Subsidized housing downtown?

[MadVlad]

Has anyone ever heard of Corporations and apartment owners working together to bring residents to a certain area? For example, downtown Hartford. Would it be plausible for someone to decide to build a high-rise apartment building with the sole idea being to house downtown workers? Say I own Joe's High-Rise LLC, I decide I'd like to build a building downtown, say north of I-84 in open-lot heaven. I decide to contact downtown Hartford's 10 biggest employers (let's see, Travelers, Aetna, Hartford Ins., Phoenix, UTC, Bank of America, Lincoln, Prudential, United Health, and HSB), and try to work out a deal where I would reduce the rental fee by a certain amount and perhaps they would help subsidize for a certain amount. It would obviously help me fill my building, but it would also assist these employers. Their workers would live near, potentially be on-time (no traffic jam nonsense), possibly be available to work later (don't have to schedule around the bus). The workers wouldn't have to waste money on gas, they could enjoy a nice, urban lifestyle, get up later and be home sooner. Business' in the area would reap the benefit of my additional residents being around 24/7. The city would help achieve it's goal of 24/7 foot traffic.

Has this been done before, and if so, what is it called, and can it work in Hartford?

[ctman]

sounds like a pretty good idea to me, beneficial all around for the corporations/employees/city. Sounds a bit like the deal yale-new haven is doing for it's employees, but dealing with rentals not ownership.

[MadVlad]

Ownership wouldn't be a bad idea either, getting people invested into the city is never a bad thing...

[drc72]

sounds like a pretty good idea to me, beneficial all around for the corporations/employees/city. Sounds a bit like the deal yale-new haven is doing for it's employees, but dealing with rentals not ownership.

I agree, sounds like a great idea.

[beerbeer]

Yes. This has been done before. One of the most famous of these type of arrangements is in Hartford.

Its name is Coltsville. Built by Sam Colt to house workers for his armory. I bet you already knew that.

[Luca Brasi]

Gret idea, but large corporations today answer to Wall St. It would be a tough sell.

[MadVlad]

Yes. This has been done before. One of the most famous of these type of arrangements is in Hartford.

Its name is Coltsville. Built by Sam Colt to house workers for his armory. I bet you already knew that.

I did know that, but I haven't heard of a modern day equivalent...

[jcrc]

Actually I believe Portland OR has some kind of deal where city of Portland subsidize a portion of the rent for people who work in the city and it's targeting younger professional who made decent but not huge salary. A Portland native who was in town had this conversation with me about a few months ago. It suppose to really turned Portland from decaying to a booming city.

[HartfordTycoon]

Actually I believe Portland OR has some kind of deal where city of Portland subsidize a portion of the rent for people who work in the city and it's targeting younger professional who made decent but not huge salary. A Portland native who was in town had this conversation with me about a few months ago. It suppose to really turned Portland from decaying to a booming city.

It's kind of similar to what Yale and New Haven do to help subsidize university employees homes in New Haven. I wish some organization in Greater Hartford had something comparable.

[Yankee.Peddler]

I like your idea, MadVlad. For it to work in Hartford, however, I think the city would have to pass an ordinance offering some sort of tax incentive to corporations, apartment properties, and developers. I unfortunately can't see the private sector compelled enough to form these partnerships on their own.

Your idea sounds like what is often done for the military in the D.C. area. Several apartment complexes in DC, MD and VA offer discounts to military personnel who work at the Pentagon, Andrews AFB, Fort Belvoir, and other locations. I assume these discounts can also be found in other locations across the country with a large military workforce.

[MadVlad]

I'm not sure why they'd need tax incentives. One would think revitalizing a whole downtown would be a real reward....

[drc72]

I'm not sure why they'd need tax incentives. One would think revitalizing a whole downtown would be a real reward....

You would think so, but enticing some people to come to city with tax incentives is a great idea. And it also shows that Hartford is more business friendly.