Photo courtesy of the Capital Region Development Authority
David Steuber
Executive director, Capital Region Development Authority
Age: 39
Industry experience: 5 years
David Steuber is relatively new to his leadership position at Capital Region Development Authority, but no stranger to the Hartford region’s economic development programs. Steuber joined the CRDA on Oct. 31, succeeding the retiring Michael Freimuth, the agency’s leader since its creation in 2012. Run by a 14-member board of directors, the agency is responsible for stimulating investment in the capital region, including a focus on expanding housing development in downtown Hartford through loans to private developers. In its role positioning the Hartford region as an events destination, it operates the Connecticut Convention Center, the PeoplesBank Arena and Pratt & Whitney Stadium at Rentschler Field. Steuber previously was employed at the Connecticut Department of Economic and Community Development as director of strategic initiatives, and was chief of staff to former Hartford Mayor Luke Bronin from 2021 to 2024.
Q: How does CRDA put its funding to the most efficient use in the current real estate market conditions?
A: In terms of real estate investment, our primary mission and focus is on residential development, multifamily in particular, and that is where we concentrate the bulk of our investment activity. One of the major trends we are sensitive to in Hartford and throughout the metro region is the significant office vacancy rate that exists. That is a problem that we are studying and trying to facilitate office conversion projects. That is an opportunity to kill a couple of birds with one stone. Conversions are challenging because each building is unique and you have to look at what it costs to get them done. In New York City, we see very creative projects that have been under way to configure the floor plates of buildings and facilitate projects. In terms of how we approach these projects, what we do at CRDA is provide gap financing alongside private investment to try to catalyze investment. [Office] conversions often require an additional layer of support. That’s something we’re trying to provide on an individual deal-by-deal basis and thinking about systemically.
Q: What are the next steps for the Bushnell South residential development following the exit of the Michaels Organization as developer?
A: Bushnell South is something we are continuing to look at with interest and hope to get going again. It’s hard to put a definite timeframe on it. Presently there’s traffic and parking analysis being done and we’re also working with the water authority to address stormwater issues. There’s some housekeeping we’re trying to get squared away before we go back out to try to revitalize interest in that area. Depending upon how you define Bushnell South, we have multiple office conversion projects under way within a block. We recently completed 55 Elm St., a former state office converted to residential, and we’re in discussion with [Spinnaker Real Estate Partners] on a new-build apartment building wrapping around that property.
Q: What type of financing does CRDA offer?
A: We typically offer low-interest loans such as 3 percent for 30 years, that type of structure. The terms vary from deal to deal.
Q: What are the projections for Connecticut Convention Center’s attendance and major events?
A: We have a stable outlook in terms of the Convention Center business. We do recognize a need for greater hotel rooms. They very much do tie together. Hartford has lost about 700 keys over the course of the pandemic, and our assessment prior to the pandemic was that we needed 1,000. You add those together, and we really stand to double the number of hotel rooms in downtown Hartford. That would meaningfully add to our opportunities to pull in additional business at the Convention Center.
Q: How would subsidies for hotel projects work?
A: We are open to facilitate renovations of existing structures. We recently approved a $4 million loan to the Capitol Hotel in downtown Hartford to raise the overall quality standards and the rooms. They are currently unflagged. When it comes to some of the office conversion projects, part of being able to put hotel rooms into an office building is something we’d be open to.
Q: How much additional investment is required to update Rentschler Field?
A: We are currently in the midst of a 5-year, $50 million capital plan for improvements at Rentschler. We are in year two of that and moving ahead with refurbishing that structure, doing roof work and repairs, audio-visual upgrades and improvements. What’s notable about the stadium is the [University of Connecticut] football team has been doing pretty well and that’s helping with attendance. We’re also seeing interest in concerts. Chris Brown had a very successful concert [in August] and we have Post Malone [on June 22].
Q: What other projects are active in East Hartford?
A: There is a fair amount of activity on Silver Lane which is in relative proximity to Rentschler Field, and the Port Eastside development. That’s the most notable development and we are under way with abatement and demolition of an older Bank of America office building and attached parking garage. The site is planned for a mixed-use redevelopment including residential and retail.
