Ed Marsteiner has been the face of Newton, Massachusetts-based National Development since plans for the company to buy and develop 300 acres at East Hartford’s Rentschler Field were announced in November 2021.
After cordial but long-running negotiations with the town of East Hartford and property owner Raytheon Technologies, the developer paid $78.47 million for the land in January, and immediately launched site work for two massive warehouses.
In March, the company announced Lowe’s Home Improvement would occupy a 1.3-million-square-foot logistics building under construction at the site, and home-goods retailer Wayfair would occupy a separate 1.2-million-square-foot building.
On its website, National Development says it has built more than 30 million square feet in 45 communities in and around Boston, including retail, hotel, residential, senior housing, industrial, life sciences and commercial offices.
National Development says the East Hartford warehouses, scheduled for completion in summer 2024, will result in up to 1,000 permanent jobs.
National Development’s plans also call for construction of two, 100,000-square-foot buildings for advanced manufacturing, at some point.
Marsteiner, a managing partner with National Development, said the company’s experience with state and local officials has made it receptive to additional projects in Connecticut.
Marsteiner has a master’s degree in civil engineering from Clarkson University and an MBA in finance from the Stanford Graduate School of Business. According to his bio, he’s also well-traveled, having driven cross-country three times and visited 46 of 50 states.
By Michael Puffer
Hartford Business Journal