Connecticut has at its fingertips a billion dollar solution to its seemingly never-ending budget woes, not to mention the means to create interesting, dynamic “sticky” places that not only attract young workers, energetic retirees and creative entrepreneurs, but keep them.
We’ve calculated that there is a 187 million square feet of vacant and under-utilized space currently locked in our downtowns. Even more astounding, our research indicates that filling these spaces with housing and retail would generate $1 billion in annual tax revenue returned to the state. It would also create:
- 88,000 new housing units;
- 20,800 new ground floor businesses;
- over 200,000 new construction jobs; and
- 215,000 new permanent jobs
All of these new residents patronizing thousands of new businesses would not only reinvigorate our main streets and village centers, but our local and state coffers as well. When fully developed and occupied to its full potential, that 187 million square feet of utilized space would translate into:
- $467 million in annual sales tax revenue;
- $567 million in annual income tax revenue;
- $283 million in annual property tax revenue.
While these numbers may seem like an unattainable dream, they’re not. For instance, creating 88,000 new housing units represents only a 6.6% increase over our current housing stock. And redeveloping even one building with a mix of uses can have a significant impact.
CMSC has an array of tools to help downtowns of all sizes, from bustling urban centers like Hartford and Bridgeport, to small main streets like those in Chester and Putnam create appropriately-sized solutions that lead to walkable, exciting and interesting places for people to live and work. We offer a variety of resources to help municipalities and the state begin unlocking our billion dollar future including:
- Membership in the CMSC community network;
- Professional Affiliate membership;
- Our award-winning Come Home to Downtown program;
- New tools that demonstrate the impact of redevelopment and new development; and
- Education, technical assistance and peer-to-peer learning opportunities through our Main Street Forums for the 21st Century.
Call us at 860.280.2337 or send us an email to learn more about how we can help your town begin creating a prosperous and vibrant future.