A major redevelopment project underway in East Hartford.
Boston-based real estate investment firm, National Development, held a groundbreaking ceremony on a Rentschler Field site Monday which will be the future home of a massive logistics and technology park.
The site is located just a few hundred yards away from Pratt & Whitney Stadium at Rentschler Field football and adjacent to Cabela’s.
With tenants Lowes and Wayfair already committed, the East Hartford Logistics and Technology Park is being touted as something that could create up to 400 construction jobs and 1,000 permanent positions, once complete. The project’s initial phase calls for the construction of two buildings, accounting for 2.5 million square feet.
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“2.5 million square feet of the combined floor area of the first two buildings under construction Is roughly equivalent to the square footage of the Empire State Building,” said Ed Marsteiner, National Development Managing Partner.
In addition to jobs, officials say this is expected to bring $4 million in annual tax revenue.
National Development purchased the 300-acre site in January from Pratt & Whitney’s parent company Raytheon. It had previously been used as an airfield, that at one time was used during World War II.
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As part of the deal, National Development agreed to a one-time, $4 million payment to East Hartford. The town says the money will be invested into other parts of the community, including the long-awaited revitalization of Silver Lane.
“East Hartford has got what you need,” said Mayor Mike Walsh. “Welcome, and on behalf of the community of East Hartford, thank you.”
According to National Development, this project is expected to be complete by Summer of 2024. Beyond that, there are also plans to build two additional 100,000 square-foot buildings to be used for high-tech or specialty manufacturing tenants.
