The town of East Hartford has a new role as shopping center landlord following its acquisition of the blighted Silver Lane Plaza for $4.5 million.
But the long-term strategy will include an offering to private developers for a range of potential future uses.
Mayor Mike Walsh Walsh said he would like to attract new retailers and restaurants to the redevelopment, but is open to a mixed-use approach.
“We’re looking for anything that would be highest and best uses,” Walsh told The Commercial Record this week. “My strong preference is restaurants and retail, but I also understand that my desire may not be supported by the market. We’re simply going to cast a wide net.”
Other uses that could attract demand include multifamily housing, either on the second level of a retail project or on the rear of the property, Walsh said.
The largely-vacant 1970s-era strip mall has been a target of the town’s anti-blight program for years. The acquisition gained momentum in June, when the state Bond Commission approved $10 million for the acquisition of the property at 749-810 Silver Lane and 818-850 Silver Lane.
Two existing tenants, including a gym and Korean grocer, will be relocated out of the main building and offered three-month leases under town ownership, Walsh said. That would clear approximately 22 acres for redevelopment following demolition of the main building.
“The goal is to keep those businesses as long as we can and then to demolish the main building and issue a development [request for proposals],” Walsh said.
The Silver Lane corridor has been a focus of the town’s economic development strategy. Many of the decades-old retail properties lining the four-lane highway have declined over the years, and a 2018 consulting study found approximately 25 percent of the commercial space is vacant. The district has approximately 1,157 acres of commercial properties.
The largest development site in the area – a 300-acre portion of the Rentschler Field property – crossed a major milestone this week when National Development broke ground on a 2.5-million-square-foot distribution center leased to Wayfair and Lowe’s Home Improvement Warehouse.
Another long-vacant site is proposed for redevelopment as 300 apartments. On Tuesday, East Hartford’s Town Council approved the sale of the town-owned former Showcase Cinemas to developers Avner Krohn and Brian Zelman for $1.
