JOHN GLASCOCK, PHD, SIOR, FRICSCENTER FOR REAL ESTATE AND URBAN

STUDIESUNIVERSITY OF CONNECTICUT

Housing DT HartfordUCONN RE Conference 9 May 2013

Overview

1. Description of the expected/potential new residential housing for DT Hartford

2. Brief discussion of City/urban area patterns in the USA—since 1940/60

3. Brief discussion of HOW Hartford could begin a theme of rebuilding

1. Current Opportunities

Project location Developer Units Value Date to Start

At Riverside Constitution Plaza Abul Islam 195 53 Milunknown

BoA Conversion 777 Main Street Bruce Becker 286 80 M Sum 2013

Clarion H Conv. Constitution Plaza Girona Ventures 199 46 Munknown

Front St Apts Front Street HB Nitkin 115 35 M Fall 13

111 Pearl St. Pearl Street Marty Kenny 121 40 M unknown

101 Pearl St more Pearl same 91 in above unknown

179 Allyn St Allyn Street Dakota Partners 63 14.7 M unknown 201 Ann Street Ann Street Universal Enterpz 20 4.1 M unknown Capital Center 370 Asylum St. NE Neighborhood 40 10 M unknown

1130 282.8 Mil ???

2. Pattern of City/Urban Area Growth

1. Movement to West/South—around the Coast2. Decline on older/interior cities Baltimore, Pittsburg, Cleveland, Kansas City, St. Louis, Philly, Memphis, Detroit, Toledo…Chicago is wavering3. The new job multipliers are Tech/Medical/Energy Trade with Asia—Finance/manufacturing declining Houston, LA, Seattle, Raleigh, Atlanta, San Jose, Dallas, Austin

4. Successful cities demand high human capital workers Stamford is best city for educated workers Raleigh added more college workers than Boston! Stamford serves NYC w/o being NYC! For more info, read the New Geography of Jobs, Enrico Moretti (Houghton-Mifflin, 2012)

3A. Hartford—how to make the Game

A. Observations: 1. Hartford’s core area has become commoditized and is

leaving the area and city—insurance and related finance (investments)

2. The Hartford area (Hartford, West H and East H) is 8th wealthiest (concentration of high income households) in the USA—see The Geographic Concentration of High Income Households: 2007-2011 (Charles Bee, Feb 2012, US Census Bureau)

3. The suburbs of Hartford are exceptional—thus Hartford is an area that could compete well for jobs.

4. BUT, the city is unwelcoming..drive in on 44 from West Hartford.. Drive in from East Hartford or Wethersfield..only Asylum Ave presents Hartford in a favorable manner..try to see Trinity!

But 8th worst in terms of JOB Growth 11-12

3B. Hartford—how to make the Game

Suggestions:

1. Reduce the density of the Hartford area—tear down many buildings and present the ‘city’ in a better format.

2. Good Down Towns are about clusters…each cluster must have jobs, food, easy access and parking and the appearance of safety: even when it is safe, it must appear safe. The Hartford clusters have not been established.

3. Reduce regulation and business taxes.

4. Better connections to NYC: train every hour 6am – 9pm

Thank You

QUESTIONS