REVIEW OF RENAISSANCE DOWNTOWN AT BRISTOL, CT
- Is there a clear need for new apartments?; Can the proposed new units be leased at forecasted rent?; Will 100 new units be a significant catalyst for new development?; Is the Proposed Phase 1A Project the best option for achieving the city’s goals?
- To respond to these questions GOMAN + YORK conducted an extensive market study to establish the achievable market rates and occupancy levels, adjusted those results to reflect local market and site dynamics, and provided an accurate assessment of the overall economic feasibility of the proposal. Given the strategic importance of the site, we also examined alternatives and concluded by recommending a development strategy that centered around utilizing placemaking as an anchor which would serve as the catalyst for the adaptive reuse of the many suitable existing buildings surrounding the site.