Next month, Yale University is convening its annual private equity conference at a Stamford hotel, expecting to draw hundreds of dealmakers.
Perhaps one of those financiers might defy the conventional wisdom and explore how a larger conference venue could add value for Stamford ”“ and perhaps any investors backing it.
More than 20 years after the state of Connecticut authorized a new entity to explore building a convention center in Stamford, the city is no closer to a facility today, despite large tracts of available space that could accommodate a building and parking ”“ and despite the city”™s success in filling other draws that could help a conference center lure shows such as restaurants and entertainment options.
While many critique convention centers as a net drain after construction and maintenance costs are factored in, there is no doubt they can represent a major gain for area businesses. And in downtown Stamford, which is beginning to benefit from Building and Land Technology”™s rapid development of the South End, a convention center could provide the one element the city currently lacks ”“ a major magnet for people coming from outside Connecticut with money to spend. While the city”™s hotels boast large ballrooms, they cannot accommodate larger exhibitions that regularly bring in visitors from afar, though there are exceptions ”“ for instance, at the Stamford Hilton Hotel on Nov. 11, the Yale School of Management Private Equity Club holds its 11th annual private equity conference, focused on the theme of “the journey from financial engineering to value creation.”
Count Jack Condlin, CEO of the Stamford Chamber of Commerce, among those who feel a convention center could be the one missing link in helping create value for Stamford hotels, restaurants and businesses.
“Convention centers on their own are not financially feasible,” Condlin said. “They have to be one of many spokes in the wheel to drive the economy in any given area. ”¦ When I first moved here 30 years ago, there were hardly any restaurants downtown, but that has really changed.”
Stamford has also benefited from NBC”™s decision to tape talk shows at Rich Forum and Chelsea Piers”™ lease at the former Clairol site that gives the city a major sports entertainment center. Stamford was buzzing this month after a Hartford Courant columnist reported on his blog that NBC was readying to establish a major production studio for NBC Sports at the Clairol property, further burnishing the city”™s image.
If Stamford is generating buzz, that has not extended to the long dormant idea for a new convention center. First envisioned as a combination arena and conference center in Stamford”™s South End by the F.D. Rich Co. and others, the project never moved forward. Instead, developers pushed ahead in Bridgeport to create the Arena at Harbor Yard, which lacks an adjacent convention center or other draws that might make it a success.
More recently, the state backed construction of the Connecticut Convention Center in Hartford, which has had success drawing regional conferences. Of course, the Foxwoods and Mohegan Sun casinos in New London County pull business meetings from throughout the Northeast.
“Having a convention center like that would add that additional dimension that would help with the hotels, with the restaurants,” Condlin said. “Would it help more businesses come here? I think it would add an additional dimension that would help more businesses come here. When Chelsea Piers said they would come here ”¦ that was seen as an additional bonus (for recruiting other businesses).”
