by Bill Purcell, President, Greater Valley Chamber of Commerce As we begin a new year, it is useful to take stock of some of the major business & economic development projects and initiatives that have taken place in the "All-America City" communities of the Naugatuck River Valley of Connecticut over the past year. The Lower Valley is comprised of Shelton, Ansonia, Derby, Seymour, Beacon Falls, and Oxford. We will start our trip around the Valley in the Southernmost point - Shelton: In many ways, the City of Shelton is both literally and figuratively the foundation for the Valley economy. With a population of approximately 40,000 residents, Shelton has emerged as a major center of economic influence in the State and the region. With a land area of 31 square miles, the City continues to pursue a balanced approach to economic development and land conservation, with a strong focus on Downtown Revitalization and continued growth along the Bridgeport Avenue/Route 8 Corridor and River Road/Route 110. According to the Real Estate Firm, Cushman & Wakefield, the Shelton Class A Office Market totals more than 3.2 million square feet with a vacancy significantly below much of the rest of Fairfield County. According to the most recent CERC Town Profile, Shelton is home to more than 1,300 business establishments that together employ over 23,000 people. In fact, Shelton now accounts for nearly 48% of all jobs located in the 7-Town Valley region (to include Naugatuck). Following are some of the significant developments in Shelton over the past year: Luxury Housing Boom The City of Shelton is currently experiencing a boom in Multi-Unit Luxury housing to include projects such as: Shelton Cove by Toll Brothers, a luxury community of 36 townhouses located along the Housatonic River on River Road (Route 110). To date, a total of 18 of the units have been sold or are under contract, with the remaining units expected to be completed and sold in 2016. Water's Edge of Shelton is a 16-unit townhome development located just north of Shelton Cove and adjacent to Talalay Global (formerly Latex International) on River Road. Using the tag, "Where you will find your paradise", the project is being constructed by A&M Building & Land and is represented by Willam Raveis New Homes Division. The site offers accessibility to the Housatonic River with boat slips, deep water access and guest dockage. Hawkes Ridge is described as "a brand new, elegant collection of 52 single-family homes and 57 villa-style condominiums nestled on just over 30 acres of natural greenery". The project is a partnership between AJ Grasso of Prestige Builders and local developers Joe and Lou Salemme, with Carey & Guarrera Real Estate Associates serving as lead broker. The project will include an on-site Clubhouse, Swimming Pool and Fitness Center. The Mark Fairfield County is a 228-unit luxury apartment complex owned and developed by Colonial Properties of New York and New Jersey, one of the nation's largest residential real estate developers. According to their marketing literature, "You'll know when you've reached the Mark. There's an air of modern luxury and casual sophistication-whether you're attending a wine tasting in the private dining room or relaxing at the poolside cabana". This project features one and two bedroom apartment homes located in 6 buildings, with rents ranging from $1,600-$2,300 per month. Downtown Housing Projects With the Avalon Shelton project enjoying great success since its opening in 2014, several new mixed-use development projects have been proposed in downtown Shelton. These include a mixed-use development proposed by the Matto Family on their Howe Avenue Site leveled by fire in January, 2014, which will include ground-level retail, with office and residential units above. John Guedes of Primrose Companies has proposed a Mixed-Use development at the former Spongex property on Bridge Street to be known as Canal Bridge Lofts and River Side Commercial Center, adding to his downtown portfolio which includes The Birmingham Condominiums. The so-called Kyles Corner is also being considered for a mixed-use project by a local developer, with details to follow in the Spring of 2016. New Office Buildings/Renovations/Business Expansions Shelton continued to enjoy strong growth in both the Office and Industrial Markets, with several new projects either completed or underway. Among these are: Four Research Drive, which is owned by Rugby Realty of White Plains, NY, was successful in recruiting United HealthCare (UHC) to lease more than 100,000 SF on three floors (brokered by Cushman & Wakefied). This project has brought between 600-800 UHC associates to Shelton's corporate zone, helping to replace the more than 1200 associates that were formerly employed by HealthNet of the Northeast. 100 Trapp Falls, the former WE Bassett property, has been substantially renovated by Cambridge Hanover into a multi-tenant building which has attracted several new businesses to Shelton. Cambridge Hanover, based in New Caanan, is a national Real Estate Development Firm led by company President Jonathan Garrity, who the Chamber recognized with a Silver Hammer Award in December, 2014. Current tenants of the property include Comet Technologies, winner of the Chamber's 2015 Innovation Award, Walgreens, Red Bull Regional Distribution Center and Microphase Corporation. According to Jonathan, a new tenant for the property will be announced in the 1st Quarter of 2016, bringing this building to 100% occupancy! One Parrot Drive, which is also owned by Cambridge Hanover, welcomed EAO Corporation of Milford as a new tenant, while long-time tenant Keno Graphics has recently completed a major expansion and equipment upgrade. Unfortunately, Cara Therapeutics has announced plans to vacate the property in 2016 and move this promising biotechnology company to Stamford. Energizer was successfully transformed into Edgewell, a publicly-traded global leader in health & wellness products, and is committed to expanding at One International Place on Research Drive. PerkinElmer is undergoing a $4 million renovation at 710 Bridgeport Avenue and has plans to expand with a new product line in the 1st quarter of 2016. William Raveis announced plans to substantially renovate 2 Research Drive into their new headquarters. Armstrong 6 was sold and substantially renovated and has announced several new tenants to include EDR, which relocated from Milford. Turner Construction has returned to 50 Waterview Drive in Shelton after spending the last several years in Milford. Five Star Products relocated from Fairfield to 60 Parrot Drive, and completed a major renovation in this R.D. Scinto, Inc. property that was formerly occupied by The United Illuminating Company. R.D. Scinto, Inc. has also announced plans to construct a new Class A office building of 52,000 SF at 20 Commerce Drive, and is presently in negotiations with a prospective tenant. Shelton's Hotel Market activity included the sale of the Hilton Garden Inn by New Castle Hotel to a Canadian developer. The Courtyard by Marriott was sold to the Waterford Hotel Group based in Waterford, CT, which now owns 16 hotels in Connecticut among its portfolio of 30 hotel properties. The top business story in Connecticut in 2015 was the sale of Sikorsky to Lockheed Martin. This announcement promises to have a positive impact on Shelton, where Sikorsky remains the largest private employer numbering over 1000 at various locations including Platt Road (Manufacturing) and 6 Corporate Drive (office). In other news, the sale of Pitney Bowes headquarters in Stamford has resulted in the transfer of many associates to the company's office complex on Waterview Drive in Shelton. Many small and mid-size companies have recently moved or expanded in Shelton, including Serra & Delvecchio Insurance moving to Corporate Park, and back-filling their former space on the Huntington Green with Prime Lending. Electri-Cable Assemblies celebrated its 40th Anniversary in 2015, and completed an expansion project with DECD and doubling its workforce over the past two years. Finally, the former Crabtree Auto site on Bridgeport Avenue is being redeveloped into the Crabtree Shopping Center, a multi-tenant Retail Center, with a yet-to-be announced Supermarket as the Anchor tenant. Next stop on our journey through the Valley: Derby. |
CategoriesAuthorsGreater Valley Chamber Staff, Interns & Members Archives
November 2023
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