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Advisory
& Consultation Services
Waterbury
Region Market Update
Tom Hill III ~ Important Announcement
WATR
The "Tom Hill Show" Schedule
A Look Ahead to 2008 ~ Market Report by Jonathan Avery
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CONTACT INFORMATION:
Tom Hill III, CCIM/SIOR
Tom Hill Realty & Investment, LLC
c/o WATR 1320-AM
One Broadcast Lane
Waterbury, CT 06706
4thill3@optonline.net
Office ~ 203-755-4455
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September 2008
WATERBURY REGION MARKET UPDATE
By: Tom Hill III, CCIM/SIOR
Commercial / Retail – The market has been very active in the retail sector, with a new Kohl’s opening in November. Lowe’s Home Improvement is seeking final approvals for a highway site which they have been pursuing for 3 years. There is also a Lowe’s Home Improvement Center under construction in the retail area of Derby. Ocean State Job Lot (OSJL) bought an old commercial building and are converting to their newest store on Lakewood Road, which should be open soon. Their existing store is going to be downsized on Chase Avenue as OSJL didn’t want to lose existing customers. Aldi discount grocery store has just opened on Reidville Drive. They have 400 stores in the US and over seas. Believe it or not, Greater Waterbury is still considered to be “under stored”!
Based on the 9/19 airing of the "Tom Hill Show", here is an update on the retail market:
The Republican-American featured former Governor John Rowland at the Malcolm Baldrige Award Dinner with an opening on the fact that Waterbury’s location and it’s vibrancy was putting it miles ahead of the other major cities in Connecticut.
Recent transactions in the region:
New 70,000 SF indoor water park to open next week at the Holiday Inn, Waterbury.
Kohl’s Department Store gets special permission from their parent store to open the new Waterbury store to the retail public in November.
Former LesCare Kitchens manufacturing plant, almost full as huge mixed-use multi-tenant flex park.
Both Lombard Plaza strips sell for about $12M and add new tenants including Aldi Grocery Store.
Lowe’s Home Improvement still seeking final permits on I-84 in Waterbury.
25 acre high rock mountain next to Costco sells to a known regional rock crusher, who has plans for another “big box”.
Across the street, Holiday Enterprises continues to chop the mountain for a mixed-use retail plaza, which already has a financial tenant and some other regional retailers ready to go.
The Cambridge House Brew Pub to open at the Warner Theater in Torrington.
BizJournal.com does a survey and finds Torrington one of the nicest cities in America to live in.
Oxford Airport expanding with more huge hanger space and also announces 9 or 10 more industrial type flex transactions. Also more retail on Main Street.
There’s a burst of activity in Middlebury in all property categories on Rt. 188 along I-84.
For more information call Tom Hill III @ 755-HILL.
Hotels - The Connecticut Grand Hotel was sold to a mid-west hotel group who is adding (almost complete) a 70,000 SF indoor water park called CoCo Key Water Resort. The Waterbury region has 1,500 hotel rooms and hosts many visitors.
A new conference center “Howland Hughes Center” (yes, former department store) has opened in Downtown Waterbury and is operated by WRCVB. To book, contact Jim Whitney at: jim@waterburyregion.com .
Infrastructure - $8M improvement of Chase Avenue finally may happen, in order to enhance the retail, anchored by a new Target store on Chase Avenue, and all of the activity leading to that and on to Lakewood Road and Wolcott Street retail hubs. The City recognizes the traffic needs to flow to these tax paying businesses. Representative Selim Noujaim reports that the reconstruction of I-84 from Southington to the East end of Waterbury will be finished by November, adding 3 lanes plus breakdown lanes. The next phase of I-84 from the East end to Downtown Waterbury is going to start in about one year, connecting the new section from Austin Road to the mix master. There has also been talk about a re-build of the mix master at Rt. 8 and 84. That project is probably 10 years out, but the planning is starting now, and is controversial as to the routes that it will take, including whether Rt. 8 stays where it is or if it will be repositioned. We also understand, from I-84 to Danbury, the highway is going to be widened to 3 lanes. That project is about 7 to 10 years out. These projects were supposed to be done sooner, but with the budget challenges the State is facing, most of these major projects are being postponed and pushed out further into the future.
