For the second time in less than a year, the construction of outlet shops at Rentschler Field is a no-go.
This time, however, it appears to be for good.
Horizon Group Properties announced on Monday that it is canceling the development of The Outlet Shoppes at Rentschler Field in East Hartford.
It cited a tough retail environment and "dramatic declines" in the stock market.
“This was an extremely difficult decision for us, because we believe that the project would be a success, but unfortunately circumstances beyond our control affected our ability to move forward,” said Gary J. Skoien, chief executive officer of Horizon Group Properties. “When the project was delayed last November, we needed all the retailers to re-commit to the project with no changes in the economic terms of their leases, and that didn’t happen. We are also aware that some local contractors took advantage of the situation, and while this alone didn’t cause us to stop the project, it added to the high construction costs that exist in Connecticut. This is sad news, not only for us, but for United Technologies, the residents of East Hartford and the state of Connecticut.”
United Technologies reported back in November that Horizon was having financing issues.
The project was supposed to generate an estimated $223 million in state taxes over 20 years, along with create thousands of jobs.
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