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Hamden, CT 06518
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Hamden Business Incubator Continues Progress

9.20.2016

 

HAMDEN BUSINESS INCUBATOR Project continues with roof and asbestos removal PROJECT.

 

Hamden Business Incubator Progress Report

Hamden Economic Development Corporation (HEDC)

September 2016       

 A new phase of construction has just begun at the future site of the Hamden Business Incubator. This phase includes the replacement of the entire roof structure, interior demolition as well as lead, asbestos and mold abatement. The funding for this phase came from the CT. Department of Economic and Community Development and the Federal Economic Development Administration.

    The Hamden Business Incubator is being developed by HEDC at the location of the former Newhall Community Center at 496 Newhall Street, which has been closed since 2002. The incubator will be serve as the location for up to 20 small businesses that specialize in service and technology areas such as light manufacturing, web design and medical office administration. The goal is develop affordable space for entrepreneurs to grow in Hamden to create jobs and increase tax revenue.

As owner, developer and manager of the incubator, the HEDC will provide common services to the small businesses to help them reduce the cost of overhead, making them more profitable. This will include restrooms, electricity and heat, security, and a Wi-Fi equipped meeting space. Rental space will be offered at competitive rates to foster economic growth in the different service and technology industries that can provide job growth and services to the community, the region and the State of CT. Finally, the Hamden Business Assistance Center will provide free business planning and coaching services as part of the overall rent structure.

“This project will have a significant effect on small business development and the future economy and will connect the surrounding southern Hamden community to important institutions and partners in the region. It is a challenging but very worthwhile project. We also have to thank again the Town of Hamden, our local delegation, the Federal EDA and the State of CT DECD  for their ongoing support ”, stated Dale Kroop who is Executive Director of the HEDC.

 FINAL PHASE BEGINS IN WINTER/SPRING OF 2017

Following the completion of the current phase, final renovations will begin in early 2017 on the 40,000 SF building. During this phase of the renovation, site work will be completed on the original structure from 1917. Interior work will include new windows, heating, utilities, a conference/ meeting space and a new elevator. The HEDC expects the Incubator to be ready for its first tenants in late 2017.

Funding for the entire project comes from a $5 Million Urban Act grant, a $525,000 Brownfield grant, a $1.5Million grant from the Federal Department of Commerce and CT Historic Tax Credits.

The Construction Manager for the project is the PAC group and the Architect is George Buchanan Architects.

The Hamden Business Incubator is projected to create up to 40 jobs in the short term (one year), 80 in the medium term (3 years) and 100+ in the long term (five years). The facility will generate over $2 million in new payroll and eventually generate over $75,000 in new taxes annually to the Town of Hamden.

 For further information about the Hamden Business Incubator or the Hamden Economic Development Corporation, visit www.hamdeneconomicdevelopment.org, or the HEDC Facebook Page at https://www.facebook.com/HEDC2012 or contact Dale Kroop, Executive Director at 203-287-7033 or dkroop@hamden.com.

 

 

 

 

 

 

 


8/22/2016
Hamden Real Estate Review
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