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PROPOSED: The Pearl aka 95-101 Pearl Street

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Quartet Clamoring For Pearl Street Tower By Laura Schreier

Hartford Business Journal Staff Writer

11/05/07

Several prominent city developers want to develop a prime piece of city-owned real estate in the heart of downtown Hartford.

I personally like Kenny's proposal best (out of the ones which were actually made public); I think Hartford 21 has a lock on the luxury apartment end of the market for now and I believe attracting more young people is the best way to add to the general feel of excitement in the city. As for the developers, I think if either Nyberg or Kenny get control of the site this will become a reality, however I am not really familiar with the other two.

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This is good to hear.

I have read several times that there was a plan for that building, but it is nice to know more about the timeline now.

There is not much info in there on the numberr of units, but I am sure that will come out as the city chooses a final developer, and that is really all that matters. Adding more people to this part of the city would be great. even if it is 100-150 1 Bedrooms, its still 150+ people living downtown that do not have to commute from "The Mills" in Manchester or whatever. 150 more people eating out each night etc.

My first reaction is that its a shame there are no condos involved, but I am guessing that there is good reason for that. At 18-24 million it would be a fairly cheap project, and the developer would retain full ownership. After 20 or so years the building could still be torn down and the lot redeveloped into a higher value building if necessary. This is a prime locaion after all and as Kenny said, there is a waiting list for that kind of unit at his hother properties.

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Here's the link. Let's hope something gets done here.

HBJ Article

However, previous failures haven

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That would be an ideal location for me. As long as they don't use paper-thin walls in the building. I don't want to hear my neighbors' stereos.

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Did a quick little calculation and came up with some info. The building is 12 stories tall, and contains 8200-8600 SQFT/floor. I would expect 12-14 units per floor to be a reasonable figure for studios based off of trumbull on the park. Possibly 16 if they are really packing them in. With the top 11 Floors for residential units this would yield 132-156 units of housing.

I am not sure if this would be a good way for anyone to spend 18M but I am glad that there are 4 different bidders.

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I currently think Kenny's proposal is the most realistic for this building, especially given the shortage of middle-income housing in downtown Hartford and the current housing market. Some of the upper floor units would offer nice views of the Ancient Burying Ground, Lewis Street, and Bushnell Park.

The retail space occupies an excellent location. The block of Pearl Street between Trumbull and Main has a lot of weekday foot traffic but little retail space.

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So 130 units at 1,000 a month produces 1.5 million a year. With mild inflation, the payback is maybe 15-20 years. Then its time for a renovation.

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Quartet Clamoring For Pearl Street Tower By Laura Schreier

Hartford Business Journal Staff Writer

11/05/07

Several prominent city developers want to develop a prime piece of city-owned real estate in the heart of downtown Hartford.

I personally like Kenny's proposal best (out of the ones which were actually made public); I think Hartford 21 has a lock on the luxury apartment end of the market for now and I believe attracting more young people is the best way to add to the general feel of excitement in the city. As for the developers, I think if either Nyberg or Kenny get control of the site this will become a reality, however I am not really familiar with the other two.

where can you find the proposals for this project that were actually made public?

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kenny already owns the building on the corner of trumbull and pearl. under the terms of THAT sale he was to begin building right after the sale. we sit years later and nothing. maybe the city should steer clear of him on this one?

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on bidclerk.com, i can find the original project info (from the first time around) but nothing new.. is there some secret search fuction that i am missing? i'd like to see how this proposals compare to some of the other proposals on file..

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There was a little blurb in the HBJ today about this project. Sheldon Oak Central (Daniel Merida) was chosen as the developer and the building will be 18,000 sq. ft. of retail and office on the lower levels, as well as 36 apartments on the upper levels. The facade will also be redesigned. I'm a bit disappointed more housing wasn't included (especially since another plan called for 130 units), but perhaps it's for the best. As long as the building is renovated and made functional and attractive I'm supportive.

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There was a little blurb in the HBJ today about this project. Sheldon Oak Central (Daniel Merida) was chosen as the developer and the building will be 18,000 sq. ft. of retail and office on the lower levels, as well as 36 apartments on the upper levels. The facade will also be redesigned. I'm a bit disappointed more housing wasn't included (especially since another plan called for 130 units), but perhaps it's for the best. As long as the building is renovated and made functional and attractive I'm supportive.

The City of Hartford has selected Sheldon Oak Central and its partners to convert a downtown office building at 101 Pearl St. into apartments, retail and office space.

Sheldon Oak Central, headed by Daniel Merida, has partnered with Westside Property Management, headed by Carlos Mouta, and Capasso Mason Enterprises Inc. on the project.

