Northland Hands Off Operation Of XL Center

It’s been three years since Hartford’s biggest developer teamed up with one of the world’s biggest event promoters to run what's now called the XL Center.  Now, the developer has gotten out of the deal.  WNPR’s Jeff Cohen reports.

 

When Larry Gottesdiener’s Northland Investment Corporation won the chance to run the Civic Center in 2007, one official told the Hartford Courant that what sealed the deal was Gottesdiener’s, quote, skin in the game.  Gottesdiener was downtown’s largest landowner, so he had an incentive to make things work.  His deal would last until 2013.

 

Now, though, things have changed.  Gottesdiener has split from his event promoter partner, AEG, and he's out of the city arena business entirely. 

 

In a statement from a spokeswoman, Northland said that the move to hand over its interest in the arena’s operation would allow both entities to focus on their core businesses.

 

That means Northland will be able to focus more of its attention on its real estate holdings in Hartford – a number of which are facing financial hurdles. It will also allow it to devote more time to leasing the retail space it owns around the XL Center – space that the firm has struggled to fill.

 

For WNPR, I’m Jeff Cohen.