Recent talk of Hartford’s renaissance has drawn a healthy dose of skepticism from residents in and outside the Capital City, who have been disenchanted by decades of false promises of urban renewal.But there is concrete evidence that Hartford’s revitalization is real and moving in the right direction. Last week, two more iconic Hartford properties traded […]
Recent talk of Hartford's renaissance has drawn a healthy dose of skepticism from residents in and outside the Capital City, who have been disenchanted by decades of false promises of urban renewal.
But there is concrete evidence that Hartford's revitalization is real and moving in the right direction. Last week, two more iconic Hartford properties traded hands as investors, many from out-of-state, continue to view the Capital City as a good bet.
New York-based BHN Associates paid $71.1 million to purchase six-buildings in Constitution Plaza, while Westport Capital Partners announced it bid $17.6 million in an online auction to acquire the 330,000 square-foot Goodwin Square office tower and adjoining hotel.
In March, New York investors paid $36.9 million for 100 Pearl Street, and two other ionic Hartford properties — the Gold Building and CityPlace I — are on the market as their owners sense an opportune time to sell.
The true economic health of any city or region is determined by its ability to attract private capital, and that's precisely what Hartford is doing.
Investor interest in downtown Hartford commercial properties, in particular, is rising. The center city's vacancy rate is also easing into the lower teens.
It is true that government funding has driven most of the development projects currently underway in Hartford. But those projects — including buildout of new apartments, the Front Street entertainment district, the relocation of UConn's West Hartford campus to the Capital City, and construction of the minor league baseball stadium and adjoining mixed-use development — now are proving to be catalysts for private investment.
In fact, the new cohort of Hartford investors have linked their bullish outlook to many of those projects and the young professionals they are expected to lure to the center city.
That is a good sign that should gain recognition, even from the naysayers.
Still, the city must not rest on its laurels. There are major issues confronting Hartford's policymakers that must be tackled if the city is going to continue its upward climb. City residents, 10.3 percent of which are unemployed, need more education and job opportunities.
Hartford's exorbitant 74.29 commercial mill rate remains a major drag on private investment in the city, and the chief reason public money is needed to finance many developments. Violent crime, while not prevalent in downtown, still spreads its ugly wings in many Hartford neighborhoods.
The city's budget also has structural deficit issues that bring with it the threat of future tax increases.
Hartford, whether people care to admit it or not, is experiencing a resurgence. Policymakers, ranging from the mayor to the city council and state legislative delegation, have a chance to carry that momentum further.
Whether they do, or not, could mean the difference between more false hope or a truly revitalized Capital City.
