At the beginning, of course, “building” meant “construction,” but there’s not a lot of new construction in Connecticut these days. So the editorial staff of The Commercial Record got a little creative with their themes for The Building Issue.
Steve Adams had perhaps the most obvious application of the topic. Connecticut’s cities do not lack for outdated and underutilized office buildings, and the capital improvements required to restore them to highest and best use – and attract tenants in the process – are under way across the state.
Not everything can be rehabbed so easily (if multimillion dollar repositioning projects can be termed “easy”). Real estate reporter Jim Morrison takes a look at what happens when a building crumbles. The foundations of hundreds of homes across the northern part of the state are crumbling and the homeowners are facing repairs that could bankrupt them.
Attorney General George Jepsen’s office released a statement in mid-July saying it could not find sufficient evidence for claims of violation of the state’s consumer protection laws, which is unfortunate but perhaps to be expected of foundations poured, in some cases, more than 30 years ago. The AG’s office has been hard at work since, encouraging local insurers to participate in a program to offer some relief to affected homeowners. Still the problem persists – and it could be worse than we know. The Connecticut Capital Region Council of Governments estimates the actual number of affected concrete foundations could number in the tens of thousands.
Community financial institutions know the writing is on the wall for brick and mortar, so they are exploring ways to best utilize their physical plants. Some are turning to the so-called “branch of the future,” though what that actually looks like has yet to be fully realized. There are bank branches with every conceivable amenity – beer taps, coffee bars, iPad lounges, cafés, even miniature stores selling local history.
As technology quickly renders the functions of a community bank – and its staff – obsolete, it often seems FIs are experimenting with automated tellers and overhauling front-line staff in a desperate bid to stay relevant in a digital world.
But what if the way forward isn’t in diversification of use or technological gadgets, but rather a restoration of one of the oldest sale tenets in history – that of the relationship between customer and vendor? Finance reporter Laura Alix takes the theme one step further and explores what it means to build relationships with customers.
And finally, contributor Bernice Ross, CEO of RealEstateCoach.com, authored an article about a new initiative to build community. In the midst of “one of the most divisive and violent time periods in our history, a time where many feel helpless and that their dreams for the future may never be fulfilled, it can be tempting to give way to the pessimism,” she writes (quite tactfully).
Spruce Up Day is becoming a national reality. On Nov. 19, Ross invites all real estate professionals, affiliates and vendors to participate in a massive grassroots effort to restore a little hope in scary time. The idea is to bring together neighbors and rebuild our communities – another foundation, it could be argued, that is crumbling.
