IN PROGRESS: Front Street @ Adriaen's Landing

[HartfordTycoon]

I had a post back in december predicting this project wouldn't get off the ground and i was attacked for making such a claim by the perma-bulls on this board. hhhmmmm

Sorry if I did, optimism certainly does have it's drawbacks I suppose.

[The Voice of Reason]

http://www.courant.com/business/hc-tarrago...0,5280940.story

This is a completely unrelated story, but the last line is VERY relevent!

SNIP

Gottesdiener, whose firm owns CityPlace II, 242 Trumbull Street and other office buildings in Hartford, has been a vocal proponent of a new hockey arena with the goal of attracting an NHL team. He said Monday he isn't done buying and developing property in the area.

"One of these days somebody's going to call us up to take over Front Street," he said, referring to the stalled retail-residential project in downtown Hartford.

SNIP

There is something about confidence that helps make a man a winner

[mamul]

http://www.courant.com/business/hc-tarrago...0,5280940.story

This is a completely unrelated story, but the last line is VERY relevent!

SNIP

Gottesdiener, whose firm owns CityPlace II, 242 Trumbull Street and other office buildings in Hartford, has been a vocal proponent of a new hockey arena with the goal of attracting an NHL team. He said Monday he isn't done buying and developing property in the area.

"One of these days somebody's going to call us up to take over Front Street," he said, referring to the stalled retail-residential project in downtown Hartford.

SNIP

There is something about confidence that helps make a man a winner

Somebody call him now and please ask him to take over Front Street.

[HartfordTycoon]

http://www.courant.com/business/hc-tarrago...0,5280940.story

This is a completely unrelated story, but the last line is VERY relevent!

SNIP

Gottesdiener, whose firm owns CityPlace II, 242 Trumbull Street and other office buildings in Hartford, has been a vocal proponent of a new hockey arena with the goal of attracting an NHL team. He said Monday he isn't done buying and developing property in the area.

"One of these days somebody's going to call us up to take over Front Street," he said, referring to the stalled retail-residential project in downtown Hartford.

SNIP

There is something about confidence that helps make a man a winner

Oh, you beat me to it! Anyway this is great news. I'm glad he has put this in print. I hope Nitkin is getting the signal. Do it right or walk away, we have someone else who is able and willing to get it done right.

[The Voice of Reason]

Oh, you beat me to it! Anyway this is great news. I'm glad he has put this in print. I hope Nitkin is getting the signal. Do it right or walk away, we have someone else who is able and willing to get it done right.

Yeah I am definately sending out the letter I wrote today, but this time to every agency in the state I think to be relevent including the Gov.

[The Voice of Reason]

I got a letter back from Joe Abromaitis just a moment ago. Its an actual typed up letter he signed. I feel the need to write him back and do as I said in the post before this. Its just dumfounding that they think Nitkin is still the man for the job.

[Chessplayer]

I got a letter back from Joe Abromaitis just a moment ago. Its an actual typed up letter he signed. I feel the need to write him back and do as I said in the post before this. Its just dumfounding that they think Nitkin is still the man for the job.

What was his rationale?

[The Voice of Reason]

What was his rationale?

He starts of by saying that I may not be aware of all the state investment that has gone into the city...and mentions a few projects that we are aware of.

Regarding my specific concern of Front Street and Nitkin he notes that it was a competative bid process. He also mentioned that very few bidders came forward. I guess he is saying the Nitkin is the best of what was available. He says Nitkins has put forward a great effort to do a full build out but construction costs are up 60% since the master plan for adriaens landing was first prepared (was this not something like 2001, and that Nitkin came on board in 2005/6 so I think he is deflecting here) then mentions the tightening of the capitol markets like all I do is watch the news and hear this buzz phrase.

An aside: I know this guy doesnt know me but he mailed this letter to my place of work so he has to know that I work in the industry. Credit has dried up for those that deserve credit to dry up on them. if Nitkin is having issues with financing then they clearly are not the guys for the job.

Then he outlined the public funds available to the developer.

"9M cash"

"1.6M sales tax exemptions on construction cost" (with 25M in taxable construction costs the full 1.6M might as well be cash)

"12M dedicated solely to the housing component"

"and a combination of federal dollars and state backed revenue bonds to build an additional parking garage to be owned by the state" (call that a free parking garage on site)

"there will also be some property tax relief"

besides what he mentioned I also know there is $7M in Federal HUD money for the housing component

and many articles call the tax abatement 12M

ok back to the letter. did I mention it was 2 pages long?

the new proposal is to complete the entertainment/retail as the first phase and he mentions complimenting convention center. the second phase includes the housing and will involve the Hartford times building facade.

almost no details there

then comiserates on mu frustration but hopes that the good that has been accomplished is not over looked.

I kind of feel like he is making excuses for nitkin on the grounds that they built all this other gee wiz groovy stuff, so dont hate us if front street sucks.

[Luca Brasi]

He starts of by saying that I may not be aware of all the state investment that has gone into the city...and mentions a few projects that we are aware of.

