The Town of Suffield is a quiet and quaint community located between Hartford, CT and Springfield, MA. At first glance, there is limited commercial retail and office space available within Suffield which has limited the potential growth in the town’s commercial tax base. However, within the town center is approximately 29 acres of highly underutilized property. Because of its commercial center location, town leaders see this area as ripe for mixed use redevelopment that better complements the existing Town Center Village. While a variety of commercial and residential uses have been discussed, no specific reuse plan had been established.
Camoin Associates helped the Town of Suffield develop a market-driven, financially feasible redevelopment concept that will benefit the current property owner, potential developer, and town taxing jurisdictions. During interviews with the various project stakeholders, the Camoin team realized that for a project to happen at Ffyler Place, it would be necessary to demonstrate how each party must work together in order to achieve their individual goals. This means that the property owner must be an equity owner in the project, the developer will need to purchase a small town-owned parcel for more than the market price, and the town will need to relocate their highway garage. The resulting redevelopment scenario developed by the Camoin team is financially viable for the developer and property owner and will have a positive economic and fiscal impact to the Town of Suffield and the Suffield School District.
The town is currently using our market, feasibility, and impact analysis reports to market to potential developers who have expressed interest in Ffyler Place. The Town is currently reviewing proposals for a proposed pharmacy on a portion of the site.
- Real Estate Market Research
- Development of Market-Driven Development Scenario
- Assemblage & Deal Brokering on Behalf of the Town
- Financial Pro Forma
- Economic & Fiscal Impact Analysis