Growth is a crucial issue facing municipalities and business owners. For cities and counties, growth means and increase in tax revenue that may mean additional programs or closing deficits. For business owners, it may create opportunities to pass their success to shareholders and employees. While these goals may be different, they depend on the same thing: quality housing.
These shared goals should not be surprising given the increase in multifamily housing development in and around Hartford. According to a recent hartfordbusiness.com report, a wave of construction to be completed over the next 18 months exemplifies how sound business fundamentals are translating into growth for municipalities and business owners.
Dozens of complexes in Greater Hartford are expected to be completed before the end of 2019, which will either complement or replace the region’s aging inventory of 40,000 units. Some of the most prominent are along the I-91 corridor towards the border with Massachusetts.
The timing could arguably not be better, with undergraduate and graduate job-seekers looking for their first professional residences. Also, the last major apartment building wave came in the 1980’s, long before many of today’s amenities (i.e. secure entry, wifi connections, electric car charging stations) became important.
While these projects are indicators of a bright future in Hartford’s real estate market, they are also examples of careful consideration, due diligence and professional advice from experienced real estate lawyers. If you have questions about zoning requirements, land use restrictions or building code issues, we stand ready to advise you.
The preceding is not legal advice and does not establish an attorney-client relationship.