Capewell Hotel Plan Moves Ahead

[beerbeer]

That article should make you worry even more. Sounds like a do nothing with no track record. If by some miracle he gets financing, don't expect for a first class project.

[heyyyitsrob]

I think that redoing Capewell as a hotel is a serious mistake. With the revitalization of Hartford going so strong, why is there such a push for hotels? Capewell is a CLASSIC example of a building that is perfect for redevelopment as condos.

Take a look at Providence, for example...lots factories around town being converted into loft condos and apartments with the whole chic Bohemian/SoHo/exposed brick thing going on. Check out one example here. And there's a growing demand for mill conversions locally as well. Take a look at Manchester with the Cheney Mills...I lived there for 2 summers as an intern and if I'd had the option, would have never hesitated to buy one when I moved here in June for my full-time job. Other successful condo conversions of mills in the area include the Soap Factory in Glastonbury (nice places, ranging 100-200K depending on bedrooms and size), Bigelow Commons in Enfield (i think?) which are rentals, and the new condos built in Windsor that start at 189K (First Town Square).

Capewell would have a tremendous ability to boost home ownership in a neighborhood historically dominated by rentals and housing projects. The building is gorgeous and would be preserved and appreciated by those in a position to own a unit in such a great place. Not only that, consider the proximity of Capewell to Adriaen's Landing... Imagine: come home to your condo that you own, go take a walk from your upscale loft to the new retail hotspot in town, shop a bit...grab dinner at the new gourmet and drinks/socializing at Crush @ the Marriot.... Combine the proximity with the market pricing of condos in the neighborhood (you can find 1 and 2 BR condos in nice restored historic buildings starting at 100K...I own a 1br on Morris St and love it), and you've got yourself a great find for the younger crowd just starting out.

Am I just a yuppie dreamer, or does anyone else share my vision? Bottom line is, I would rather pay $200K once for a 3-bedroom condo in a restored version of this building, than $200 1000 times to stay in some cookie-cutter reno of the building converted into a mass-market hotel. That's just plain "Ew."

(Photo by me...taken mid-Feb 2007)

[robm324]

I agree that Hartford needs more condos and home ownership rates need to rise higher, but Hartford is so underseviced with Hotels, that it makes sense that hotels are one of the first pushes for redevelopment of old buildings.

[HartfordTycoon]

I think that redoing Capewell as a hotel is a serious mistake. With the revitalization of Hartford going so strong, why is there such a push for hotels? Capewell is a CLASSIC example of a building that is perfect for redevelopment as condos.

Take a look at Providence, for example...lots factories around town being converted into loft condos and apartments with the whole chic Bohemian/SoHo/exposed brick thing going on. Check out one example here. And there's a growing demand for mill conversions locally as well. Take a look at Manchester with the Cheney Mills...I lived there for 2 summers as an intern and if I'd had the option, would have never hesitated to buy one when I moved here in June for my full-time job. Other successful condo conversions of mills in the area include the Soap Factory in Glastonbury (nice places, ranging 100-200K depending on bedrooms and size), Bigelow Commons in Enfield (i think?) which are rentals, and the new condos built in Windsor that start at 189K (First Town Square).

Capewell would have a tremendous ability to boost home ownership in a neighborhood historically dominated by rentals and housing projects. The building is gorgeous and would be preserved and appreciated by those in a position to own a unit in such a great place. Not only that, consider the proximity of Capewell to Adriaen's Landing... Imagine: come home to your condo that you own, go take a walk from your upscale loft to the new retail hotspot in town, shop a bit...grab dinner at the new gourmet and drinks/socializing at Crush @ the Marriot.... Combine the proximity with the market pricing of condos in the neighborhood (you can find 1 and 2 BR condos in nice restored historic buildings starting at 100K...I own a 1br on Morris St and love it), and you've got yourself a great find for the younger crowd just starting out.

Am I just a yuppie dreamer, or does anyone else share my vision? Bottom line is, I would rather pay $200K once for a 3-bedroom condo in a restored version of this building, than $200 1000 times to stay in some cookie-cutter reno of the building converted into a mass-market hotel. That's just plain "Ew."

