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Office of Economic Development

January 2010

BUSINESS NEWS – A Year in Review

 

The Office of Economic Development welcomes you to our monthly update on economic activity in the Town of Stratford.

 

·     The commercial marketplace fared quite well despite the economic conditions that have hampered the financial markets for most of 2009. Commercial, industrial, retail and office permits closed out the year at $10,017,156, which was only the third time since 1999 that the permit values have exceeded the $10 million mark. In 2008, the permit values totaled $7,392,04 with 70 commercial permits issued where as 2009, 58 permits were issued to reach the ten million mark.

 

·     The major news story happened in December when DMG Studio Holdings announced the contract to purchase the vacant Exxon Mobil facility on Lordship Boulevard and become the home of Dogstar Studios. The anticipated closing on this sale is during the month of January.

 

·     Leasing activity in Stratford for the year exceeded 350,000 square feet of new and extended leases including expansion of existing businesses.

 

·     Business registrations for the year totaled 137 new businesses, with 66 opening new storefronts.

 

·     The year brought new restaurants to Stratford with the opening of Rivenova and Danny McCoy’s Irish Pub in Stratford Center, Stanziale’s Restaurant across from Sniffens Lane and Assaggio’s at the Dock Shopping Center.

 

·     Patriot Bank and Hudson Valley Bank also joined the business community.

 

·     The joint effort of the Economic Development Commission, the Chamber, Sterling House, Stratford Library, Perry House and Square One Theater along with the restaurants and property owners in Stratford hosted a first, to be annual, Holiday Festival celebrating the season in the Center with approximately 1,000 in attendance.

 

·     The Greater Fairfield County Consolidated Listing Service reported that 416 single-family homes sold during the year at an average selling price of $253,473 and had market exposure of 102 days.*

 

The Office of Economic Development compiles the information contained in the Business News.

 

Bruce Alessie, Special Projects Coordinator

 

*Source: Greater Fairfield County Consolidated Listing Service