Hartford officials are preparing to launch a $2 million stimulus initiative aimed at bringing new retail, restaurant and entertainment businesses to the area immediately around the PeoplesBank Arena.
The proposed Arena District Retail Initiative would mimic the city’s roughly $9 million Hart Lift grant program — which launched in 2021 — but with a much narrower focus area and larger awards.
Unlike the federally funded Hart Lift program, which was available citywide, the new initiative focuses on eight specific addresses located in and around the two blocks just west of the 16,000-seat arena.
The targeted vacant properties include sites on the same block as PeoplesBank Arena, as well as adjacent blocks bounded by Church, Asylum, Trumbull and Main streets — an area anchored by Pratt Street, one of downtown Hartford’s main retail corridors.
Owners of the targeted properties and their prospective tenants would be eligible for grants of up to $250,000 per location, with the possibility of larger awards in special cases.
Participants would be required to provide a dollar-for-dollar match.
The Capital Region Development Authority (CRDA) board on Thursday is expected to consider approving $2 million in proposed state bond funding for the two-year initiative. The program would still need final approval from the state Bond Commission.
Activating storefronts
The state has already made major investments in revitalizing its Capital City. By offering low-interest loans backed by state bond dollars, the CRDA has helped finance construction of more than 3,000 apartments in downtown Hartford over the past decade-plus.
State taxpayers are also funding $125 million of the ongoing $145 million renovation of the city’s 16,000-seat PeoplesBank Arena.
David Griggs, president and CEO of the MetroHartford Alliance, said the new initiative aims to build on those investments by bringing new life to long-vacant storefronts downtown.
“For us, it’s an opportunity to do something that hasn’t been done — activate the front of the arena,” Griggs said.
Griggs said some of the target storefronts have sat empty for decades, largely because they are in “raw” condition, lacking plumbing, finished floors and even basic electrical systems.
“The floor is construction-grade cement,” Griggs said. “You can’t even polish it to make it work. So, there are a lot of dollars that have to go into making it tenant-ready.”
NAI Lexington Commercial, which represents several properties in the arena area, helped assess those conditions. Company President Kevin Kenny said the new funding could finally make those long-empty spaces viable for tenants.
“It’s greatly needed to finish what everyone collectively started over there on Pratt Street,” Kenny said. “A lot of those spaces just need total renovation far beyond the usual scope to get them built out to the latest standards.”
Kenny said his firm is in discussions with several prospective tenants, including an experiential entertainment venue featuring billiards, ax-throwing and golf simulators, as well as a new bar concept eyeing a space at the corner of Trumbull and Pratt streets.
“There are at least five of those spaces that have people waiting in the wings,” Kenny said. “This would be the ammo they need to sign on the dotted line.”
Under the proposal, the program would be administered by the Hartford Chamber of Commerce, which also managed Hart Lift. Applications would be reviewed by a six-member finance committee representing CRDA, the city, MetroHartford Alliance, the chamber and members from related fields, such as brokers or real estate attorneys.
The city would retain veto authority over applications based on an applicant’s standing with municipal agencies.