Market Assessment. The site of a former Kmart in Hartford has undergone a set of assessments to provide market and cost assumptions. This insight has been used to shape a redevelopment vision that is realistic, market feasible, and brings much higher value potential to the property than if the abandoned retail site were sold as it stands currently.

Redevelopment Vision Builds Value. The City of Hartford has expressed desire for a vibrant mix of uses for the site that meet the stated needs and goals of this growing community, its residents, employers and visitors. This redevelopment concept suggests a mix of the following retail, office, restaurant and residential uses which are considered feasible based on a growing market and existing community development standards:

  • Subdivision & Phasing Potential. An enhanced internal street grid with opportunities for parcel subdivision and phased development.
  • Residential. Up to four (4) low-rise residential towers with potential for up to 150 units, ample parking, on-site greenspace and clubhouse amenities, and outstanding views of adjacent protected wetlands
  • Commercial. Two (2) mixed commercial/retail buildings of approximately 24,000 square feet each, suitable for professional offices, service-oriented business and boutique shopping.
  • Outlots. Two standalone outlots desired for fast-casual restaurant development, such as a brew pub, sports bar, or popular chains, each offering high visibility to Highway 60 and outdoor seating potential.

Zoning changes may be considered to accommodate multifamily residential development of sufficient density. Local development incentives may also be available for qualifying redevelopment proposals.

TP3 makes the next steps happen

Developer Recruitment via RFP. The City and property owners have retained our team to engage with developers as partners to bring about quality, lasting projects. To achieve this end, we are applying all the economic development tools we have available, and a deep understanding of the challenges for a redevelopment project of this magnitude. A request for proposals that answer the proposed vision will help ensure the project brings back a high level of value and tax base to the community.

TIF District Creation and Negotiation. As next steps, TP3 is poised to create a Tax Increment Financing District and negotiate the payback schedule for improvements needed to facilitate the types of development as envisioned.