Market_Segmentation__(1).pdf

This is a market segmentation analysis document supporting a real estate development Request for Proposals issued by the Town of Manchester, Connecticut, for a transformative downtown redevelopment project. The file presents drive-time analysis data (5-minute and 10-minute drive time zones) relevant to the 942 Main Street Development opportunity involving two adjacent parcels totaling 2.38 acres in Hartford County's Central Business District. The RFP was released on January 29, 2025, with a proposal response deadline of April 24, 2025, at 2:00 pm. The Town seeks an experienced real estate developer to create a mixed-use urban development on a site that includes a 1.59-acre parcel with existing parking spaces and a 0.79-acre vacant property cleared for development. Proposals should ideally feature multi-story buildings with ground-floor retail and residential or office units, though single-use concepts will be considered. The Town will evaluate submissions based on development approach, project experience, financial capabilities, proposed structure, and management experience, with emphasis on overall community benefit rather than cost alone.

The procurement does not specify explicit set-asides for disadvantaged enterprises but requires all bidders to complete a Living Wage Certification with potential exemptions for nonprofits, smaller employers, and contracts under $25,000. No incumbent vendors are identified for this opportunity. The Town is open to either selling or leasing the property and may offer incentives including tax assessment agreements or reduced purchase or lease prices. The property is situated within a federal Opportunity Zone and is zoned for mixed-use development with extremely permissive off-street parking and dimensional requirements designed to encourage dense urban development. An economic report provides conceptual development costs estimated at $45,909,682 for a 154,988 square foot mixed-use building featuring 99 residential units (including 20 affordable units) and 7,750 square feet of commercial space.