Regarding my specific concern of Front Street and Nitkin he notes that it was a competative bid process. He also mentioned that very few bidders came forward. I guess he is saying the Nitkin is the best of what was available. He says Nitkins has put forward a great effort to do a full build out but construction costs are up 60% since the master plan for adriaens landing was first prepared (was this not something like 2001, and that Nitkin came on board in 2005/6 so I think he is deflecting here) then mentions the tightening of the capitol markets like all I do is watch the news and hear this buzz phrase.

An aside: I know this guy doesnt know me but he mailed this letter to my place of work so he has to know that I work in the industry. Credit has dried up for those that deserve credit to dry up on them. if Nitkin is having issues with financing then they clearly are not the guys for the job.

Then he outlined the public funds available to the developer.

"9M cash"

"1.6M sales tax exemptions on construction cost" (with 25M in taxable construction costs the full 1.6M might as well be cash)

"12M dedicated solely to the housing component"

"and a combination of federal dollars and state backed revenue bonds to build an additional parking garage to be owned by the state" (call that a free parking garage on site)

"there will also be some property tax relief"

besides what he mentioned I also know there is $7M in Federal HUD money for the housing component

and many articles call the tax abatement 12M

ok back to the letter. did I mention it was 2 pages long?

the new proposal is to complete the entertainment/retail as the first phase and he mentions complimenting convention center. the second phase includes the housing and will involve the Hartford times building facade.

almost no details there

then comiserates on mu frustration but hopes that the good that has been accomplished is not over looked.

I kind of feel like he is making excuses for nitkin on the grounds that they built all this other gee wiz groovy stuff, so dont hate us if front street sucks.

The old Hartford "Phase 1 and Phase 2" story....

If construction costs are up and prohibiting the development of Front St, why are other developers moving forward with projects all over the northeast? And without the subsidies Nitkin is receiving?

[The Voice of Reason]

The old Hartford "Phase 1 and Phase 2" story....

If construction costs are up and prohibiting the development of Front St, why are other developers moving forward with projects all over the northeast? And without the subsidies Nitkin is receiving?

From everything I read the biggest problem right now is that Nitkin was one of only a handfull of bidders because the state put such a short bidding window. in an article I read on hartfordinfo.com they interviewed several major real estate players including northland and they all said they didnt have time to put the bid together but were interested in the project. For all of their rush back in 2005 they certainly are not anywhere further along than if they had been patient and chosen the best possible situation.

[MadVlad]

Here's what should be done: make the entertainment district have a four corners effect. Northeast corner will be the ESPNZone, fronting the Convention Center, this would be the perfect spot for it, low rise hotel above the 3 levels of ESPN for a total of 8-12 floors. Northwest Corner (adjacent to the Hartford Times building) would be a Medieval Times restaurant, with a medieval themed hotel above, nice stone architecture to compliment the Wadsworth which is also adjacent. Similar to the Excalibur in Vegas, but not as huge, and with no fun games. Total of 10 or more floors. Southwest corner would be a Dave and Busters. It goes here because I have reasons for things in the other corners. Perfect spot to bring kids during the day and adults at night, would be almost as much a destination as the ESPNZone. Great for those conventions that draw locals. Residential above for a total of 15+ floors. Lastly, in the Southeast corner would be a large seafood restaurant with a giant Lighthouse called "The Beacon". The lighthouse would have a rotating light, as do all real lighthouses, and you could literally find your way to the area by following the beacon. Could be as themed as the Medieval Times, have little acts and stories that people could listen to as they eat their seafood. Recessed residential above for a total of 7 or 8 floors. Streetside, smaller shops could fill in the gaps between the cornerstones.

So, in closing we have two destinations, two themed restaurants, new hotel rooms, new residential, and 4 to 12 shops filling the gaps. We have gothic architecture, we have sports glitz, we have New England charm, and we have fun for the family, even after the kids go to bed. Slam dunk, so build it.

[HartfordTycoon]

Here's what should be done: make the entertainment district have a four corners effect. Northeast corner will be the ESPNZone, fronting the Convention Center, this would be the perfect spot for it, low rise hotel above the 3 levels of ESPN for a total of 8-12 floors. Northwest Corner (adjacent to the Hartford Times building) would be a Medieval Times restaurant, with a medieval themed hotel above, nice stone architecture to compliment the Wadsworth which is also adjacent. Similar to the Excalibur in Vegas, but not as huge, and with no fun games. Total of 10 or more floors. Southwest corner would be a Dave and Busters. It goes here because I have reasons for things in the other corners. Perfect spot to bring kids during the day and adults at night, would be almost as much a destination as the ESPNZone. Great for those conventions that draw locals. Residential above for a total of 15+ floors. Lastly, in the Southeast corner would be a large seafood restaurant with a giant Lighthouse called "The Beacon". The lighthouse would have a rotating light, as do all real lighthouses, and you could literally find your way to the area by following the beacon. Could be as themed as the Medieval Times, have little acts and stories that people could listen to as they eat their seafood. Recessed residential above for a total of 7 or 8 floors. Streetside, smaller shops could fill in the gaps between the cornerstones.

