Market_Segmentation__(1).pdf

This is a Market Segmentation document prepared for the Town of Manchester, Connecticut's 942 Main Street Development project, a downtown redevelopment initiative seeking qualified real estate developers for a transformative mixed-use urban project. The project encompasses two adjacent parcels totaling 2.38 acres located at 942 and 1050 Main Street within a federal Opportunity Zone. The 1.59-acre Forest Street lot currently contains 116 parking spaces, while the 0.79-acre parcel at 942 Main Street is vacant and cleared for development. The site occupies a full downtown block in Manchester's Central Business District and is zoned to permit mixed-use residential and commercial development. The Town released the Request for Proposals on January 29, 2025, with a response deadline of April 24, 2025, at 2:00 pm. 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 proposals based on development approach, project experience, financial capabilities, proposed structure, and management experience, prioritizing overall community benefit rather than cost alone.

The Town of Manchester is open to either selling or leasing the property and may offer incentives including tax assessment agreements or reduced purchase or lease prices. A detailed economic report by Goman+York Advisory Services provides development cost projections, with one conceptual proposal estimating total development costs of $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. Desirable project elements include traditional mixed-use design, transformative tenants, rideshare and transit amenities, and mixed-income housing with potential affordable units. The procurement includes a Living Wage Certification requirement for bidders, with potential exemptions for nonprofits, smaller employers, and contracts under $25,000. No explicit set-aside designations for disadvantaged enterprises are specified, and no incumbent vendors are mentioned. Manchester is a forward-thinking community of approximately 60,000 residents serving as the commercial, entertainment, and residential hub of the east-of-the-river Greater Hartford region.