Downtown Hartford residential stock set to increase dramatically

[beerbeer]

Here are the residential projects in the pipeline for downtown. In some ways September 1st is the kick ooff for the new downtown. The one that will be filled with people. Here's the list.

Hartford 21 262 units Opens Sept. 1

Sage-Allen 78 units Under construction

Colt Gateway 238 units Open/under construction

The Metropolitan 50 units Open/under construction

101 Pearl St. 33 units In planning

American Airlines building 89 units In planning

Capewell Factory 100 units In planning

YMCA site * 300 units In planning

Front Street ???????

BOA Building ??????

Anyway you look at it, that is a significant of apartments in such a small number of blocks. Personally, I think the units will be swallowed up pretty fast. The more people that live downtown, the lively the place will become, and that in turn will help make it a more desirable place to be. It's called critical mass and Hartford is right on the cusp of it.

Assuming conservative numbers for Front Street (60) and BOA (15), we looking at more than 1200 apartments and condos. That is a lot of feet on the street. Once things start popping they will keep going for a while. Should be fun.

[drc72]

Any word on Front Street? What's the deal, is construction resuming?

[beerbeer]

If you believe the Hartford Courant, the middle of September is when Nitkin shows his hand.

[grock]

There are also plans to build more brownstone type housing along Capitol Avenue, between Hudson Street and the state office building across from the Bushnell.

The city is behind this and is waiting for Governor Rell to OK construction of a parking garage for state workers so the brownstones can go up on what is now a parking lot.

The idea is to replicate the block of brownstones between Main Street and Hudson.

[drc72]

There are also plans to build more brownstone type housing along Capitol Avenue, between Hudson Street and the state office building across from the Bushnell.

The city is behind this and is waiting for Governor Rell to OK construction of a parking garage for state workers so the brownstones can go up on what is now a parking lot.

The idea is to replicate the block of brownstones between Main Street and Hudson.

That would be awesome! I hate those parking lots along Capitol Ave.

[Luca Brasi]

There are also plans to build more brownstone type housing along Capitol Avenue, between Hudson Street and the state office building across from the Bushnell.

The city is behind this and is waiting for Governor Rell to OK construction of a parking garage for state workers so the brownstones can go up on what is now a parking lot.

The idea is to replicate the block of brownstones between Main Street and Hudson.

This is great news. I haven't heard anything about this plan in years. This could be a GREAT neighborhood of brownstones. The rendering even included two twin highrises on Elm facing the park on each side of West Street.

This plot of land was another development screwup in Hartford where an entire neighborhood was bulldozed for a state office complex that was never built.

[MadVlad]

I won't hold my breath, this plan has been in the works for 10 years now.

[drc72]

I won't hold my breath, this plan has been in the works for 10 years now.

Yeah, but this could be be for real this time. I'm a little more confident, with all the development going on, although I can understand your concerns with that.

[beerbeer]

Vlad,

I think the difference is that things are actually happening in Hartford. I hate to keep repeating it, but the bottom line is H21. If that places fills up, then every developer with a blueprint in his pocket is going to start acting. Some of the plans are bullcarp but some will make it into reality.

Most of us who watch the city already know the obvious places to develop. The Northland/YMCA project will happen. So will the Colt Building. If H21 fills up, I wouldn't be surprised to see Capital West developed pretty quickly. A renovation could be on the market before any construction takes place. In general, I would expect renovations like 100 Pearl Street to get the jump on any new construction.

Whether the Brownstone project takes place is tough to tell. If the state puts in some heavy incentives, it could happen suddenly. But left to theiir own devices, I haven't seen anythng that leads me to believe this group of developers would take any risks south of Bushnell Park.

[MadVlad]

Vlad,

I think the difference is that things are actually happening in Hartford. I hate to keep repeating it, but the bottom line is H21. If that places fills up, then every developer with a blueprint in his pocket is going to start acting. Some of the plans are bullcarp but some will make it into reality.

Most of us who watch the city already know the obvious places to develop. The Northland/YMCA project will happen. So will the Colt Building. If H21 fills up, I wouldn't be surprised to see Capital West developed pretty quickly. A renovation could be on the market before any construction takes place. In general, I would expect renovations like 100 Pearl Street to get the jump on any new construction.

Whether the Brownstone project takes place is tough to tell. If the state puts in some heavy incentives, it could happen suddenly. But left to theiir own devices, I haven't seen anythng that leads me to believe this group of developers would take any risks south of Bushnell Park.

The problem is the wait-and-see attitude that everyone has. Is it safe business-wise, sure, but safe isn't always the way to go if you really want to profit. Northlands is a perfect example of that, they jumped at the chance to change the city, they are progressive thinkers and it's really changing the city. All these fly-by-night developers that float through and look for a quick buck are not the kind of guys we need. The City and the Mayor need to market themsleves better and position the city to get the forward thinking developers that are sorely needed for us and the area. This reeks of croneyism to me, and that's really what sunk the city in the past, just look at the parking situation of the last 30 years.

[HartfordTycoon]

The problem is the wait-and-see attitude that everyone has. Is it safe business-wise, sure, but safe isn't always the way to go if you really want to profit. Northlands is a perfect example of that, they jumped at the chance to change the city, they are progressive thinkers and it's really changing the city. All these fly-by-night developers that float through and look for a quick buck are not the kind of guys we need. The City and the Mayor need to market themsleves better and position the city to get the forward thinking developers that are sorely needed for us and the area. This reeks of croneyism to me, and that's really what sunk the city in the past, just look at the parking situation of the last 30 years.

