Hamden's south central location and creative use of financial tools have paid off while the small business community looks to benefit from larger impact projects. In 2008, Hamden was named by Fortune Small Business Magazine as "One of the 100 Best Places in America to Live and Launch a Small Business". In 2009 Hamden had its first bond rating upgrade in over 10 years.
Whitney Center Continuing Care Retirement Community: The $75 million Renaissance Project will be financed through tax exempt bonds because of Hamden's passing of the City and Town Development Act. This project will add 87 units and an expanded health care facility. It will generate over $1 million in building permit fees and over $1 million in new, annual tax revenue. The project will create jobs and add to the intellectual capital in Hamden. "We are thrilled to see the fastest growing Industry Cluster expand due to the use of this ACT," said Dale Kroop, director of economic development.
CT Department of Transportation: Construction of the 250,000 s/f bus garage. This $107 million facility will generate well over $400,000 in annual PILOT tax payments and will bring 300 jobs to town. The disposable income generated from these jobs will support growth in local retail and service related businesses. This facility is in close proximity to I-91, between North Haven and New Haven. Since the construction of this project began, there has been continued growth in the State St. area with Easter Seal Goodwill moving its 50,000 s/f warehouse. Both sites are within one mile from Exit 10 off I-91.
Highwood Square: Nine years in the making, this 40,000 s/f mixed-use project will include 27 units of artists housing and 15,000 s/f of new retail to a location that formerly included several brownfield sites. This project will generate over $125,000 in new tax revenue and help revitalize the Highwood neighborhood. There was significant public investment for the project, including Urban Act, HOME, CHFA tax credits, town funds and bank financing. The projected completion date is summer of 2010.
Sears Hardware Building: The former Sears Hardware building will be developed by Key Point Partners, the property manager for Marketplace of Hamden. There will be three tenants including a new 7,000 s/f Lakeshore Learning, a 13,000 s/f retail box and a new retail store. This newly rehabilitated 23,000 s/f building had been vacant for three years. Complete occupancy is expected in mid-2010.
Windham Hotel: Approved at Planning and Zoning, this new 115 room hotel will be located immediately close to the York Campus at Quinnipiac University. The $10 million hotel will be completed in 2011.
York Campus Quinnipiac University: The $80 million TD BankNorth Sports Center for hockey and basketball has been completed for one of the fastest growing universities in the northeast. Phase II will include over 1,500 dorm rooms and additional university buildings. The local area retail and service sectors have already seen a significant increase in revenue from people attending the sports and other events. Both phases when completed in 2010 will generate over $500,000 in annual PILOT taxes.
Specialty Wire and Cord Sets: The growth of this important Hamden manufacturing company into their new 20,000+ s/f facility shows that the manufacturing cluster has also shown growth. Specialty will locate its new facility in the expanded Hamden Business Park which was made possible by the funding secured from the Federal Department of Commerce, EDA Office, for a new access road.
These projects will not only create jobs but will rehabilitate many vacant and abandoned properties and significantly improve our many neighborhoods. They will generate over $2 million in new annual tax revenue for the town.
For further information about these projects, Hamden's Business Incentive Program or about potential site locations in Hamden, contact Dale Kroop at [email protected].