Hamden Business Incubator In Line for State Funding

The town's planned business incubator is expected to get a big financial shot in the arm this week thanks to the state of Connecticut.

Rep. Brendan Sharkey (D-Hamden), who also is the Speaker of the state House of Representatives, said state funding targeted for the transformation of the former Newhall Community Center in Hamden into a new small business “incubator” hub is expected to be approved when the state Bond Commission meets next week.

A $5 million grant is slated for property remediation and a major renovation of the building located at 496 Newhall Street, Sharkey said. The funding will be administered by the State Department of Economic and Community Development with the project managed locally by the Hamden Economic Development Corp.      

“This is a solid investment in Hamden’s economy as well as the entire region. It will create new jobs and pay dividends for taxpayers for many years to come,” Sharkey said. “I appreciate Governor [Dannel] Malloy’s support on this important project along with the work of the entire Hamden legislative delegation to turn this idea into reality.”

“It’s really very simple – helping small businesses creates jobs,” Malloy said.  “Over the last two years, Connecticut has experienced the highest rate of private sector job growth over a two-year period since the late 1990s. It’s certainly progress, but we have to do more.  Funding projects like the small business incubator at Newhall Community Center is how we build on that progress.”

The project is anticipated to create 40 temporary jobs and more than 100 permanent jobs with an estimated completion date of October 2014. The location will serve as an incubator to about 20 new small businesses which will benefit from below market rental rates and share common office amenities through the Hamden Business Assistance Center. As these companies grow and expand to new locations, the business incubator will welcome in new start-ups.

“Two of my top priorities this year have been to create new jobs and assist small business in leading Connecticut on the road to economic recovery, and to help revitalize the Newhall neighborhood," said Rep. Michael D'Agostino (D-Hamden). "This grant helps accomplish those goals and I thank Governor Malloy, Speaker Sharkey, and the State Bond Commission for their commitment to this project.” 

Located one mile north of the New Haven line, the project is expected to provide 40,000 sq. ft. for business incubator space. The building is also in the process of being placed on the State Historic Register.