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The Voice of Reason

Nice article on Lary G

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dont have a link since I found it on my BB terminal. its a nice interview, and highlights how he got to where he is now, all the problems with Hartford,

it also said that H21 just passed 70% and is on scheduel for its rent up.

also highl;ighted that it is exceeding expectations on price per sqft.

banks expected $1.6 they are getting $2.0 per sqft.

mentions a flurry of activity on the retail space. (whatever that means)

He also speaks at length about Hockey. he calls himself a Whalers fan and goes on about how the recession will help him get a team.

it then gets into what he is doing now in New haven.

he submitted a proposal for the arena site.

here is a tiny snip of the Q and A on the NH arena site

Q: How much investment do you think the property is going to entail?

A: We're looking for [about] 500 units, an office building and the retail. Probably $250 to $400 million. On Phase I $250 million and [the developer] to be prepared to put down at least one-third, $75 million in equity, which is totally comfortable for us.

Q: So you would include office space?

A: And retail and hopefully the theater as well. It's important to establish some Class A office space, there is an opportunity to crack hedge funds and other boutique corporate headquarters to New Haven. If they get exposed to it they're going to love New Haven. There isn't much of an office market yet, people suffer from some very dated perceptions of New Haven and they're really missing it. I understand the structural and economic problems are there in New Haven, but the urban core is just fantastic.

I think someone is going to have to find this proposal on the NH arena site and post it in the SW area.

http://www.conntact.com/article_page.lasso?id=41973

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The H21 goal was 90% by September 2008. 70% rented would mean over 180+ units are occupied. He needs to rent 50 more units in the next four months to reach his goal.

He stated earlier only two rooms remain at this point, those are harder to move.

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The H21 goal was 90% by September 2008. 70% rented would mean over 180+ units are occupied. He needs to rent 50 more units in the next four months to reach his goal.

He stated earlier only two rooms remain at this point, those are harder to move.

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Thanks for doing the math.

I am picking up what you are putting down. It seems he is being a little optomistic. He of course does have the inside info, and I am sure he is hoping for things to pick up as soon as the market opens. In fact I would not be suprised if he does a major marketing push with the market opening, but 50 units? Also if his recent acertations that commercial space has seen a flurry of activity he may have several new commercial tenants to help draw in residents.

That being said I have a hard time seeing 50 two bed room units go in the next four months.

Do you know if that 90% figure that we have all seen before includes the office and retail space? I would suspect not, but that office and commercial space represents a major portion of the financial picture of this project.

I recall reading that he was losing a potential $2M a year in commercial leases and that it was dissapointing.

that has to be 20% of the buildings revenue.

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Walk by the Hartford 21 at night. There is no way in heck 70% of the places are accounted for. Judging by the lights on around, say, 9pm...I'd say the figure is closer to 25-30%. Unless all of his tenants go to bed really early...

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