A Chicago private-equity investor was the only bidder in the latest attempt to sell XL Center

[freescooter]

Really it is true that the xl has reached th end of its economic life and needs either to be replaced or needs significant reinvestment. It really needs to be about the size of Bridgeport’s areana not 16000 but more like 9–10000. Not sure how you do that with the current facility but that would be my goal. If you do that though I’m not sure of the benefit of UConn playing there. No question that they need to be part of any discussion though

 

[White Dwarf]

Hope for a heavy snowfall.

 

[Ha Who]

Hope for a heavy snowfall.

I shouldn’t like this (but I do) because if it had fallen a few hours earlier I wouldn’t be here Now you all know why I’m so sensitive about the base not showing up when Haney predicts flurries.

 

[Scrutineer]

Not that I disagree with you, but the will is not there. It’s a darn shame. The current arena is way too large for AHL hockey, a non-P5 basketball team and even a Hockey East team. I remember the days of 24 hour Reins Deli and packed bars/restaurants, Stones concert, etc. Makes me want to cry

Those old enough may recall the large crowds at games and in bars and restaurants before and after UConn games in Hartford. 16,234 every big game and near that for even the weakest opponents. You couldn't get into Chuck's or Gaetano's or just about any other place near the "Civic Center".

What changed? The business climate and that entails. Take a look around the country and see the building going on. Commercial as well as residential. Then compare it to Connecticut.

It was hard to watch and still hard to believe how such a small state could have had so many major corporations based there and lost most over the last 30 years.

Turn that around and you'll have a full XL Center or whatever it will be called. Keep the status quo and there will be just the memories.
I don't live there anymore but will always call it "my home state" and try to explain to friends why it has so many problems today.

 

[freescooter]

Those old enough may recall the large crowds at games and in bars and restaurants before and after UConn games in Hartford. 16,234 every big game and near that for even the weakest opponents. You couldn't get into Chuck's or Gaetano's or just about any other place near the "Civic Center".

What changed? The business climate and that entails. Take a look around the country and see the building going on. Commercial as well as residential. Then compare it to Connecticut.

It was hard to watch and still hard to believe how such a small state could have had so many major corporations based there and lost most over the last 30 years.

Turn that around and you'll have a full XL Center or whatever it will be called. Keep the status quo and there will be just the memories.
I don't live there anymore but will always call it "my home state" and try to explain to friends why it has so many problems today.

Yeah...that’s not it. All of these companies that left...GE is shrinking by the day. Probably be acquired much like Aetna within a year or two. Speaking of which Aetna was bought by a drug store chain. And they aren’t moving to New York. Here is one thing that IS true though. The workforce has shrunk lots of places. How many people still have secretaries? I used to have 2. Now I have a computer. The afore mentioned Aetna employed literally thousands to type documents that are avilable on line today. Pratt & Whitney has 1 guy with a computer directed laser do the work of 10-12 guys 15 years ago. Oh and that 1 does it faster and more accurately than the 10-12. Relying on those old line companies for future growth is like relying on the production of buggies in 1908.
A fair number of new firms have opened offices here but they are mostly smaller. Tend to have some upside potential but it is just that. But a fair amount of stuff is happening in Downtown. Vacant building are being brought back to life. But in recognition of the new reality they are for different uses than 20 years ago. Reality is that with hdtv and costs and everything else live sports are not drawing as they did. Sure big games still draw but I saw UNC-Duke hoop last year for $5 over face at the door. Neither sells out every game. Michigan, MICHIGAN, has quietly run deals to sell out some games.

Rant over!

 

[ZenConn]

Hartford Business Journal: Lone bidder for XL Center
>>Oak Street Real Estate Capital submitted the sole proposal to a request for proposal (RFP) issued in late April by the Capital Region Development Authority (CRDA), CEO Michael Freimuth said Friday.<<

Courant:CRDA Receives One Bid For Purchase Of Hartford's Aging XL Center
>>Oak Street Real Estate Capital, a Chicago private equity firm, stepped forward with an unsolicited proposal in April. The Capital Region Development Authority issued a request for additional bids later that month, but no one else expressed interest, Michael Freimuth, the group’s executive director, said.