(Photo by me...taken mid-Feb 2007)

[heyyyitsrob]

Well my friend, you are in luck because the plan for the building is actually just that. Condos!!! However on the adjacent tracts of the parcel there are plans for 1 to 2 new hotels. Sounds good, but they do run the serious risk of being cookie cutter which while adding needed rooms may take away from the urban feel of the area.

[JimSawhill]

That's a good thing, although I called the real estate agency that was supposedly in charge of pre-sales for the condo units, and they said they are no longer taking deposits on units because funding is still being ironed out. The real estate agency was Greater Hartford Realty Management, 860-522-1263. I can't remember the guy's name who's in charge of this, but the only thing he said he could do for me was to put me on a list of people interested. From what I hear, the building was supposed to be developed as 100 units: 9 1BR, 66 2BR, and 33 3BR, with a starting price of 100-150K (presumably for the 1BR units).

[MadVlad]

Rob:

Hmm...3 brs? Maybe -- just maybe families will move to Hartford. I think Consitution Plaza would be a great place for a private school (especially a school for architects I mean, how many two sided buildings do you see?). I would love to see a school (k to 12) in 100 Consitution Plaza and maybe a college (Consitution University) where the old Sonesta is. (Tear down that building and build a 7 story building. Ground floor retail space (for business majors interested in retail management), 2nd floor a restaurant (for culinary arts students), 3rd and 4th floor (Class rooms), and the 5th, 6th and 7th (dorms). That would be nice. For students in manufacturing technology maybe some space at Colt will be nice.

I doubt Connecticut would ever see my university plans (CMU) and consitution university. But it would be interesting to see Goodwin play Consitution College in mens Basketball someday.

I can dream thou!!

JimS

[JimSawhill]

Someday there will be a Constitution College.

[Chessplayer]

A new article on the troubles of this development.

Money Troubles Stall Capewell Project

Defaulted agreement places Capewell project at risk for foreclosure

By Laura Schreier, 12/03/07

When developer John Reveruzzi proposed converting the former Capewell factory into 100 condominiums, the Capital City Economic Development Authority and the City of Hartford fully embraced the project, putting aside nearly $4 million for the project. But the promise of Capewell was never realized, and the property in Hartford's Sheldon-Charter Oak neighborhood is now facing possible foreclosure by the city. Despite years of extensions and a $2 million bailout by the city to get the project off the ground, the property remains vacant and dilapidated.

Here is the link to the entire article: http://www.hartfordbusiness.com/news3859.html

[The Voice of Reason]

This city is so full of bull crap developers.

I swear it can

[MadVlad]

As the rotting Capewell turns. The city needs a bonafide developer for this project, stop coughing up dough to swindlers.....

[Chessplayer]

This city is so full of bull crap developers.

Reviving this building as condos and adding two urban style hotels could be an incredible boost to the city. It could also be a completed project by now. On the flip side the Bank of America condos could be completed by now and this project could still be sitting fallow as it is now. Take your pick.

[The Voice of Reason]

I know this isn't the thread for it, but what have you heard about the BoA condo conversion? I haven't heard any news out of that project for months. As for the rest of your post I agree; the city needs to take responsibility and really research the developers of these key revitilization projects. Too many projects: this, Front Street, Bond Hotel, etc. have languished because of ineptitude rather than market forces.

[The Voice of Reason]

Using the crazy nasty news search capadilities of my trusty Bloomberg terminal I have unvovered an Oped piece in the courant. and that mentions the place colum(editorial) that I found and have linked both articles in the order writen. Not sure if any of this is really anything but it is at least not forgotten my the paper

http://www.courant.com/news/opinion/editor...0,564982.column

So now we know what works. The burst of downtown housing over the past several years was premised on the idea that young professionals and older suburban empty-nesters would move to the epicenter of Hartford. But as The Courant's Jeffrey Cohen recently reported, plenty of young people have scooped up the studios and one-bedroom apartments, while the more expensive two-bedroom units are filling much more slowly

Which brings us to the MassMutual Building, an equally eminent Classical Revival office structure from the 1920s, situated on a 16-acre campus in Asylum Hill on the western edge of downtown.