Quality of Life - The fact that our Palace Theater and the Seven Angels Theater did their first joint community production of “Hello Dolly” this summer, thousands of people came to the show, which was led by WATR’s 1320-AM, Tom Chute along with Seven Angels artistic director Semina DeLaurentis.
Waterbury has received a $4M grant to work on the greenways along the Naugatuck River. For those of you who don’t know, the Naugatuck River is now clean. There was a major kayak race held there recently with 300 participants. There are plans for the greenway to eventually go from the Massachusetts border all the way to the Long Island Sound. There are 3 miles finished presently in Derby.
Government – Waterbury’s mill rate was reduced from 55 mills to 40 +/- mills. Waterbury is applying to expand the Enterprise Zone for the entire City. More coming on the next market report.
The City of Waterbury was not able to complete their proposed rock harvesting and real estate development deal at the South End Industrial Park with Cornerstone Properties and O&G Industries, which shows the difficulty of structuring and completing these large land/development type transactions. There was no broker involved and I wonder if that’s the reason it never got to the end. Proficient brokers such as CCIM’s and SIOR’s, do 90% of the big deals, and because many of the brokers are strictly commission based, they work really hard in order to get these transactions through the various hoops it takes to get them to the end.
Former Governor John Rowland was hired to act as Waterbury’s Economic Development Coordinator. He recently did a huge mailing of the new “Road Map Waterbury”. If you’d like a copy, please contact me @ 203-755-4455 or 4thill3@optonline.net
Stamford’s Mayor Dan Malloy was on the ”Tom Hill Show” recently and it looks as though he is going to run for Governor again. I think it would be very good to have someone who knows how to run one of the most successful urban cites in America, as the Governor of Connecticut.
Renaissance Place in Naugatuck, a major mixed-use development in a pretty town, is still proceeding and Mayor Bronko has announced that due to State of Ct. Brownfield grants, the construction may break ground in Spring of 2009.
Crime Stats – Waterbury was noted as having the lowest crime rate of any major city in Connecticut. Congratulations the Waterbury Police Department and their new Police Activity League success.
Thank you,
Tom Hill III, CCIM/SIOR
Tom Hill Realty & Investment, LLC
Commercial Real Estate Services / Advisory / Consulting
Tom is available for speaking engagements on all forms of commercial real estate and the economy, group training/education, Master of Ceremonies, motivational speaking, and radio or television host.
Cell # ~ 203-206-8631 /
Office ~ 203-755-4455
Mailing Address:
Tom Hill III, CCIM/SIOR
Tom Hill Realty & Investment, LLC
c/o WATR 1320-AM
One Broadcast Lane
Waterbury, CT 06706
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TOM HILL REALTY & INVESTMENT, LLC
August 24, 2007-Waterbury, CT. ~ Tom Hill III, CCIM/SIOR, is proud to announce that he has opened his own commercial real estate brokerage, advisory services and media relations practice, Tom Hill Realty & Investment, LLC. One of only 500 dual designee’s in the country, he holds the Certified Commercial Investment Member (CCIM) and the Society of Industrial and Office Realtors (SIOR).
Hill is also a regional radio personality with 1320 WATR and WATR.com. His duties include: Economic analyst for WATR and talk show host on economic development and quality of life. On occasion, Tom subs for Tom Chute on “AM Drive”, Ed Flynn’s “Talk of the Town” and The Tom Hill “Specialized Jazz Show” featuring regional artists.
Tom plans to use the CCIM and SIOR and New Haven CID as a network of brokers in order to facilitate transactions for the many exclusive listings Hill continues to be awarded on a regular basis. Tom enjoys a great reputation and deep knowledge of the Greater Waterbury area and the NW Connecticut marketplace and a clear understanding of the political process, permit issues and players involved.
Commercial Real Estate Services:
Consulting / Brokerage / Opinions of Value
Brain Picking / Market Reconnaissance
Permit & Approval / Land Use / Regulatory Risk Assessment / Market Assessment/Capital Assessment
Development Feasibility / Politics
203-755-4455
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Why Choose a CCIM?
