Features

290 Pratt Street is located in the City of Meriden, a thriving and growing community located at the intersection of Interstates 91 and 691, the Merritt Parkway (Route 15) and Route 5. Meriden is positioned halfway between Hartford and New Haven, approximately 20 minutes from each, and is less than two hours from both New York City and Boston. 290 Pratt Street is located just one-quarter mile from I-691.

There is ample parking in well-lit parking lots on either side of the building and across the street from the main entrance and the building offers both on-site management and a security guard on call until 8:30pm each weeknight. Amenities include Il Panino, a restaurant that also offers catering services, and Club 24, a 24-hour fitness facility outfitted with state of the art equipment.

Enterprise Zone Benefits

The property’s location within the Enterprise Zone allows qualified tenants to benefit from significant tax incentives. The State of Connecticut offers significant tax abatements for real property improvements and personal property, helping to significantly reduce business expenses and encourage business growth. The State offers tax abatements to manufacturers, warehousing and distribution companies and certain service businesses that locate to or expand in Meriden’s Enterprise Zone under its EZprogram. Eligible businesses are identified by SIC/NAICS codes. Eligible businesses may receive an 80% tax abatement for five years on any increased real property taxes resulting from new construction or expanded space. Businesses that do not qualify under the State program may yet still qualify for incentives provided by the City of Meriden.

State:

The State offers tax abatements to manufacturers, warehousing and distribution companies and certain service businesses that locate to or expand in Meriden’s Enterprise Zone under its EZprogram. Eligible businesses are determined by the State and are identified by SIC/ NAICS’s codes.

If your business is eligible, you may receive:

• An 80% tax abatement for 5 years on the increased real property taxes resulting from new construction or expanded space. For companies that wish to lease the space, a lease for 5 years with an option to purchase or renew the lease for 5 more years is required. The landlord passes any tax abatement to you in your lease. Under certain conditions, renovations to a company’s existing space in Meriden may qualify.
• An 80% real property tax abatement for 5 years on the existing real estate taxes of a qualified vacant building. If you move into a vacant building/space, the entire tax burden could be eligible for the incentive.
• An 80% personal property tax abatement for 5 years on any personal property “new” to Meriden’s grand list and a 25% or a 50% credit on the state corporate business tax of the eligible business.

City:

Businesses that do not have SIC codes required by the State’s EZprogram may still be eligible for Enterprise Zone incentives under the City’s program. If you operate a restaurant, retailer or other business that cannot qualify for the State’s EZprogram and you move into a newly constructed space or rehabilitated space, you may qualify for:

• A 7 year real property tax break on any increase in real property taxes that comes as a result of your space being newly constructed or from being in a building rehabbed to fit your needs. This benefit could result in lower occupancy costs. The breaks are as follows:
  
  

  Year	Increase in Assessment that is deferred
  Year 1	100%
  Year 2	100%
  Year 3	50%
  Year 4	40%
  Year 5	30%
  Year 6	20%
  Year 7	10%

• A 3-year personal property tax abatement. Your commercial business can receive this tax abatement when you move into rehabbed or newly built space in the Enterprise Zone and the building qualifies for the incentive mentioned above.
  

  Year	Increase in Assessment that is deferred
  Year 1	100% of personal property taxes abated
  Year 2	100%
  Year 3	50%

For more information or to schedule a showing, please contact Peter S. Shiue, CCIM at (203) 497-3955 or peter.shiue@colliers.com.