- Client CONNECTICUT DEPARTMENT OF TRANSPORTATION (CTDOT)
- Location Hartford, CT
- Category TOD, Market Analysis, Real Estate Planning
What We Did
- Market Analysis
- Real Estate Master Planning
- Transit-Oriented Development Study
MCFA prepared Transit-Oriented Development studies as part of a new light rail line project to serve and benefit communities in metropolitan Hartford, CT including; North Haven, Wallingford, Berlin, Windsor, Windsor Locks and Enfield. MCFA services included support in the following areas; community planning, land/real estate development planning services, and TOD project implementation strategies.
Key services included the following:
- Market Report Summaries – Broad brush assessments of each community/town/area’s marketability and real estate outlook useful to guide the ranking of communities as able or unable to support (transit-oriented) development (TOD).
- Economics – Listing of major industries, employers, average wages and/or household income levels, as well as economic outlook citations.
- Real Estate Metrics –
- Description of the local residential real estate stock – calling out significant single-family, condo, and townhome development, existing and planned.
- Residential average pricing and outlook – describing average sales pricing, days on market, and market strength.
- Commercial stock and planned development – describing the local commercial real estate stock, calling out significant industrial, warehouse, research and development (R&D), retail, office, and hospitality development in the area.
- Commercial average pricing, outlook, and relevant stock – describing average price per square foot (existing building) and price per acre (land), as well as total available square footage and annual sales data.
- Development Market Overview – A market summary identifying key market strengths or challenges, including:
- Anchor developments impacting future transit – pipeline developments that may impact pricing or TOD decisions
- Area characteristics impacting future development – existing plans, under construction development, or economic factors that may impact pricing or TOD decisions; estimates
- Potential market rents, subsidized rents – description of rental rates for commercial building, including land leases if applicable, and discussion of existing subsidized housing ratios and rules
- Demand and absorption estimates – absorption estimates by unit (residential) or square foot (commercial).