The Certified Commercial Investment Member (CCIM) designation is awarded to a very elite group of commercial real estate professionals by the Commercial Investment Real Estate Institute. The designation is earned after completion of an education program administered by the Institute covering all aspects of commercial investment real estate; passing stringent written examinations; and completion of a required number of hands-on commercial real estate transactions. The average CCIM Designee has over 10 years experience. Since the CCIM program was launched 35 years ago, less than 6% of over 125,000 who have entered the program have earned the CCIM designation. Today, there are over 7,500 CCIM Designees located in 1,000 markets worldwide.
Call Tom Hill III, for expertise in all aspects of
commercial real estate, and/or advisory services.
Tom
Hill III, CCIM/SIOR
Submitted By: Jonathan H. Avery, MAI, CRE ~ Phone: 978-263-5002
Submitted To: Real Estate
Consultant Column
New England Real Estate Journal
It’s hard to believe but 2007 is in the history books. This time of year is traditionally one for forecasting and predicting trends. Here are some thoughts for 2008.
The New Year will bring continued challenges and opportunities for buyers, sellers, lenders and investors across most market sectors. Key indicators to watch are job growth, inflation and the price of oil. These are the early signs of future demand and the trend of operating costs.
The consensus is fairly clear on a few issues:
· The time of quick flips, readily available easy financing and bidding prices up, up, up are behind us - in both the commercial and residential markets.
· Cap rates are headed up as are operating costs.
· Prices are likely to continue softening at least through the second quarter of 2008.
· US real estate will continue to look cheap to foreign investors due to weakness in the dollar.
· Presidential election years are always a wild card.
As we have seen through many cycles, fundamentals rule. Growth creates demand, oversupply leads to price corrections and loan terms which seem too good to be true, probably are not. 2008 will be a year of change and change brings both opportunity and heartache. Be ready for both. Stick with what you know works well and the basics will bring you through even the toughest of times.
Happy New Year!
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SIOR Press Release ~ Woodbridge, CT . - The Connecticut Chapter of the Society of Industrial and Office Realtors recently held their spring meeting at the Oak Lane Country Club in Woodbridge.
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Tom Hill Realty & Investment, LLC
Tom Hill III, CCIM/SIOR
203-755-4455
E-mail Address:
4thill3@optonline.net
Mailing Address:
Tom Hill III, CCIM/SIOR
c/o WATR 1320
One Broadcast Lane
Waterbury, CT 06706
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Tom
Hill III is the Official Broker for the Naugatuck Industrial Park
Tom continues to work with all of the economic development commissions and corporations to assist them in economic growth, in both consulting and real estate brokerage.
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I can handle your commercial and
industrial property needs.
I pride myself on having detailed market knowledge and I excel at transaction management.
I have completed deals with:
Timex
CVS
Home Depot
The Sports Authority
Big Y Supermarket
I would be delighted to help you too in the New England region!
Greater
Waterbury's Only LOCAL Radio Station!
Local News...Local Issues...Local Business
The Many Talents of Tom Hill III
WATR Economic Analyst/Talk Show Host/Guest Speaker
Tune In & Listen To..........
The "Tom Hill Show"
Every Friday - 9:30 to 10:00 AM
WATR The "Tom Hill Show" Schedule
January 2009
January 9th ~ Nick
Tetreault, Tetreault Appraisal & Realty, discussing the year end and 2009
January 16th ~ Pat DePaolo, Author of “The Beijing Games”
January 23rd ~ Chris Dabbo, Jazz Musician
January 30th ~ Ingrid Manning, Ct. Community Foundation
February 2009
February 11th & 12th ~ Tom will guest host "Talk of the Town" from 10AM to 1PM
Do you think you'd be a newsworthy business guest? Email: 4thill3@optonline.net
Greater
Waterbury's Only LOCAL Radio Station!
Local News...Local Issues...Local Business
The Many Talents of Tom Hill III
WATR Economic Analyst/Talk Show Host/Guest Speaker
Tune In & Listen To..........
