Raytheon Technologies : Pratt & Whitney Announces Sale of 300-Acre Former Airfield to National Development
November 22, 2021 at 09:15 am EST
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EAST HARTFORD, Conn., November 22, 2021 - Pratt & Whitney today announced a sale agreement of its 300-acre on-campus former airfield Rentschler Field to National Development, which plans to use the site for future commercial development.
The site will offer commercial businesses more than 280 developable acres, with superior access to Interstates 84 and 91, Pratt & Whitney and CBRE officials said today. The site includes the Cabela's 185,000 square foot retail store and is adjacent to the 40,000-seat football stadium, which is home to the University of Connecticut Huskies. CBRE believes the site is the largest and most convenient development site available between New York and Boston.
"This brings tremendous opportunity for economic development to Rentschler Field, which could have a very positive impact on the overall Greater Hartford area," said Shane Eddy, SVP & Chief Operations Officer, Pratt & Whitney. "With neighbors like Pratt & Whitney, Cabela's and UConn football, the site offers an attractive place to do business with incredible access to major highways as well as the estimable talent available in the region's job market. We are pleased with the work CBRE has been able to do and look forward to an exciting next step for this historic piece of property."
"National Development is very enthusiastic about the potential for the next phase of development at Rentschler Field. The combination of the central location, the immediate highway accessibility and the access to a densely populated labor pool is unparalleled and we are already hard at work evaluating possibilities for the site," said Edward Marsteiner, Managing Partner at National Development. "We have a long track record of partnering with communities to deliver best-in-class projects, and we look forward to collaborating with local and state agencies to finalize the sale and bring economic development to this currently underutilized parcel."
"We are pleased that we could bring two great companies together on a positive economic development opportunity to the Town of East Hartford," said John McCormick, Jr., Executive Vice President, CBRE. It is always exciting to work on a project that you believe will have tremendous, positive, long-term impact to a community."
About Pratt & Whitney
Pratt & Whitney is a world leader in the design, manufacture and service of aircraft and helicopter engines, and auxiliary power units. To learn more visit www.prattwhitney.com. To receive press releases and other news directly, please sign up here.
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Raytheon Technologies Corporation published this content on 22 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 14:14:09 UTC.
RTX Corporation (formerly Raytheon Technologies Corporation) is among the world's leading aeronautics and defense groups. Net sales (including intragroup) break down by sector of activity as follows:
- aerial navigation systems (29.3%; Collins Aerospace): manufacturing of electrical, electronical and mechanical systems for aircrafts (compressors, airplane control, etc.), civil and military helicopters, etc.;
- aeronautics (29.2%; Pratt & Whitney): design and manufacturing of civil and military aircraft engines, gas turbines, rocket engines and propulsion systems;
- missile systems, and integrated air and anti-missile defense systems (21.1%; Raytheon Missiles & Defense): design and manufacturing of weapons systems, missiles, munitions, projectiles, radars systems, control and monitoring equipment, communication, information, detection and imaging systems, etc. ;
- aerospace systems (20.4%; Raytheon Intelligence & Space): production of radars, airborne sensors, tactical airborne communications systems, software-defined radio solutions, advanced tactical networking systems, cryptographic systems, real-time sensor networking systems, etc.
Net sales break down by source of revenue between sales of products (76.7%) and services (24.3%).
Net sales are distributed geographically as follows: the United States (86.3%), Europe (5.8%), Asia/Pacific (2.7%), North Africa and Middle East (0.2%) and other (5%).
RTX CORPORATION 
