As described by leaders who have seen the plan, Fiondella's proposal calls for the construction of a convention center and domed stadium complex so large that it would make Hartford a player in luring any national political convention or sporting event. The plan would cut a gate in the city's flood-control dike, greatly increasing downtown's access to the river and potentially bringing hundreds of thousands of people a year to the network of parks being developed along the Connecticut by Riverfront Recapture. It would provide the large sports facility needed to allow the University of Connecticut to play big-time football, on the level the basketball program enjoys now. It's unlikely that the stars of finance will be aligned this way again for years, perhaps not for decades. Developers say that with the stock market continuing to soar, large amounts of capital await investment opportunities.
Interest rates remain rock-bottom low.
Yet, for all the ambition that will be evident when Fiondella presents his plan to the public today in city hall, it could be just the beginning of one of the most painful, highest- profile failures in recent memory. For one thing, Fiondella today is not expected to announce a huge cash infusion by Phoenix that could be paired with the state development funding approved last week. Peters said Tuesday. I really believe that. Fiondella, who is president, chairman and chief executive officer of Phoenix, was not talking publicly about the plan Tuesday, other than to say he doesn't want it to be known as his personal vision for the city, so the plan is not eclipsed by the person.