I totally agree with everything you said here. We need some developers who want to be pioneers. Now if those type of developers can't be found in the Northeast US than so be it. We need whoever builds all of those towers in Montreal or something!!!

[ctman]

With the real estate market slow down, is it realistic to think there will be any large scale projects that come to light 3 years from now? I would love to see 4-5 35-45 story residential towers just as much as the next guy, but if the real estate market cools in CT, I would be suprised if projects currently on the board - like capital west and the building out by the train station, actually see completion. It's still plenty early enough for the YMCA project to be put on 'hold' (and I hope it doesn't) with a real estate slowdown over the next 6 months. Also, is it odd that they haven't come out with any preliminary designs/renderings for a building that is rumored to break ground at the end of '06?

[drc72]

With the real estate market slow down, is it realistic to think there will be any large scale projects that come to light 3 years from now? I would love to see 4-5 35-45 story residential towers just as much as the next guy, but if the real estate market cools in CT, I would be suprised if projects currently on the board - like capital west and the building out by the train station, actually see completion. It's still plenty early enough for the YMCA project to be put on 'hold' (and I hope it doesn't) with a real estate slowdown over the next 6 months. Also, is it odd that they haven't come out with any preliminary designs/renderings for a building that is rumored to break ground at the end of '06?

A slowing real estate market doesn't neccesarily mean that, residential towers won't be built and housing downtown will slowdown.

[SOCOM]

Also, is it odd that they haven't come out with any preliminary designs/renderings for a building that is rumored to break ground at the end of '06?

Are you talkingt about the YMCA site? Last I heard it was scheduled to break ground in spring/summer of 2007.

[MadVlad]

A slow down doesn't always mean things don't get built. Larry G has demonstrated that he will usually go ahead with buildings as planned. Fortunately, Northlands isn't Colonial Realty.....

[Luca Brasi]

Northland will be developing condos on the YMCA site. They aren't of stupid. People in Connecticut generally want to buy instead of renting. I think that rentals in the $2000 to $3000 range will quickly reach saturation in downtown while the sky is the limit for people who want condos. Check the availability of Bushnell Tower, Riverpoint or The Linden and tell me I'm wrong. Downtown Hartford has been starving for new housing for 20 years.

[grock]

cool brownstone for sale:

http://www.prudentialct.com/Property/listi...PriceLow%20desc

[ctman]

Don't forget there was a huge demand for hartford office space in the not to distant past, spurring many of the parking lots we now have. I understand the downtown market is starved for housing right now, however, a slowdown or correction in the real estate market would make it a somewhat dicier proposition to build large scale high end housing projects downtown. These projects are counting on people whom are already in the area to sell their suburban homes to move into Hartford. With a slowdown, these people will not be able to sell their homes quickly or for the price they would like. Let's face it, we are entering a buyer's market. With this, the pot of money to purchase downtown housing is smaller, therefore smaller margins and profits and higher risk for the builders and less incentive to build. Demand for downtown htfd housing is still somewhat unproven. Bushnell Towers/Linden/Riverpoint are full b/c thats all there is. 55 on the park claims full occupancy, however, a fairly large chunk of their units are leased by area corporations for extended stay employees - not residents. I have also seen forclosures in Riverpoint in the Courant. My question is, how realistic is it to see all the projects on the table finished and more large scale ones to be presented and followed through on given this? I think if h21 fills up and then the Northland Tower fill up we will see perhaps 4-6 highrise proposals with 2 being built. question is, will that happen...

[drc72]

A slow down doesn't always mean things don't get built. Larry G has demonstrated that he will usually go ahead with buildings as planned. Fortunately, Northlands isn't Colonial Realty.....

Thank God for That!!!

[beerbeer]

I don't think a slowdown in the RE market will affect downtown. It is a very unique situation. The national slowdown, which is part of a normal cycle, will have more affect on the prices of homes in the suburbs. But new houses continue to be built. People are still buying. It just not the sizzling market of the last few years.

The economy continues to be very strong. And the high price of gas should actually help downtown units versus their suburban couterparts.

[HartfordTycoon]

We weren't part of the bubble anyway so it's not really going to bust here. Things will pretty much be the same as they have been.

[redbaron]

We weren't part of the bubble anyway so it's not really going to bust here. Things will pretty much be the same as they have been.

In fact the condo market is still very strong in the Hartford area, there are simply not enough available. Which is why there are 6 or so projects in the works and more still being planned.

[beerbeer]

There is no housing "bubble." Housing goes in strong and weak cycles. But even when the value of your house goes down, it still retains value, it doesn't disappear.

The "tech bubble" was a true bubble because after people invested in these companies, they vanished. There was nothing left. They had zero value.

If you buy a house, you can live in it, you can sell it at a loss. Or you can wait for the upcycle. Huge difference.

[HartfordTycoon]

There is no housing "bubble." Housing goes in strong and weak cycles. But even when the value of your house goes down, it still retains value, it doesn't disappear.

The "tech bubble" was a true bubble because after people invested in these companies, they vanished. There was nothing left. They had zero value.

If you buy a house, you can live in it, you can sell it at a loss. Or you can wait for the upcycle. Huge difference.

I think most sellers here will still make a profit. It just may not be a big a profit as it would've in the seller's market.

[uconn99]

Trump should think about the city again. With all the development going on in Hartford and Providence, I am surprised we havnt heard anything from Trump.