Presentation to the 2004 UCONN Connecticut Housing Conference

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Presentation to the 2004 UCONN Connecticut
Housing Conference

• April 8, 2004
• Stephen MacKenzie
• CERC

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What is CERC?

• Nonprofit corporation
• Established in 1992 via utility funding
• Customers include
• State agencies
• Regional groups
• Municipalities
• Utilities
• Other related organizations

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Utility Founding Partners

• CLP
• The United Illuminating Company
• Yankee Gas Services Company
• SBC SNET
• Connecticut Natural Gas
• The Southern Connecticut Gas Company
• Aquarion Water Company
• The Connecticut Water Company
• Connecticut Municipal Electrical Energy
  Cooperative
  
• Verizon

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CERC Solutions

• Industry cluster support
• Business assistance, recruitment expansion
• Connecticut Business Response Center
• CERC ProgramFinder
• Real estate activity
• CERC SiteFinder
• Research and GIS
• CERC DataFinder
• Marketing communications
• DAS-approved

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Professional Economic Development Services

• Full service and/or individual project consulting
  for economic development organizations,
  including
  
• Strategic planning
• Economic impact studies
• Targeted industry analyses
• Marketing communications
• On-call and advisory services

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SiteFinder

• Most comprehensive list of available industrial
  commercial real estate in CT
  
• Web-based, searchable database of more than 2,200
  properties
  
• Properties are uploaded to Loopnet, a national
  listing service
  
• Listings are posted by nearly all commercial real
  estate firms, as well as a few private owners and
  municipalities
  

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SiteFinder Today

• System has over 113 million SF of space for lease
  or purchase throughout CT
  
• Over 2.4 million SF leased or purchased through
  the SiteFinder System in 2003
  
• Searches can be done by address, zip code, as
  well as size requirements
  
• Property types include industrial, warehouse,
  office, flex, R D, and investment

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SiteFinder Home
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Building Search
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Land Search
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SiteFinder Property Profile
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Getting More Information

• Check out the SiteFinder online at
  www.ctsitefinder.com
  
• Contact Chris Edge at [phone] or at
  cedge_at_cerc.com to list properties, post a need,
  or just ask questions about the system

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Does Commercial Development Drive Residential
Development?

• Easy Answer YES!
• Proving a Statistical Relationship
• More Difficult

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Historical Viewpoint

• There is a reason that some towns across the
  country were called
  
• Mill Towns
• Mining Towns
• Connecticut Examples
• Willimantic - Wool
• Manchester Silk
• Meriden - Silver

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Present Day

• It is generally agreed that certain types of
  development drive/promote residential
  development
  
• Examples
• Office
• Corporate Headquarters
• Manufacturing

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Present Day - continued

• It is generally agreed that other types of
  development follow residential (roof top)
  development
  
• Examples
• Retail
• Hospitals
• Schools

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National Figures - Residential
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Residential Building Intensity (2001) and
Employment Growth (1999-2000)
Middlesex
Tolland
Litchfield
Windham
New London
New Haven
Fairfield
Hartford
Sources DECD, U.S. Census, CT DOL
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The relationship is less clear during a recession
(2001).
Tolland
y -0.578x 28.992 R2 0.0378
Fairfield
Middlesex
Litchfield
Hartford
Windham
New London
New Haven
Sources DECD, U.S. Census, CT DOL
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What Do National Site Selection Consultants Say?

• In the Site Selection process, housing
  considerations are not a first tier filter for
  evaluating location options
  
• Consideration of available housing stock is
  considered once a short list of potential
  locations is developed
  

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What Do National Site Selection Consultants Say?
(continued)

• Consideration of available housing stock is also
  affected by the type of client
  
• Examples
• Corporate HQ requires executive housing
• Manufacturing facility may require a certain
  amount of affordable housing
  

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What Do National Site Selection Consultants Say?
(continued)

• When large projects are sited in areas in which
  there are large parcels of land nearby (e.g. An
  auto plant in Texas), the surrounding land is
  hotly pursued by residential developers

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First Hand Experience Stamford Connecticut

• 1997 Swiss Bank (now UBS) Opens Phase I of a
  proposed 1.2 million square foot development
  
• As of 2003, approximately 4,000 employees and
  contractors
  
• Since 1997 there were approximately 5,000 housing
  units built (or planned), mostly in the downtown

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First Hand Experience Stamford Connecticut

• It is clear that the Commercial development
  helped to drive residential development, which in
  turn drove and is driving restaurant and retail
  development
• The result a vibrant and sustainable downtown,
  and municipal economy

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First Hand Experience Stamford Connecticut

• The development of residential units was billed
  as
  
• A housing solution
• A workforce solution
• A transportation solution
• A fiscal solution
• An economic multiplier, especially in the
  downtown
  
• An environmental solution (pushing it!)

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Contact CERC
For more information on CERCs Professional Serv
ices
call 860-571-7136 or visit www.cerc.com

• For more information on
• Business Assistance Programs
• call 1-800-392-2122
• or visit www.YouBelongInCT.com