952 - 962 Silver Lane
Land | 7.2 acres
Marketing description
TEN- X ONLINE AUCTION: March 4 - 6, 2024
952-962 Silver Lane in East Hartford, Connecticut, is a prime development site, ringing in at 7.2 acres across four parcels with on-site utilities readily available. The land is zoned B-6, a business zone ideal for retail or restaurant development. In addition to over 157 feet of frontage on Silver Lane and direct access to a signalized intersection, this site lies at the entrance of Charter Oak Mall, abutting the CVS and KeyBank sites.
952-962 Silver Lane is across from Phillips Farm (an independent 55+ apartment complex) and has excellent accessibility to Interstate 84. Investors and users have several enticing opportunities for this highly desirable land. A new owner can build a space for their business, or an investor can rent out retail spaces at market rates, which have increased by 4.4% over the past year. An uptick of new construction is happening in the East Hartford Submarket, making it the perfect time to poach.
Silver Lane is a retail corridor that is poised to benefit from strong growth and development over the next few years. The Silver Lane Apartment Development behind 952 Silver Lane is a partnership between Jasko Development and Zelman Real Estate, with approval for an apartment housing development at the former Showcase Cinema site at 936 Silver Lane. Plans call for up to 402 residential units to be constructed in two phases, along with modern amenities such as a clubhouse, pool, and dog park.
National Development Purchased the 300-acre former Rentschler airfield and has begun developing two warehouse buildings totaling 2.5 million square feet. Wayfair will be occupying 1.2 million square feet and Lowe’s will be occupying 1.3 million square feet at the site. Additionally, two 100,000-square-foot buildings will be developed for high-tech manufacturing and research and development. The project is expected to create 2,000 permanent jobs.
Investment highlights
Spanning 7.2 acres across four parcels, this development site offers an exceptional opportunity in a highly sought-after location.
Perfect for retail or a restaurant, the property boasts frontage on Silver Lane, direct access to a signalized intersection, and prime visibility.
952-962 Silver Lane is adjacent to CVS and KeyBank, near Charter Oak Mall and several affluent residential communities.
Local rental rates have increased by 4.4% over the past year, which is ideal for constructing new retail space.
Positioned in a retail corridor poised for significant development, benefiting from nearby projects such as the Silver Land Apartment Development.
Neighboring developments offer an influx of potential customers and residents to the area.
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