East Hartford’s Town Council, meeting Tuesday, agreed to delay collection of property taxes for a massive warehouse development moving forward on Rentschler Field this year. “Banks have all but stopped lending on new construction projects and any debt that is available has more than doubled in rate over the course of 2022, which has severely increased our project costs,” National Development Managing Partner Ed Marsteiner wrote to East Hartford’s mayor in a letter dated Dec. 20. “This change in financing alone has put immense pressure on the viability of the project.” For the past year, National Development has laid the groundwork for a project erecting two massive warehouse/logistics centers on 300 acres at Rentschler Field, along with two smaller research and development buildings. East Hartford officials say the company plans to build the two logistics buildings – one of 1.2 million square feet and the other of 1.3 million square feet – beginning this year and completing in 2024.
https://www.hartfordbusiness.com/article/with-development-costs-soaring-east-hartford-grants-tax-deferral-for-massive-industrial