The Town of Seymour contacted AdvanceCT for a market feasibility analysis to assess the economic development potential of three key parcels. AdvanceCT developed proposed uses for these unique properties after reviewing Seymour’s 2012 Downtown Action Strategy and the results of a survey of residents, analyzing key demographic and employment data, and examining economic conditions and trends affecting the town, the region and the state. Additionally, the recommendations were conceived after visiting and assessing each parcel’s unique real estate characteristics and relationship to the physical, cultural and economic landscape of Seymour.
Some of the findings that led to AdvanceCT’s conclusions were that:
- Seymour’s population of approximately 16,540 includes a highly educated workforce with employees often in the Manufacturing, Health Care and Social Assistance, Educational Services, Construction or Professional, Scientific, and Technical Services industries
- Seymour is a family-oriented Town where the median age is 40.9 years, older that the surrounding counties and the state as a whole
- 90% of Seymour residents travel to another town, usually in Fairfield County, to work
- Seymour residents travel up to 30 minutes to receive medical care and to access retail, entertainment and dining sites, demonstrating unmet demand for more local options
Given these and other demographic and economic findings, AdvanceCT’s Research and Real Estate teams proposed the specific development uses for the three parcels under consideration.
AdvanceCT found that one parcel could be best utilized as a mixed use retail and residential complex to appeal to well-educated millennials; the second could be best used as a riverfront dining/entertainment venue close to current rail service; and the third could be split for a much-needed urgent care facility and an advanced manufacturing training facility to train and further enhance Seymour’s highly skilled workforce.
These findings revealed a mixture of possible development opportunities unique to each individual parcel, that AdvanceCT then prioritized based on which would yield the best long term or short term economic returns for the Town.