Lamont proposes $50M state fund to support vacant commercial property conversions

Gov. Ned Lamont on Wednesday proposed spending $50 million over the coming two years to help finance the conversion of empty commercial buildings into new uses.

Lamont unveiled his new “Greyfield Revitalization” program Wednesday as part of his proposed capital budget for the next two fiscal years.

The capital budget is separate from the two-year, $55.2 billion General Fund budget that Lamont also pitched to lawmakers on Wednesday.

During a press conference at the Legislative Office Building in Hartford, state budget director Jeffrey Beckham, who is  secretary of the Office of Policy and Management, said the proposed $50 million Greyfield Revitalization program is meant to provide gap financing for projects seeking to convert empty commercial buildings to new uses. 

He didn’t say the funding would be restricted to certain types of projects. It could support efforts like empty office buildings or retail strip malls being converted to new uses. 

The funding allocation comes following discussions between the city of Hartford, state Department of Economic and Community Development, and others about the need for a state fund to help finance the conversion of  empty office buildings — a major problem in various municipalities around Connecticut — into new uses. 

The budget includes other funding for economic development initiatives, including $35 million annually for brownfield remediation projects and $45 million over two years for the Manufacturing Innovation fund.