So, in closing we have two destinations, two themed restaurants, new hotel rooms, new residential, and 4 to 12 shops filling the gaps. We have gothic architecture, we have sports glitz, we have New England charm, and we have fun for the family, even after the kids go to bed. Slam dunk, so build it.

Sounds about right to me...

[The Voice of Reason]

http://www.courant.com/news/custom/topnews...,0,945432.story

HUD Awards Grant, Loan For Adriaen's Landing Project

WASHINGTON - The Department of Housing and Urban Development today announced a $2 million grant and a $5 million loan for the Adriaen's Landing project in Hartford. It will go to the problem-plagued Front Street component, the final retail and recreational component to the river-front project.

my inner core says fudge THIS handicapped non project and may it never be built.;

but its still good for Hartford to get something from the government

Edited May 8, 2008 by The Voice of Reason

[HartfordTycoon]

http://www.courant.com/news/custom/topnews...,0,945432.story

HUD Awards Grant, Loan For Adriaen's Landing Project

WASHINGTON - The Department of Housing and Urban Development today announced a $2 million grant and a $5 million loan for the Adriaen's Landing project in Hartford. It will go to the problem-plagued Front Street component, the final retail and recreational component to the river-front project.

my inner core says fudge THIS handicapped non project and may it never be built.;

but its still good for Hartford to get something from the government

Yeah, I read that article and it seems as if the housing component is not even mentioned any longer. I guess at this point I just hope it somehow doesn't completely suck if it's ever built. I have definitely lost all excitement about it.

[Theophrastus Bombastus]

Yeah, I read that article and it seems as if the housing component is not even mentioned any longer. I guess at this point I just hope it somehow doesn't completely suck if it's ever built. I have definitely lost all excitement about it.

http://www.courant.com/community/news/hfd/...0,5924967.story

FALL start date??? Why? They've had YEARS to do the prep work, just start the !@#$% thing already.

[The Voice of Reason]

http://www.courant.com/community/news/hfd/...0,5924967.story

FALL start date??? Why? They've had YEARS to do the prep work, just start the !@#$% thing already.

Something I have always liked about the mayor is his eye for more. he may not be the best mayor but he at least wants everything to be big in hartford. NHL Arena, 30+ story towers, larger front street with large residential component

"Perez said he hoped, though, that planning for the housing would start in the next few months.

"If we need to change the size of the units and make them more worker housing instead of empty nesters," that would be OK, Perez said. But the development can't stop with retail alone, he said.

"I want the home run," Perez said. "But getting to second base is OK"

[HartfordTycoon]

Something I have always liked about the mayor is his eye for more. he may not be the best mayor but he at least wants everything to be big in hartford. NHL Arena, 30+ story towers, larger front street with large residential component

"Perez said he hoped, though, that planning for the housing would start in the next few months.

"If we need to change the size of the units and make them more worker housing instead of empty nesters," that would be OK, Perez said. But the development can't stop with retail alone, he said.

"I want the home run," Perez said. "But getting to second base is OK"

I'm with you on that 100%. Thinking big about Hartford is a gift that Eddie brings and is not something to take for granted in a mayor of a city like ours.

[beerbeer]

This is seven million dollars that the project lost because of foot dragging. It isn't new money, it just restoring the money they lost.

[sp1dey]

This is seven million dollars that the project lost because of foot dragging. It isn't new money, it just restoring the money they lost.

Not only that, I'd wager construction costs have gone up a lot more then seven million since this was proposed.

[daroberts]

Retail at Front Street? Does that really make sense?

[uconn99]

Retail at Front Street? Does that really make sense?

Are you serious?????

As for a fall start date, thats a great idea so they can work for all of a month and stop for the winter, wow!

[The Voice of Reason]

Hey,

whatever

it is happening none of us are happy

I suppose no mater what is built will be better than a dirty puddle or surface parking lot.

and the good thing is that my expectations are so low and my disgust so high I cant help but be happy with what is built. While of course completely disapointed.

and 15 years from now it will all be replaced with an appropriate development

[beerbeer]

Here is some of Nitkin's previous work.

Check out his portfolio herre.

http://hbnitkin.com/portfolio.php

Edited May 10, 2008 by beerbeer

[MadVlad]

In this case, he's bringing a knife to a gun fight....

[The Voice of Reason]

So there is an editorial in Hartfords illustrius Courant today.

http://www.courant.com/news/opinion/editor...0,3516403.story

It is an editorial, so whatever that means, but the Author references a residential tower using the Hartford times building as if it is a given.

For a variety of reasons, primarily fiscal, the project has been scaled back to a first phase with 65,000 square feet of commercial space and, it's hoped, a second phase for residential construction. Nitkin said this may be a tower on Prospect Street that uses the facade of The Hartford Times building as an entrance.

The frequently asked question is whether ESPN will locate a club there. Mr. Nitkin said talks are continuing

A residential tower on the highest point of land also makes sense. It will be close to Main Street and the Wadsworth Atheneum and provide views of downtown and the Connecticut River.