Starting bid: $300,000….

20 Gorham Avenue is a four-building property with over 27,637 square feet of mixed-use space across three lots in Hamden, Connecticut.

The former Paier College of Art campus includes classrooms, offices, studios, an auditorium, and a library, with T5 zoning, allowing higher-density mixed-use buildings that accommodate retail, offices, rowhouses, and apartments. The seller will provide an easement for additional parking from adjacent parcels, making the total surface parking 60 spaces. The three-story property is ideal for an owner/user or an investor looking for a redevelopment opportunity.

The former campus is close to higher education institutions such as Yale, Southern Connecticut State University, and Albertus Magnus College. The property is within walking distance of Putnam Plaza, Chimney Square, and The Farmington Canal Heritage Trail.

20 Gorham Ave is drivable to cultural resources like Yale’s Art Gallery, museums, libraries, and theatres, in under 15 minutes. Hamden is a verdant city north of New Haven. This charming city is in a lush, mountainous setting where outdoor recreation abounds. It has many shopping centers, office complexes, and well-populated residential areas.

20 Gorham Avenue sits in a growing market, making it an excellent redevelopment opportunity for investors.

Property tours are available by appointment only. Please contact the broker to schedule. Listed by Frank Amodio with Amodio & Co. Real Estate, CT # REB.0756053.

https://www.ten-x.com/listing/20-gorham-ave-hamden-ct-06514/23812387/?fbclid=IwAR1oN0D7at94TbH1viK0Hyt48U4dZZcmX751P6O-sCi4gu0FE4QzxwVWG0I

AI has the potential to significantly impact the commercial real estate industry. Here are some possible ways AI could be utilized in the future:

1. Property search and analysis: AI-powered platforms could streamline the property search process by analyzing vast amounts of data, such as location, property type, and market trends, to provide tailored recommendations for investors and tenants.

2. Property valuation: AI algorithms could be used to analyze historical data, market trends, and property features to provide more accurate property valuations, helping investors make informed decisions.

3. Lease management: AI-powered tools could help property managers and landlords automate lease management tasks, such as tracking lease expirations, rent escalations, and tenant communication.

4. Predictive maintenance: AI could be used to analyze data from sensors and IoT devices to predict when building systems, such as HVAC or elevators, may require maintenance or replacement, helping property managers optimize their maintenance schedules and reduce costs.

5. Energy efficiency: AI could be used to optimize building systems for energy efficiency, reducing energy consumption and costs for property owners and tenants.

6. Virtual property tours: AI-powered virtual reality (VR) and augmented reality (AR) technologies could be used to create immersive property tours, allowing potential tenants and investors to explore properties remotely.

7. Tenant experience: AI could be used to enhance the tenant experience by providing personalized services, such as wayfinding, space utilization, and access to building amenities.

8. Market analysis: AI could be used to analyze market trends and data, helping investors and property managers make informed decisions about acquisitions, dispositions, and leasing strategies.

9. Risk assessment: AI algorithms could be used to assess the risk of potential investments, taking into account factors such as location, property type, and market conditions.

10. Construction and development: AI could be used to optimize construction processes, such as design, scheduling, and resource allocation, potentially reducing costs and improving project outcomes.

These are just a few examples of how AI could shape the future of commercial real estate. As technology continues to advance, it is likely that AI will play an increasingly important role in the industry, driving efficiency, cost savings, and improved decision-making.

The landscape of traditional office buildings in the United States has been undergoing significant changes in recent years. Factors such as technological advancements, shifting work patterns, and urbanization have contributed to the transformation of office spaces. As a result, many vacant office buildings are being converted into residential apartments. This report will discuss the trends affecting the use of traditional office buildings and highlight several conversion projects in the USA.

Trends Affecting Traditional Office Buildings

1. Remote Work and Flexible Work Arrangements

The rise of remote work and flexible work arrangements has led to a decrease in demand for traditional office spaces. Companies are increasingly allowing employees to work from home or other remote locations, reducing the need for large office spaces. This trend has been accelerated by the COVID-19 pandemic, which forced many businesses to adopt remote work policies.

2. Co-working Spaces

The popularity of co-working spaces has also contributed to the decline in demand for traditional office buildings. These shared workspaces offer a more flexible and cost-effective solution for businesses and freelancers, allowing them to rent desks or offices on a short-term basis. This has led to a decrease in the number of long-term leases signed for traditional office spaces.

3. Urbanization and Mixed-Use Developments

As more people move to urban areas, there is a growing demand for mixed-use developments that combine residential, commercial, and retail spaces. This trend has led to a decrease in the construction of standalone office buildings, as developers opt for more versatile and integrated spaces.

Conversion Projects: Turning Vacant Office Buildings into Residential Apartments

1. The Arcade Building, St. Louis, Missouri

The Arcade Building, a historic 16-story office building in downtown St. Louis, was converted into a mixed-use development featuring 282 residential units and 80,000 square feet of commercial space. The project, completed in 2016, aimed to revitalize the area and attract new residents to the city’s central business district.

2. One Wall Street, New York City, New York

One Wall Street, a 50-story Art Deco office building in Manhattan’s Financial District, is currently being converted into a luxury residential building with 566 apartments. The project, expected to be completed in 2022, will also include 95,000 square feet of retail space and a 74,000-square-foot Whole Foods Market.

