Eastern Connecticut Economic Boom!
Windham: retail expansion including Lowes, nearby Walmart, Home Depot, Sears and busy growing retail area. The downtown revitalization and growing arts district including the now open Arts School, Artspace, and Bridge of Flowers. Redevelopment of Nathan Hale and Hooker Hotel.
Killingly Commons: developer Ceruzzi Holdings, project for 470,000 sqft of retail space will serve the busy Route 395 corridor in Northeastern corner of the State. Leases have already been signed by Stop & Shop, Target, Lowes, Staples, Applebees, and McDonalds.
The State currently has generous tax incentives for developers and businesses in designated communities.
Enterprise Zone Program benefits can include: a 5-year, 80% abatement of local property taxes on all qualifying real and personal property that are new to the Grand List of the City/Town as a direct result of a business relocation, expansion or renovation project; and a 10-year, 25% or 50% credit on that portion of the Connecticut Corporate Business Tax that is directly attributable to this business relocation, expansion or renovation project as determined by the Connecticut Department of Revenue Services and as provided under section 12-217(e) of the Connecticut General Statutes.
Windham has been designated an Entertainment District, giving certain entertainment related types of businesses, as defined by statute, eligibility for full Enterprise Zone level benefits, if they complete an eligible project anywhere within the municipality. Within the Entertainment District any type of real property improvement is eligible for an enhanced property tax benefit.
Griswold , Killingly, Lisbon, Plainfield, Putnam, Sprague, Sterling and Thompson are towns of the Eastern Enterprise Corridor. Benefits for eligible projects in an Enterprise Corridor Zone are identical to those in an Enterprise Zone.
Investors continue to be active in the region, looking for investment properties of all types. Especially in demand are net-leased properties with credit tenants, and residential income properties. The demand for warehouse and flex space continues to be strong with very little new supply coming into the market. Eastern Connecticut is expected to experience sustained growth for many years with a lot of activity in the commercial, industrial and retail real estate areas.
Killingly Commons: developer Ceruzzi Holdings, project for 470,000 sqft of retail space will serve the busy Route 395 corridor in Northeastern corner of the State. Leases have already been signed by Stop & Shop, Target, Lowes, Staples, Applebees, and McDonalds.
The State currently has generous tax incentives for developers and businesses in designated communities.
Enterprise Zone Program benefits can include: a 5-year, 80% abatement of local property taxes on all qualifying real and personal property that are new to the Grand List of the City/Town as a direct result of a business relocation, expansion or renovation project; and a 10-year, 25% or 50% credit on that portion of the Connecticut Corporate Business Tax that is directly attributable to this business relocation, expansion or renovation project as determined by the Connecticut Department of Revenue Services and as provided under section 12-217(e) of the Connecticut General Statutes.
Windham has been designated an Entertainment District, giving certain entertainment related types of businesses, as defined by statute, eligibility for full Enterprise Zone level benefits, if they complete an eligible project anywhere within the municipality. Within the Entertainment District any type of real property improvement is eligible for an enhanced property tax benefit.
Griswold , Killingly, Lisbon, Plainfield, Putnam, Sprague, Sterling and Thompson are towns of the Eastern Enterprise Corridor. Benefits for eligible projects in an Enterprise Corridor Zone are identical to those in an Enterprise Zone.
Investors continue to be active in the region, looking for investment properties of all types. Especially in demand are net-leased properties with credit tenants, and residential income properties. The demand for warehouse and flex space continues to be strong with very little new supply coming into the market. Eastern Connecticut is expected to experience sustained growth for many years with a lot of activity in the commercial, industrial and retail real estate areas.
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