realestate

Middletown hosts collaborative real estate development summit

Middletown's first real estate forum brings together developers, builders and property experts to discuss commercial, residential and industrial growth.

T
he goal of the event was to convey a unified message about Middletown's future, emphasizing its openness and opportunities. Lisha Morlan stated, "We're open, we have opportunity...we're planning the future." The forum featured two panels of city staff members discussing Middletown's past and present, as well as its plans for growth.

    Middletown aims to revitalize its industrial community by embracing its heritage. Unlike traditional economic development strategies, which focus on workforce and housing, Morlan noted that Middletown must prioritize these areas. The city owns numerous infill lots and downtown buildings, which staff is working to consolidate and make more attractive for builders.

    The goal is not to profit from these properties but to repurpose blighted areas with new construction, increasing the city's housing stock and diversifying its residential portfolio. Middletown is also collaborating with local employers to use new housing as a business retention and attraction tool, which can help retain employees.

    New housing prices are targeted at $150,000 to $275,000, making them attainable for the workforce in Middletown, often referred to as the "missing middle." ExploreMiddletown aims to partner with real estate developers to achieve this goal. The city's strategic location between saturated markets and its remaining developable property make it an attractive location for industrial development.

    Recent openings of major industrial suppliers have given Middletown opportunities to expand its industrial employment base. Morlan noted that these organizations prefer their suppliers to be within a 90-mile radius, reducing workforce challenges. The city's geographic location makes it an ideal spot for industrial growth, with the sprawl extending down I-75 towards Middletown.

    The event was well-received by attendees, who praised the content, location, and speakers. A manufacturing forum is planned for the fall, which will be a follow-up to this event.

Middletown officials and developers gather for real estate summit in Connecticut.