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beerbeer

101/111 Pearl and Trumbull. A new vision.

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This is really good.

 

http://courantblogs.com/ct-real-estate/a-vision-for-the-corner-of-pearl-and-trumbull-streets-in-hartford/

 

The developers of the proposed, $43 million project are asking the Capital Region Development Authority for $14 million in funding. The balance would come from $22 million in bank financing, a $500,000 brownfields remediation grant and $5.2 million in developer equity.

 

The lead developer is Pennrose Properties of Philadelphia, which has converted office buildings in Pennsylvania and New Jersey into apartments. Pennrose’s local partners include Martin J. Kenny, who built the neighboring Trumbull on the Park apartments; Alan Lazowski, the chief executive of Hartford-based LAZ Parking; and Sandy Cloud, who redeveloped the old University Club on Lewis Street.

 

The developers say at least three banks — Bank of America, PNC and TD Bank — have shown interest in providing financing for the project.

 

13060_Pearle_Nighttime-1024x503.jpg

 

 

13060_Pearle_Daytime-300x250.jpg

Edited by beerbeer

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Very nice!

 

I like that they are adding the penthouse to 111 Pearl and uniting the two.

 

 

This could be a very successful building, and when you consider it combined with Trumbull on the park and the garage, it makes the entire block an exceptional property with 300 apartments with attached property and retail.  Thats something any city would be proud to have.

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I think this project would give Trumbull Street critical mass.  It's another 200+ apartments and it brings a dead corner to life.  That should be enough to bring the street to life 24-7. If this gets done, most of the rest of the empty space on the street probably gets filled in as well.

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Beautiful.  Really hoping they get started on this ASAP.

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This certainly does go a long way towards creating that critical mass BB,

 

It connects the park to the Arena area.   Thats a big important connection. 

 

with ATT still a deadzone across the street, it wont ever be too exciting right here, but by making this high potential site reach its potential, not only will we make that connecton along Trumbull, we will also start to better enliven Lewis street almost completely.

 

Even better it adds some life to Pearl and IF 777 comes to light that will be a great area.

 

I have been jonsing for this paroject for ages and I am really looking forward to this and the way they are apparently doing it.

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Movement on this corner may finally be happening.

 

http://courantblogs.com/ct-real-estate/city-has-plan-to-sell-pearl-street-tower-to-apartment-developer/

 

The city council is expected to vote Dec. 9 on selling 95-101 Pearl for $500,000. The sale also is accompanied by a tax-fixing agreement.

A partnership led by Pennrose Properties of Philadelphia has proposed the $43 million redevelopment. The partners are seeking about $14 million from the Capital Region Development Authority, which is using $60 million to promote housing projects in downtown Hartford.

 

The city-owned building at 95-101 Pearl St. would be connected to the neighboring, 7-story office building at 111 Pearl St., also vacant, and be redeveloped into 200 market-rate apartments. The buildings would be joined by a common lobby and also included street-level retail space.

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I read that late last night.  It is good news!

 

It seems they are ready to close on the purchase of both buildings.  500K each.  one from the city one from the state.

tax credit in hand will make their numbers easier to calculate, and some CRDA funds to kick start the asbestose removal for good measure.

 

this project would be a real game changer!!!

 

article also said it would be done in 2 years.

 

I wonder of 777 Main will be able to get started soon enough to beat that to market?  Seems they will be competitors and they might want to space openings out.  (if 777 main happens)

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http://www.hartfordbusiness.com/article/20131210/NEWS01/131219991/1003

 

I love how this team keeps marching forward.

 

I honestly think that this might end up being the best place to live in Hartford for a while.  Roof top lounges are key to urban living!

 

That whole block is going to be sweet! With Pearl, Trumbull, and Jewell all being developed and vibrant, Lewis St. will have even more potential. Aren't they planning apartments or condos at 36 Lewis? That will really complete the housing options around there.

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36 Lewis was supposed to be townhomes, 6 of them If I recall.  the info is in that thread though, might be on page 2

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The good news:

Sandy Clouds family dirty laundry seems to not have killed this project.

 

The bad news.  Nothing is official just yet.

 

in this article, it mentions"Cloud said the partnership now estimates interior remediation of hazardous materials, demolition and final construction could begin later this year, with completion in late 2015 or early 2016. They had projected work might get underway this spring."

 

http://www.hartfordbusiness.com/article/20140509/NEWS01/140509908

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