The deadline to hand in proposals was Friday at 3 p.m.<<


Background BY thread:Unsolicited bid: XL Center

They were just waiting for an updated revision of the proposal to include a "just cause" clause.

 

[Da_Aisijimo_Gou]

They were just waiting for an updated revision of the proposal to include a "just cause" clause.

@ZenConn Potential facetious remark acknowledged, but a "just cause" clause regarding or stating what in a possible updated proposal revision?

 

[Scrutineer]

Yeah...that’s not it. All of these companies that left...GE is shrinking by the day. Probably be acquired much like Aetna within a year or two. Speaking of which Aetna was bought by a drug store chain. And they aren’t moving to New York. Here is one thing that IS true though. The workforce has shrunk lots of places. How many people still have secretaries? I used to have 2. Now I have a computer. The afore mentioned Aetna employed literally thousands to type documents that are avilable on line today. Pratt & Whitney has 1 guy with a computer directed laser do the work of 10-12 guys 15 years ago. Oh and that 1 does it faster and more accurately than the 10-12. Relying on those old line companies for future growth is like relying on the production of buggies in 1908.
A fair number of new firms have opened offices here but they are mostly smaller. Tend to have some upside potential but it is just that. But a fair amount of stuff is happening in Downtown. Vacant building are being brought back to life. But in recognition of the new reality they are for different uses than 20 years ago. Reality is that with hdtv and costs and everything else live sports are not drawing as they did. Sure big games still draw but I saw UNC-Duke hoop last year for $5 over face at the door. Neither sells out every game. Michigan, MICHIGAN, has quietly run deals to sell out some games.

Rant over!

You make some good points, but read this article

Report: Connecticut One Of Few States That Hasn't Recovered All Jobs Lost During The Recession

about how CT is one of the few states to yet recover the jobs lost from the last recession. If other states are gaining jobs there is something more to it than just the loss of secretarial jobs and others to automation and the internet.
Seems I recall the leaders of a number of the major corporations advising the state that if they continue on the tax and spend agenda it will result in unfavorable conditions that cause companies to leave or expand elsewhere.

Report: Connecticut One Of Few States That Hasn't Recovered All Jobs Lost During The Recession

 

[freescooter]

It has to do with the makeup of our industries. Article today (can’t find the link) about how we have been overly reliant on financial services and more or less old line manufacturing neither of which are adding jobs in a big way. We are also hurt by the fact that Connecticut lacks a Boston or New York when we are seeing a reverse of the movement that dominated corporate locations in the 1960s through the 1980s. There are lots of former suburban corporate campuses being repositioned. Not to say Connecticut hasn’t done dumb stuff. They absolutely have. But it isn’t the usual suspects that are to blame. Boston (GE) and NY (Aetna before it became a drug store chain) both tax individuals and corporations at a much higher rate than Connecticut. But there is hope on the horizon. Infosys Hartford investment can be potentially huge as can that Chinese firm locating at The old UConn West Hartford branch.

Basically though, Connecticut has relied on industries that while they might be growing in the sense of profitability they tend to not be adding people. And while town budgets love huge buildings with lots of expensive computers with 1 guy who turns it all on and off it does very little for the real economy. For that you really need job growth.

 

[Guapo]

It has to do with the makeup of our industries. Article today (can’t find the link) about how we have been overly reliant on financial services and more or less old line manufacturing neither of which are adding jobs in a big way. We are also hurt by the fact that Connecticut lacks a Boston or New York when we are seeing a reverse of the movement that dominated corporate locations in the 1960s through the 1980s. There are lots of former suburban corporate campuses being repositioned. Not to say Connecticut hasn’t done dumb stuff. They absolutely have. But it isn’t the usual suspects that are to blame. Boston (GE) and NY (Aetna before it became a drug store chain) both tax individuals and corporations at a much higher rate than Connecticut. But there is hope on the horizon. Infosys Hartford investment can be potentially huge as can that Chinese firm locating at The old UConn West Hartford branch.

