a bridge.

Lastly I think there is a real chance that they would get involved in some other Plaza buildings...  
http://www.hartfordb.../news23078.html

with this info in mind...

One Constitution is home to law firm Shipman & Goodwin. 250 Constitution houses several Hartford city agencies, including the City Treasurer and planning departments.
260 Constitution has offices for several state agencies, including the Connecticut Banking Department.

It makes sense for the state to also buy 260 even tough its smaller than 100Ksf , and possibly go big with 100 constitution plaza too. the XL building.  
reason here being that IF the sate is really looking for alot of space, its all here for the taking!  And they allready lease most of 260, while UCONN rents a bunch of 100.  there are other state and quasi state groups in there.
250 is mostly city offices, so this part of the plaza would become Government plaza


556,000 SF in CT River plaza
135,000 SF in 200 constitution plaza
probably guaranteed by my view, but who knows!

[HartfordTycoon]

The Voice of Reason, on 13 May 2012 - 10:12 AM, said:

This is going to happen people!
I talked to someone who works at CBRE and is involved in the process of shuffling around the offices.  they are apparently the lead consultant.

We are getting very close to start hearing about final decisions although I don't know which building(s)  I have theories.

also to push the point the state approved the authority that will make the actual purchases and sell the vacant buildings, or turn them into apartments.


as far as my theories??

The state will buy CT River Plaza and consolidate a crapload of its workers there.  in addition, they state will likely buy 200 Constitution plaza


http://www.hartfordb...0@22308;Article

It fits the criteris the state is looking for at 135,000SF.  Even better, its right next to CT River plaza attached by a bridge.

Lastly I think there is a real chance that they would get involved in some other Plaza buildings...  
http://www.hartfordb.../news23078.html

with this info in mind...

One Constitution is home to law firm Shipman & Goodwin. 250 Constitution houses several Hartford city agencies, including the City Treasurer and planning departments.
260 Constitution has offices for several state agencies, including the Connecticut Banking Department.

It makes sense for the state to also buy 260 even tough its smaller than 100Ksf , and possibly go big with 100 constitution plaza too. the XL building.  
reason here being that IF the sate is really looking for alot of space, its all here for the taking!  And they allready lease most of 260, while UCONN rents a bunch of 100.  there are other state and quasi state groups in there.
250 is mostly city offices, so this part of the plaza would become Government plaza


556,000 SF in CT River plaza
135,000 SF in 200 constitution plaza
probably guaranteed by my view, but who knows!

It just makes too much sense. It's almost hard to imagine this state ever doing something this right. I'll be ecstatic if all of this comes to fruition.

[MichaelQReilly]

HartfordTycoon, on 13 May 2012 - 10:57 AM, said:

It just makes too much sense. It's almost hard to imagine this state ever doing something this right. I'll be ecstatic if all of this comes to fruition.

Indeed.

Further, the State is currently occupying some very choice real estate in the city which I would have to think would be very desirable to developers for conversion to residential. The big one, as we've discussed before, is 55 Elm Street.


The building already has a great location next to the park, and if the park gets reconfigured as planned as part of iQuilt, this location will only get better.

There is also the building located at the corner of Elm and Trinity Streets that currently houses the Secretary of State.

[The Voice of Reason]

http://assessor1.har...untNumber=14116

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Edited by The Voice of Reason, 13 May 2012 - 04:53 PM.

[HartfordTycoon]

MichaelQReilly, on 13 May 2012 - 04:38 PM, said:

Indeed.

Further, the State is currently occupying some very choice real estate in the city which I would have to think would be very desirable to developers for conversion to residential. The big one, as we've discussed before, is 55 Elm Street.


The building already has a great location next to the park, and if the park gets reconfigured as planned as part of iQuilt, this location will only get better.

There is also the building located at the corner of Elm and Trinity Streets that currently houses the Secretary of State.

Yeah, this building is gorgeous. It would be so much better as residential than housing state office workers. I'm sure the office workers would actually prefer to be in a modern tower with views of downtown and the river with an attached parking garage.

[The Voice of Reason]

I have an unhealthy love for this building...

Not only is it perfectly scaled, its also overlooking the burried river... and the park.   think of that potential not only after I quilt, but if they ever figure out how to get rid of the whitehead and daylight the river?

even more so, the property behind it should be turned into ungerground parking garage with townhomes ontop at street level wraping the rest of the property.

its just a phenominal property in so many ways!