Talk of a stock market crash has been in the minds of investors and business professionals for years now, this morning breaking the long awaited silence. Following Japan’s largest crash since 1987, the U.S. economy worries for its own inevitable fate. The economy’s volatile nature poses many concerns and questions regarding the real estate market, peaking professionals’ interest in how this crash may shape the way citizens invest their money. Will the market suffer due to fluctuating interest rates, pricing, and a loss of consumer confidence, or will the younger generation feel more confident putting their assets in a controlled physical entity rather than the erratic unknown of the stock world?
According to a Forbes article written last year, more and more Millennials and Gen Z view the stock market with skepticism and mistrust, with “ [80%] of young investors look[ing] [for] alternative investments, such as private equity, commodities, real estate and other tangible assets.” Living through such social change and uncertainty, it makes sense that younger generations tend to pursue being in the know, rather than taking the risks that previous generations were willing to gamble on.
Because it’s still early on, the unpredictable nature of the stock market makes it impossible to know with certainty exactly what repercussions will follow this major setback. At Amodio & Co, we want you to feel secure in your choices and investments, protecting your assets and feeling stable in this ever shifting economy. If you’re interested in learning more about how you can properly invest your money in a steady, secure way, we’re here to help. Call us today at 860-674-8908.
The massive redevelopment of a former factory building in New Britain will add more than 150 new apartments to the city early next year, city officials and developers said.
Officials from WinnCompanies and WinnDevelopment, a Massachusetts-based developer and housing management firm, visited New Britain this week for a progress tour of 321 Ellis St., which is being converted into a senior- and affordable-housing hub with 154 one-, two- and three-bedroom apartment units.
The 115-year-old building, which was added to the state’s historic registry in 2022, is part of the former Landers, Frary & Clark factory, which manufactured electric appliances at the site until 1965. Much of the property has sat vacant since then.
The Connecticut Bar Association, which sold its New Britain headquarters in June, has arranged to lease a smaller space in Meriden with plans to move in by this summer.
The bar association, on Tuesday, posted on its website that it plans to move into 8,364 square feet of leased space at 538 Preston Ave., in the Meriden Executive Park.
Amodio & Co has been exclusively retained to sell 745 Burnside Avenue, East Hartford, CT. Featuring 17,249 SF of currently educational use situated on 2.53 acres corner parcel. The property is equally suitable for a user or developer. Paved & striped parking for 60 cars.
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.
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.
(Left to Right) Stan Gniazdowski, CCIM, CRE; Stephanie Romano, CCIM; Eric Amodio, CCIM; Gus Ryer, 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.