Basically though, Connecticut has relied on industries that while they might be growing in the sense of profitability they tend to not be adding people. And while town budgets love huge buildings with lots of expensive computers with 1 guy who turns it all on and off it does very little for the real economy. For that you really need job growth.

It really is an "all of the above" argument. There are certain local policy decisions that have hurt the state but there are also a ton of overarching macro trends beyond the state's control.

In my opinion, the biggest one is the trend towards urbanization. Connecticut benefited greatly from the suburbanization trend of the 50's-90's and it has been disproportionally hurt by the reurbanization that we've seen this century. Connecticut has multiple major cultural and economic centers laying within easy driving distance of its boarders with which no city within its boarders can truly compete. However, there is an ebb and flow here; as these cities become increasingly unlivable expense-wise, I think you'll see an increasing number of people leaving the cities. I think Connecticut will benefit from that and I think we've seen the start of this happening in places like Stamford.

Also, the end of the Cold War had a tremendous impact on the state's industrial base. Pratt, EB, Sikorsky and their network of suppliers were severely impacted by the loss of Cold War era military spending.

 

[UC313]

Tearing that thing down would be a nightmare. Youd have to start with excavators in the streets and theyd all need to be million dollar long reach equipment that typicallt comes out of Holland and Germany. Trumbull and Ann would be shut down for months while they cleared enough space to even operate, never mind the loading out of the demolished materials.

 

[Da_Aisijimo_Gou]

Infosys Hartford investment can be potentially huge as can that Chinese firm locating at The old UConn West Hartford branch.

Time will tell regarding Infosys' follow through on an incentive-motivated commitment to hire 1,000 people in/near Hartford.

If West Hartford signs off on UConn's proposed West Hartford branch sale to Beijing-based Seven Stars Cloud Group, the little known SSC suggests it may hire 300+ people at some point. SSC accessed NASDAQ via a reverse merger. For unclear & unsubstantiated reasons, SSC's share price has increased some recently; all of the way to $2.19/shr.

If the AI fintech/blockchain/cryptocurrency-related SSC actually builds on its' reported 70-person total global employee base (Beijing & some SG oil traders) and delivers on enthusiastic promises to CT, it will be interesting to observe.

Whether SSC's enthusiastic CEO's promises and the unproven SSC is even a small part of helping CT's struggling economy (ex-Fairfield County) ... But hey, $10 million in CT state taxpayer incentives buys 330 possible jobs (~$30K/job). Should SSC actually become a viable profitable business, maybe UConn even reaps some rewards from finally selling the West Hartford branch.

 

[CL82]

Tearing that thing down would be a nightmare. Youd have to start with excavators in the streets and theyd all need to be million dollar long reach equipment that typicallt comes out of Holland and Germany. Trumbull and Ann would be shut down for months while they cleared enough space to even operate, never mind the loading out of the demolished materials.

 

[EdgewoodNHV]

The Coliseum is still a parking lot for the train station and basically and undeveloped albatross disconnecting New Haven's train station and downtown. The idea that the XL Center being demolished would somehow be good for Hartford is laughable, and I don't think there are any actual Hartford businesses which really believe that or want that, either.

 

[CL82]

The Coliseum is still a parking lot for the train station and basically and undeveloped albatross disconnecting New Haven's train station and downtown. The idea that the XL Center being demolished would somehow be good for Hartford is laughable, and I don't think there are any actual Hartford businesses which really believe that or want that, either.

I'd love for a vibrant, viable building to be there but that's not what we have. It operates at a loss, is decrepit and in need of many millions in repair. The only thing which gives is any financial viability is playing UConn games there, which is the state taking money out of it left pocket and putting it into it's right pocket.

The XL was put up for sale and no one, practically speaking, had any interest in it. That speaks volumes.

Sometimes you have shoot Old Yeller. (Just aim carefully.)