The development team plans to transform this former office building into 18,000 square feet of retail and office space in the building's lower level as well as the first and second floors. Thirty-six rental apartments will be built on the upper floors and offer workforce housing opportunities affordable to a mix of incomes. The exterior fa

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Here is the press release sent by the city:

DEVELOPER NAMED FOR 95-101 PEARL STREET

---NEWS RELEASE---

(January 2, 2008)--- Mayor Eddie A. Perez has announced today that 95-101 Pearl Street LLC, a partnership of Westside Property Management, Capasso Mason Enterprises, Inc., and Sheldon Oak Central, Inc., has been selected as Preferred Developer for 101 Pearl Street in Downtown Hartford, following a competitive Request for Proposals (RFP) process.

The development team plans to transform this former office building into 18,000 square feet of retail and office space in the building

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I think that this project will bring in a quick influx of Downtown residents due to the fact that it will provide some much in demand affordable workforce housing Downtown. I think this project will fill up extremely quickly and it will be very successful in attracting residential tenents. I also feel that with the retail coming on line in nearby Trumbull on the Park that this will be an attractive project for either a nice large restaurant, or maybe even a couple of local or national fast food places. Either way, it's another step in the right direction.

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The City of Hartford has selected Sheldon Oak Central and its partners to convert a downtown office building at 101 Pearl St. into apartments, retail and office space.

Sheldon Oak Central, headed by Daniel Merida, has partnered with Westside Property Management, headed by Carlos Mouta, and Capasso Mason Enterprises Inc. on the project.

The development team plans to transform this former office building into 18,000 square feet of retail and office space in the building's lower level as well as the first and second floors. Thirty-six rental apartments will be built on the upper floors and offer workforce housing opportunities affordable to a mix of incomes. The exterior fa

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I read this in the paper this morning and was a bit disapointed. I really wish it was used as 120 Studios. It seems like a no brainer when a developer who has allready brought a successfull building online and has a waiting list for tennants. I am sure there is a market for the 36 apartments, but the last thing Hartford needs is more class B office space. Class B space does not rent well when there are not a lot of people living downtown. The primary tennants in class B are usually doctors, dentists, accountants, lawyers and other support/professional services for the people who live downtown. I truely hope this works out and is a success and that the market changes and is eventually turned into condos or some such simular use. I still hold some doubt that it will get done, but I will belive it when the Asbestos removal is complete.

I kind of read over that part about only 36 units. I think you are correct that the studios and one bedrooms would have made a lot of sense and surely would provide more bang for the buck in terms of getting feet on the street downtown. I also agree with the point about the class B office space but am hopeful that there is an increasing demad for this type of space in the urban core as more residents do move in. I must admit that I'm not quite sold on Carlos Mouta yet though, this will be a chance for him to change my mind.

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Does anybody have any renderings of what the outside will look like?

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Does anybody have any renderings of what the outside will look like?

Not yet, but I assume we'll get them before work starts in June.

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Not yet, but I assume we'll get them before work starts in June.

June has almost come and gone. Any word on the progress here? I walk by it everyday and haven't really seen anything happening.

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June has almost come and gone. Any word on the progress here? I walk by it everyday and haven't really seen anything happening.

The latest installment "Cranes and Scaffolds" mentioned that the developers (Sheldon Charter Oak) are now planning on a September start. The project is not on their website as of now, however there are renderings from the architectural firm designing the project.

95_pearl_street_1.jpg

95_pearl_street_2.jpg

We shall see what happens. Apparently Carlos Mouta is a friend of Eddie, which explains why superior plans from more competent developers were passed over.

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I hope this comes out decent. There is certainly potential in that building and at least the rendering from the architect looks good.

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I hope this comes out decent. There is certainly potential in that building and at least the rendering from the architect looks good.

Yeah the rendering looks like no changes, but with the look and feel of the street level.

The sad thing is that street level really depends on the tennants, if there are tennants to be had. I sure do hope however that it looks like this some day and that it brings some life to Lewis street.

Lewis is a potential Jewel!

Especially if the bottom part can be gussied up.

right now with 95-101 looking sketchy, the parking garages, and nothing really happening in the other buildings, it is a street to avoid. it kind of smells like urine as well.

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That looks like a shinier version of what's there now, I'm not really impressed....

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That looks like a shinier version of what's there now, I'm not really impressed....

To be fair, while I don't think it should win any awards, there is nothing really wrong with the building. In fact, the only real change I would make is to get rid of the recess between the sidewalk and the windowfronts, and if the rendering is anything to go by, the developer plans to do that.

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