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Dale Kroop, Director
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Hamden Business Incubator Moves Into Next Phase of Construction

8/25/2014

HAMDEN BUSINESS INCUBATOR MOVES INTO NEXT PHASE OF CONSTRUCTION

 

 

Hamden Business Incubator Progress Report

September 2014           

 


 

Construction is nearing completion for the current phase of work at the future site of the Hamden Business Incubator. This phase includes the removal of old boilers and asbestos, as well as clearing out contaminated materials in the basement. The $200,000 for this phase came from the Federal Environmental Protection Agency (EPA) and the Hamden Economic Development Corporation (HEDC).


 

NEXT PHASE BEGINS IN FALL OF 2014

 

Following the completion of the current phase, renovations will begin on 22,000 SF out of 40,000 SF in the Fall of 2014. During this phase of the renovation, site work will be completed on the original structure from 1917. Interior work will include new windows, heating, utilities, a conference/ meeting space and a new elevator. The HEDC expects the Incubator to be ready for its first tenants in mid-2015.

 

Funding or the next phase comes from a $5 Million Urban Act grant from the State of CT and from Historic Tax Credits. The Hamden Business Incubator will sell historic tax credits in the spring of 2015To be eligible for the sale, the CT Historic Commission approving the site of the Hamden Business Incubator for listing on the State Register of Historic places in November of 2013. The historic tax credits will be used for the next and later phases of construction, including the build-out of the interior space, as well as for exterior improvements of the building in accordance with standards established by the State Historic Commission.

 

            The Hamden Business Incubator is being developed by HEDC at the location of the former Newhall Community Center at 496 Newhall Street, which has been closed since 2002. The incubator will be serve as the location for up to 20 small businesses that specialize in service and technology areas such as light manufacturing, web design and medical office administration. The goal is develop affordable space for entrepreneurs to grow in Hamden to create jobs and increase tax revenue.

 

As owner, developer and manager of the incubator, the HEDC will provide common services to the small businesses to help them reduce the cost of overhead, making them more profitable. This will include restrooms, electricity and heat, security, and Wi-Fi equipped meeting space. Rental space will be offered at competitive rates to foster economic growth in the different service and technology industries that can provide job growth and services to the community, the region and theState of CT. Finally, the Hamden Business Assistance Center will provide free business planning and coaching services as part of the overall rent structure. 

 

The Construction Manager for the project is the PAC group and the Architect is George Buchanan Architects.

 

The Hamden Business Incubator is projected to create up to 40 jobs in the short term (one year), 80 in the medium term (3 years) and 100+ in the long term (five years). The facility will generate over $2 million in new payroll and eventually generate over $75,000 in new taxes annually to the Town of Hamden.

 

For further information about the Hamden Business Incubator or the Hamden Economic Development Corporation, visit  www.hamdeneconomicdevelopment.orgor the HEDC Facebook Page at https://www.facebook.com/HEDC2012 or contact Dale Kroop, Executive Director at 203-287-7033 or dkroop@hamden.com.


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9/1/2014
State Funds $350,000 Brownfield Grant For The Hamden Business Incubator
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