The Fight for Young Professionals in the Hartford Area
Young professionals, usually associated with Generation Y (1980-1994), are where it’s at. Local towns and cities in central Connecticut are fighting over them because there are a lot of them (Gen Y is the largest demographic group since the Baby Boomer generation) and they have a lot of spending power.
Hartford has spent quite a bit of time and money courting young professionals to work and live in the city. Hartford 21, the Lofts at Main & Temple, Trumbull on the Park, in addition to other rental options downtown were created with the Gen Y demographic in mind. The currently stalled Front Street development, Colt Gateway, and Riverfront Recapture efforts were also part of the plan.
Blue Back Square in West Hartford is also seen as an attractive area for young professionals, with its restaurants and shops. While the condos there are essentially out-of-reach based on pricing, there is an upscale rental option with The Lofts at Blue Back Square.
And now Simsbury seems to be throwing its hat in the ring. The Simsbury zoning commission voted last week to a new mixed-use development that would have a rental component, marketed toward the young professional demographic.
With all of these options, where are the young professionals ultimately going to choose to live? While I am not technically part of Gen Y (I was born in ‘76 and am a staggering 32 years old), I think I am still considered a young professional. What I see my clients and friends gravitating towards are areas that are close to work (long commutes are really a drag), walkability to shops, restaurants, and coffee shops, and some type of nightlife, whether it be a low key coffee shop or wine bar or a techno-thumping club.
Perhaps more importantly, are employers in the Greater Hartford area going to be able to attract enough young talent that all of these options can survive? At what point is saturation reached? I may be incorrect in my thinking, but I’m going to say it anyway. I have a feeling that the Simsbury development might be a little late to the game and Simsbury might not be the ideal location for young professionals because of its more rural nature and lack of “things to do.” But only time will tell…
Hartford 21, the Lofts at Main & Temple, Trumbull on the Park … if gen y really lives there, then your definition of their age group is grossly misrepresented.
i went to look at a few of those apartments, the people that lived there were 40+ and divorced. there was nothing young about them, albeit they were professional.
i think hartford 21 is one of the biggest failures. i see that building every evening, and i doubt it’s even 25% full. the developer claimed their goal was 33% occupancy in one year, which i can’t believe is true.
hartford shot itself in the foot. and i can’t imagine anyone, myself included, in their 20’s paying 1500$+ for a one bedroom apartment and 1700-3200$ for a two bedroom. someone does live in one of the 4 penthouses at 6k+/month though. funny thing is, at their opening party, i distinctly remember the woman in-charge of leasing telling me all 4 of them were rented even before people were allowed to move in…
does downtown have a grocery store… does downtown have resident parking? the *only* way those rent prices will seem reasonable to anyone in gen y, if ever, is that you won’t need a car. that you don’t need to rely on a car to get you your food, that you don’t need a car to get the hell out of downtown on the weekend because the city is a ghost filled with bums.
my work actually pays for ct transit tickets if you wanted to take a bus to work. why should it? parking my car in the lot during the day will cost me 2x than i spend on gas a month. i was a big fan of hartford, moving to downtown 2 years ago — to be honest, i now can’t wait for my lease to run out in january. it’s great to visit , but, it’s not worth the stay.
Ol- I have to respectfully disagree with some of your comments.
I know several people in the 23-32 year old demographic that live in the Hartford buildings I mentioned. Yes, there are also “older” people that live there, but young professionals do make up quite a bit of the rental population.
I believe Hartford 21 is at around 70-75% occupancy right now.
In agreement- no grocery store and the parking situation are issues that need to be addressed, sooner rather than later. They really are (understandable) deal breakers for some people.