December 3, 2008 A green center to Hartford's downtown Play video

(NECN: Brian Burnell, Hartford, Conn.) - With the economy in a downward spiral, now would not appear to be the time to start a redevelopment project. There is one getting underway in Connecticut, though, that is benefiting from the downturn.

It's as simple as supply and demand. The demand for new construction is down, so the supply of contractors and materials is up. That means the projects that do break ground can negotiate for lower prices.

Broadcast House on Constitution Plaza in downtown Hartford is something of an iconic building. For over four decades, it was home to one of the state's television stations. The station moved out last year. There was little demand for the building, so AI Engineers picked it up for a good price. Now, they will tear it down, replacing it with a new, "green" building.

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"When you think of green buildings you think of things such as energy efficiency. We're going to have that. You think of water recovery, fuel cell, photo voltaic cells, solar cells on the roof. We're going to have bicycle access so you can bike in to work, take a shower, hit the elevators, go up to your office," says Dan Whittemore, vice president of AI Engineers.

With the tough economic conditions, now might seem like the wrong time to launch a project like this, but the founder of AI Engineers

"Sometimes you can make the best out of a difficult time. The contractors are hungry for work. The material prices have come down significantly. Knowing that there's going to be substantial savings in the construction marketplace both materials and contractors we think we can make a virtue by slashing construction and design costs significantly which we've already done," says Abul Islam, president and CEO of AI Engineers.

The mayor likes this project for a litany of reasons, not the least of which is it ties in to the Columbus Boulevard redevelopment, which includes the Science Center, which is across the street and still under construction and next door to that the new Marriott Hotel, further down the block the convention center and across the street from that the Front Street Project.

"This project is not a recession buster, but it will help our capital city be less vulnerable to the bad economic times that we see in the future," says Hartford Mayor Eddie Perez.

Plans call for the demolition of Broadcast House early next year. The new building will be called the AI Technology Center. Two floors will house the corporate headquarters for AI Engineers. The other 11 will be rented to other firms and to retail stores at the street level.

Abul Islam still has to get the financing in place for construction. He's already spent $2 million of his own money to buy the building and arrange for demolition.