I sure do....
I have a small obsession with Hartford much like you guys do with GR, so please excuse my excitement
I will hilight the 5 projects that are the largest, and therefore have the most available info. In addition to these projects, there are several small (2-10 units) projects that will likely be assisted as well.
Front Street Phase II
-Fully funded including some 40% ($14M) gap financing from the state (although technically from the origonal CCEDA program ( “Six Pillars”) that has now been replaced and I posted about)
$35M New Construction of a 5 story apartment builsing with 115 market rate apartments and 25,000SF of retail.
We dont have a rendering but suspect something will be out soon and likely will not be very impressive, The developer is primarily a commercial landlord who owns strip malls. Phase 1 is essentially a strip mall. these apartments were supposed to be ontop of that retail but the recession scared them off.
Mostly studio and 1 Bedroom with a handful of 2 bedrooms
On The Plaza
-Rennovation of an old 12 story long vacant hotel into 199 Apartments and 11K sf retail on an elevated plaza
99 of which will be restricted income due to a $5M grant from from the state by way of the feds. HUD money I guess. This apartment was planned as entry level from the begining so this seems like free money. these are going to mostly be studios and 1 BR and serve the massive waiting lists we are seeing at existing buildings for this kind of housing. We have a large number of young professionals who are desperate for downtown housing. This funding requires renters to earn less than 80% median income and such. maybe some will be 60% Median income is 66K or so here, so we are generally talking about fresh grads earning 35-45K and hospitality workers.
-NOTE: UCONN just announced moving its hartford campus (2000 students) downtown, literally next door to this building. I assume there are now talks about making this student housing now too. The building got historical tax credits too. I am shocked it has not announced a start date as it could easily beat the above building to market and reap the rewards of the backlog.
Its the building on the right.
The building in the foreground is now a hole and is proposed to become another apartment (see Residences)
777 Main Street:
This is the 26 story former bank of America Building that is vacant and full of asbestos.
The developer has proposed 287 apartments with 20% income based. and 35,000 SF retail. They have received 17M of CRDA funding (the first project to do so and the agencies #1 priority) They got $5M for the low income segment. this building is also heavy on the smaller apartments but will have plenty of larger nicer units as well. especially on the top floors. Killer views up thereof the river and really the whole river valley (except to the South) Total cost is something like $80M
Its the building dead center. This is in the middle of downtown essentially and therefore a high priority project.
101 Pearl and 111 Pearl Project:
This is 2 buildings that were recently sold to a team of local developers with rediculous connections and equal wealth and expertise.
There are 2 older empty office buildings that will be redeveloped into apartments and retail with the possibility of some commercial or professional space. These 2 buildings are on the opposite corner of the block that 777 Main street is on and again is absolutely in the center of downtown. The CRDA is heavily behind this project as well because it is a challenging property and their mission is to help fund the properties that would be otherwise difficult to complete without subsidy. (essentially, the state is eliminating the risk)
Combined, they will become 191 apartments
24,500 SF retail
one is 12 story 100Ksf
other is 7 story 75K sf
The Residences at River View:
The owner of an engineering firm in the area bought the old TV studio pictured above next to the hotel and was going to build a 12 story leed platinum office building for his firm. Since it was 2008, that clearly didnt work out so he has retooled his design to be mixed use.
14/15 stories 195 residences with 20K+ office space for his firm and ~10Ksf of retail. This project has apparently gotten the green light for funding from the CRDA, but no numbers have been released yet. I am sure it will come out when the next meeting minutes are released. rendering available in the link below.
This building and on the plaza are next door to each other. This is the higher end of the two buildings, and will have some great views available. Again there will be a large number of studios and 1 Beds. To the east of on the plaza, the state is buying a vacant 700K sf office building and moving 2000 workers in there from all over the state. To the North of on the plaza, UCONN is moving 2000 students from its Hartford campus. This part of downtown will look completelydifferent in the next 2-3 years!