CTFastrak Economic Benefit Already Evident in Local Housing Market
Hartford News Staff
May 09, 2013
Hartford, a suburb of New York? Boston? Who would have thought. But with modern technology, someone can live in Hartford, telecommute to New York, hop onto CTFastrack or metro North and be in the city by office hours to check in.
Already, the potential of housing along the new access routes is about to surface. The very successful apartments at 1429 Park Street will be steps away from the bus/rail line, giving those comfortable units even more appeal. So, to take advantage of the demographics already attracted to 1429, Westside Management (the owners) are offering the units at 1429 as condominiums. First, to the current tenants and then to the general public.
This is great news for the city of Hartford – instant homeownership opportunities for 64 families. A Westside representative said “No one will be forced out of their current apartment (they run from 1100 square feet to 2500 square feet) but the deal we are offering will be hard to refuse.”
One current tenant observed “Living at 1429 is great, with a restaurant in the building, shops and all types of goods and services right up the street in Parkville. Now, with the advantage of CTFastrack, we will be interested in investing in the city.”
Another positive sign of interest in the area is a new apartment investment by Westside Management on Arbor Street. Currently office space 15 new units will be available in 120 days or so. And, working with Webster Bank, Westside will be adding 32 new living spaces to 1429 Park Street in the near future. So, the units, encouraged by CTFastrack will total 47 – quite an addition to the Hartford Housing market. With a New York style feel – open spaces, perfect for a home office or studio – Westside expects them to be very attractive in the market.
At just about every stop on the route of CTFastrack, development opportunities are shaping up. Most are of a commercial nature (1200 Park Pope Commons, is 90% occupied) , but, living near convenient transportation has had very positive effects all over the country. New Britain and Newington stand out as developers are already picking up parcels and advertising access to the coming mass transit.
The plan of CTFastrack has always taken development along the route as on of the main factors for the investment in the busway, rail improvements and stations that serve both. Of course, cutting traffic on I-84 is important but the real benefits to the region and state will come from the jobs, goods and services, and yes, new housing opportunities that will come forth.