1. 645-651 South Main Street Middletown, CT
BY: Shannan Smith, Peter Rodriguez, Drew Harney, Greg Nigro & Jack Hayes

2. Thesis
The retail complex located at South Main St, Middletown, Connecticut suffers from a lack of successful anchor tenants, high vacancy rate, and limiting demographics serving Middletown’s residential market.
Our opportunity for growth can be achieved through a redevelopment of the aesthetics and strive for a cohesive tenant mix.
All

3. Property Overview
Site Address: S. Main Street, 635 S. Main Street and 655 S. Main Street, Middletown, CT
Main Building Built in Secondary Buildings in 1980
Gross Leasable Area: 85,000 SF
Total number of units: 9
5.06/1,000 SF parking ratio
Total land area 2.89 acres (125,888 SF)
Mill Rate Fire District Rate 3.648
Total Tax = 1,119,650
Greg

4. Tenants Retailers Square Feet Sperion 20,000 CT Works Center 500
Jerry’s Pizza 1,000
Middlesex Credit Union 1,000
Clean Machine Cleaning Co. 500
Denny’s 5,000
Leased ,000
Available ,000
Total ,000
Source:
Shannan and Pete

5. Availability Total Space (GLA): 85,000 sq ft
3 Spaces Available for Lease: 57,000 sq ft total
67.06% available for lease
Drew
Source:

6. Summary of Findings Demographics within a 10 minute drive time
Population ,025
Middle Class Area Median Household Income: $50,842
Traffic: good traffic flow on Route 17 (S. Main St.)
Ingress and Egress:
Two lane street with steady traffic flow and multiple entrances for Ingress/Egress
All

7. Summary of Findings Signage:
Sufficient signage for front entrance, could incorporate some for side entrance.
Denny’s signage is very noticeable; commonly known as Denny’s Plaza to residents of Middletown
Successful anchor retailers: None
Vacancy:
3 of the 9 units available for lease

8. Maps and Aerial Views
Drew

9. Maps and Aerial Views Imagery Mar 30, 2012
Source:

10. Physical Boundaries
The site has physical boundaries including the Connecticut River- less than 2 miles North of the subject site.
Travel and trade is limited for residents of other towns East of the CT River.
Route 9 runs alongside the CT River and bisects the city of Middletown. Interstate 91 is 5 miles to the west.
Drew

11. Pictures
Imagery Mar 30, 2012

12. Pictures
Imagery Mar 30, 2012

13. Linkages 1.5 miles from Exit 13 of CT-17 S
3 miles from Exit 11 of CT-9 N
2 miles from Exit 18 off CT-66 E
2 miles from Arrigoni Bridge off CT-66 W
Under 10 minutes access to Interstate Highways 84 and 91
Jack
not many people are traveling from main interstates, but instead the proximity to interstates draws residents to the town

14. Linkages Northern Middletown Population: About 13,000
Median income: About $72,000
Central Middletown
Population: About 18,000
Median income: About $46,600
Southern Middletown
Population: About 7,000
Median income: About $83,700
Jack
Imagery Mar 30, 2012

15. Linkages North: Cromwell - Population: 13,951 Median Income: $80,426
Portland - Population: 9,470 Median Income: $93,438
East:
East Hampton – Population: 12,926 Median Income: $91,770
West:
Berlin (Northwest) - Population: 19,694 Median Income: $87,091
Meriden- Population: 60,608 Median Income: $53,722
South:
Middlefield - Population: 4,418 Median Income: $81,638
Haddam – Population: 8,267 Median Income: $87,883
Durham – Population: 7,342 Median Income: $106,000
Jack

16. Mass Transit Accessible by CT Transit buses
Bus stop at 432 S. Main St. by the intersection of S. Main and Farm Hill Rd
This is an 8 minute walk to our
shopping center
-During the week, busses arrive every
50 minutes.
-On Saturday, busses run every hour.
-No busses on Sunday
Pete
Source:

17. Route 9 (Connects to Route 17)
Average Daily Traffic
In 2012, the economy grew stronger allowing more local residents to drive instead of using mass transit.
Route 9 (Connects to Route 17)
Route 17 (main commuting route for residents with a speed limit of 35 mph)
2012: 22,900 E
2012: 13, ,500
2011: 19,900 E
2011: 9,900
2010: 19,900 E
2010: 9,900
2009: 23,500 E
2009: 9,700
shann/pete (add trend in ADT)
Sources:

18. Ingress and Egress
Shannan
Imagery Mar 30, 2012
South Main St is a 2-lane road without a stoplight for the plaza but has a stoplight about .1 miles north of main entrance
Ward St. is a 2-lane road with a stoplight approximately .2 miles from secondary entrance

19. Main Entrance- South Main St.
Shannan
Picture Taken: August 2011
No pedestrian crosswalks along South Main St. or Ward St.
Car dealership, gas station, and fast food restaurants across the street increase Ingress/Egress, but most consumers are coming from residential areas nearby.

20. Good visibility of site and signage from South Main St.
Shannan
Picture Taken: August 2011
Good visibility of site and signage from South Main St.

21. Overall, there are a few signs that represent the shopping center.
Picture Taken: August 2011
Overall, there are a few signs that represent the shopping center.
The main signage is at the main entrance, yet there are no signs around the side entrance to the property.
Businesses within the center utilize wall signs
Shannan, Drew

22. Sign Zoning Wall Signs:
Cannot more than 15 in. from the face of the wall
Must be kept in safe repair, clean, neat and attractive condition
The back side of any sign must be shielded from view from any public street
Ground Signs:
Must be less than 10 ft. above ground level
Can use indirect lighting so long as lighting doesn’t go past 6 ft. from the sign and focuses directly on the sign
The Shopping Center currently has one freestanding sign at the main entrance and none at the secondary entrance
Pete
Source:

23. Economic Overview
Drew, jack
Source:

24. Economic Overview Average worker works 38 hours a week
The break down for commute times in Middletown, CT is:
64.5% under 25 mins,
27.6% mins,
8.0% above 45 minutes.
The median worker income is $37,453. This is higher than the national average of $29,701.
The poverty rate for Middletown, CT is 11.5%.
Drew
Source:

25. Demographics
Drew
Source:

26. Demographics Demographics within a ten minute drive time Housing:
52.7% single family housing in Middletown
75.3% Middlesex County
64.4% single family housing in CT
Shannan - Majority of the workers are from the town meaning people spending money here are locals
Source:

27. Zoning Map
Peter
Source:

28. Zoning Regulations B2 - General Business Zone
Our zoning regulations allows us to have a large variety of tenants
- Funeral Homes to Fitness Centers
We have a few restrictions if we were to develop our property further:
No Higher than 3 ½ Stories
We would also have to obtain regular permits from the city
Pete
Source:

29. Pros and Cons
Pros:
Large population within a 10 minute drive time radius
Successful signage at front entrance of premises
Popular businesses surrounding the center
Plenty of potential for growth and improvements
Cons:
Vacancies deter new tenants and consumer spending
No anchor tenants
Property for sale
Not identified with a name, website, or on Google Maps
Greg, Shannan

30. Works Cited www.costar.com www.stdb.com
All