3. The Old Chicago Main Post Office, Chicago, Illinois

The Old Chicago Main Post Office, a massive 2.8-million-square-foot building, is being redeveloped into a mixed-use complex that will include 6,000 residential units, office spaces, retail, and a hotel. The project, which began in 2016, aims to transform the long-vacant building into a vibrant hub for the city.

Conclusion

The trends affecting traditional office buildings in the United States have led to a decrease in demand for these spaces and an increase in vacant properties. In response, developers are undertaking conversion projects to repurpose these buildings into residential apartments and mixed-use developments. These projects not only provide new housing options for urban residents but also contribute to the revitalization of city centers and the creation of more integrated, sustainable communities.

Lions Den Coffee Shop is now OPEN at their second location in Simsbury! Chris Edge of Amodio & Co. Real Estate had the pleasure of representing Lion’s Den on this lease and their continued expansion.

As exclusive tenant rep for Lions Den Coffee, Chris Edge of Amodio & Co Real Estate, is pleased to announce the recent expansion into Drake Hill Mall at 712 Hopmeadow, Simsbury, CT. Lions Den Coffee will lease 2,400 sf in space formerly occupied by Ana’s Kitchen. The storefront will be transformed with glass-panel accordian-style doors to create an open feel, with many changes planned for the interior. The retail plaza is anchored by Fitzgerald’s Foods Grocery and CVS Pharmacy, along with co-tenants Jersey Mike’s, TD Bank and Webster Bank.

The CCIM Connecticut Chapter hosted their annual Mid-Year Symposium May 16, 2022 at the TPC River Highlands in Cromwell, CT. The event titled: “Connecticut: The State of the State” focused on the CRE outlook in Connecticut: where we are, where we are going, and how to prepare your CRE for rising rates and inflation. The event will feature keynote speaker K.C. Conway, MAI, CRE, CCIM, Red Shoe Economics. Panelists included Thomas LaSalvia, Senior Economist, Moody’s Analytics; Brad Hutensky, Principal, Hutensky Capital Partners; and Ken Girardin, Director of Policy & Research, The Yankee Institute. The panel will be moderated by CCIM board member & instructor Stan Gniazdowski, CRE, CCIM. 

The Connecticut CCIM Chapter is pleased to announce that Stephanie Romano Shaw, CCIM on her recent passing of the CCIM exam, and officially becoming a CCIM designee! Many years of hard work, long hours, much travel and countless transaction deals has led her to this day. Stephanie was pinned at the recent spring governance meetings in Charlotte, North Carolina by CT Chapter President Eric Amodio, CCIM. Also present to congratulate her was immediate past president of the Connecticut CCIM chapter and first regional VP Gus Ryer, CCIM, along with past president, instructor, and current board member Stanley Gniazdowski, CRE, CCIM. Our chapter is proud and lucky to have you lead us next year! We wish Stephanie many years of success.

April 28, 2022

Oxford, CT

The Connecticut CCIM Chapter recently held a successful case study and mixer event at Quarry Walk in Oxford, Connecticut. The event pulled nearly 50 real estate professionals from across the state and was held in the gorgeous “Residences at Quarry Walk”. Attendees enjoyed an intimate discussion with developer Tom Haynes and Kathy Ekstrom, Development Manager for Haynes Group. They spoke on how the project came to be and struggles along the way, including the complete destruction by fire of the residence building just prior to occupancy. The group also learned how CCIM CI102 concepts and tools were applied in making the Quarry Walk development a success. The group also learned how CCIM board member and instructor, Stanley Gnizadowski, CRE, CCIM, played a major role showing the market demand and feasibility for such a project of this scale. Discussion highlighted the vibrant retail, medical and office tenant mix and how the project created an exciting town center for Oxford. The event concluded with tours of several luxury residential units available for lease. 

The CT Chapter CCIM Inc., led by chapter President Eric Amodio, CCIM, MBA, held a sold-out panel breakfast discussion April 5, 2022 at Country Club Of Waterbury that consisted of self-storage experts with moderators, Jeff Ryer, CCIM, SIOR and Tom Hill Panelists:  Connie Neville Patrick A. Lemp, MAI Richard Evans and Dick Bettencourt with MakoRabco.

Connecticut CCIM Chapter to Hold CI 102 Designation Course April 18-21, 2022

The Connecticut CCIM Chapter to hold CI 102 on April 18-21, 2022 at Goodwin University in East Hartford, CT taught by chapter member Stan Gniazdowski, CRE, CCIM. CI 102 is the second core course in the four course designation series; equally suited for those seeking the CCIM designation, as well as any CRE professional looking to hone their site selection skills. Note: this course has been substantially updated this year, with changes implemented by CCIM Tech Committee at the Institute in Chicago. 

One of CCIM’s most innovative core courses, CI 102 shows you how to deploy “big data” and the most advanced digital tools to assess critical issues like market demand, location facility, and supply-chain strategy. CI 102 students have learned BAO mapping and data analytics to help their clients select store locations; others used Tapestry Segmentation to determine demand for apartment properties. In CI 102 you’ll work with four case studies covering each of the major property types: office, industrial, multifamily, and retail.

After completing this course, you will be able to:

• apply Market and Competitive Analysis, Political and Legal Analysis, Location and Site Analysis, and Financial Analysis to make fundamental investment decisions;
• perform state-of-the-art geospatial analyses; and
• forecast future demand and opportunities for investment.

Course registration is available on our website:  www.CTCCIM.com