The "Tom Hill Show"
Every Friday - 9:30 to 10:00 AM
WATR The "Tom Hill Show" Schedule
January 2009
January 9th ~ Nick
Tetreault, Tetreault Appraisal & Realty, discussing the year end and 2009
January 16th ~ Pat DePaolo, Author of “The Beijing Games”
January 23rd ~ Chris Dabbo, Jazz Musician
January 30th ~ Ingrid Manning, Ct. Community Foundation
February 2009
February 11th & 12th ~ Tom will guest host "Talk of the Town" from 10AM to 1PM
Do you think you'd be a newsworthy business guest? Email: 4thill3@optonline.net
Tom Hill's Podcast
Great interviews which
aired on WATR 1320 AM, with newsmakers driving Connecticut's economic
development
Click here to listen:
http://tomhillshow.libsyn.com/
Or, click on the link next to each interview to listen:
Tom Wilkas
Interview ~
http://media.libsyn.com/media/tomhillshow/tomwilkas.mp3
Tom interviews Tom Wilkas, Race Director of
the Pat Griskus Triathlon Series.
Leo Ullman,
2nd Interview ~
http://media.libsyn.com/media/tomhillshow/leoullman2.mp3
Tom interviews Leo Ullman, CEO of Cedar
Shopping Centers. The company owns 118 shopping center properties in nine
states.
Cybermonster
Authors Interview~
http://media.libsyn.com/media/tomhillshow/cybermonster.mp3
Paul Fetscher, CCIM, CLS,
Restaurant Expert Interview ~
http://media.libsyn.com/media/tomhillshow/fetscher.mp3
Senator Christopher J. Dodd Interview ~ http://media.libsyn.com/media/tomhillshow/dodd.mp3
Leo Ullman Interview ~ http://media.libsyn.com/media/tomhillshow/leoullman.mp3
John
Rowland Interview ~
http://media.libsyn.com/media/tomhillshow/John_Rowland_Interview.mp3
Tom interviews former Governor John Rowland on his new job and the status of
economic development in the Waterbury area.
Jack Lynch, CCIM Real Estate Broker
Interview ~
http://media.libsyn.com/media/tomhillshow/jacklynchinterview.mp3
Tom interviews Jack Lynch, CCIM, a Fairfield County commercial real estate
broker on the status of the commercial real estate market.
Jack discusses a one billion dollar waterfront
development in Bridgeport, CT., and also a $300M pending downtown development in
Torrington, CT., the center of Litchfield County.
Chris
Powell Interview
~
http://media.libsyn.com/media/tomhillshow/chris_powell.mp3
Tom interviews Chris Powell of the Manchester Journal Inquirer on issues related
to state and local government.
Dave
Despain Interview
~
http://media.libsyn.com/media/tomhillshow/speedtvinterview.mp3
Tom interviews Dave Despain the host of Speed TV's "Wind Tunnel".
Wayne
D'Amico Interview
~
http://media.libsyn.com/media/tomhillshow/damico1-2008.mp3
Tom interviews Wayne D'Amico, CCIM, commercial real estate professional, on the
status of various economic development projects in Eastern Connecticut,
especially the worlds largest gambling casinos.
Lt.
Paul Vance Interview
~
http://media.libsyn.com/media/tomhillshow/paulvance.mp3
Lt. Paul Vance with the Connecticut State Police chats with Tom about the rules
of the road.
Click on the iTunes link below and sign up to get any of the above shows automatically delivered to your iPod: http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?id=273989294
~~~~~~~~~~~~~~~~~~~
www.watr.com
Friends of TOMHILL.COM & WATR:
Connecticut Commercial &
Investment Properties
www.commremagazine.com
Universal Copy
http://www.universal-copy.com/
The Old Corner Café
www.theoldcornercafe.com
O’Rourke & Birch Florist
www.orourkeandbirch.com
Wild Strawberry Salon and Day
Spa
www.wildstrawberrysalon.com
Tetreault Appraisal & Realty
www.nickrealty.com
Mario’s Car Wash
The Spirit Shop
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http://www.mainstreetwaterbury.com/
http://www.palacetheaterct.org/
http://www.waterburychamber.com/
http://www.litchfieldhills.com/app/index.jsp
http://www.ct.gov/ecd/site/default.asp
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