Let's keep a good thought. This is a Fortune 100 company run by smart people. I have to think they'd rather have a handsome and sturdy building on their campus than another asphalt moonscape. The MassMutual (nee Connecticut Mutual) Building is close to Union Station, to the Union Place entertainment area, and to the hopefully-to-be-redesigned intersection of Farmington and Asylum avenues.

The Hartford could use a handy restaurant and coffee house and a hotel. And, with transit and entertainment just down the hill, the building would be a natural for studio and one-bedroom apartments or condos. We know there's a market.

http://www.courant.com/news/opinion/editor...0,6878105.story

Mr. Condon is hoping young professionals will come to the rescue and rent apartments in the old mill. Recent urban sociology tells us the more likely white knight will be artists looking for unique spaces in interesting neighborhoods in which to work.

The Capewell's neighbor, the Colt Building, was single-handedly stabilized and kept afloat by artists looking for nontraditional living spaces. Large apartments and loose rules on internal apartment construction attracted large numbers of artists of all types. These artists gave Hartford an edgy art scene that attracted suburbanites and city dwellers alike.

Since the demise of the Colt as an artists' haven, Hartford's art scene has shrunk in size and become dull.

[Theophrastus Bombastus]

Here's a good/funny blog with a lot of Hartford articles - the lead one as of today is about rentals at Colt:

http://www.thecutmag.com

Using the crazy nasty news search capadilities of my trusty Bloomberg terminal I have unvovered an Oped piece in the courant. and that mentions the place colum(editorial) that I found and have linked both articles in the order writen. Not sure if any of this is really anything but it is at least not forgotten my the paper

http://www.courant.com/news/opinion/editor...0,564982.column

So now we know what works. The burst of downtown housing over the past several years was premised on the idea that young professionals and older suburban empty-nesters would move to the epicenter of Hartford. But as The Courant's Jeffrey Cohen recently reported, plenty of young people have scooped up the studios and one-bedroom apartments, while the more expensive two-bedroom units are filling much more slowly

Which brings us to the MassMutual Building, an equally eminent Classical Revival office structure from the 1920s, situated on a 16-acre campus in Asylum Hill on the western edge of downtown.

Let's keep a good thought. This is a Fortune 100 company run by smart people. I have to think they'd rather have a handsome and sturdy building on their campus than another asphalt moonscape. The MassMutual (nee Connecticut Mutual) Building is close to Union Station, to the Union Place entertainment area, and to the hopefully-to-be-redesigned intersection of Farmington and Asylum avenues.

The Hartford could use a handy restaurant and coffee house and a hotel. And, with transit and entertainment just down the hill, the building would be a natural for studio and one-bedroom apartments or condos. We know there's a market.

http://www.courant.com/news/opinion/editor...0,6878105.story

Mr. Condon is hoping young professionals will come to the rescue and rent apartments in the old mill. Recent urban sociology tells us the more likely white knight will be artists looking for unique spaces in interesting neighborhoods in which to work.

The Capewell's neighbor, the Colt Building, was single-handedly stabilized and kept afloat by artists looking for nontraditional living spaces. Large apartments and loose rules on internal apartment construction attracted large numbers of artists of all types. These artists gave Hartford an edgy art scene that attracted suburbanites and city dwellers alike.

Since the demise of the Colt as an artists' haven, Hartford's art scene has shrunk in size and become dull.

[bignasty96]

Here's a good/funny blog with a lot of Hartford articles - the lead one as of today is about rentals at Colt:

http://www.thecutmag.com

[The Voice of Reason]

while at the planning department today there was a document sitting on the table next to me that outlined a hotel at capewell. it was something like 117 rooms and I think 3 floors. not other info but the location.

it looked like a handout for a presentation

[Leo Berman]

Action at the Capewell: all the windows have been boarded up across the whole of the building. Preparations for interior work??