Lofts on Capitol

[redbaron]

Looks like plans for 390 Capitol Ave (Hartford Office Supply) are finally proceeding. This is on the agenda for the 3/26 planning and zoning commission meeting.

Special Permit- 390 Capitol Avenue. Application to amend a Special Permit for

the use of a principal structure with parking in another adjacent parcel, increase in

residential density, and decrease the required open space for a renovation of a

150,000 sq. ft. existing structure and conversion to a 113 unit multi-family

residential use in the C-1, IROD district. Plans entitled Lofts on Capitol prepared

by Bargmann Hendrie and Achetype Inc. dated February 1, 2008

Website of Bargmann Hendrie and Achetype Inc. with plans

[The Voice of Reason]

I was trying to post a picture of the building and failed badly.

I wonder what the target audience is for these units.

[Leo Berman]

I was trying to post a picture of the building and failed badly.

I wonder what the target audience is for these units.

[The Voice of Reason]

hmmm not much going on in that part of the city, might be a tough sell? It's a reasonable walk to work perhaps (state offices, the insurance co. on Farm. Ave, even city hall is less than a mile) but other than that I'm not sure what else this location has going for it. Anyone know if they'll be rentals or for sale?

[Leo Berman]

delete

[AmyBergquist]

I was trying to post a picture of the building and failed badly.

I wonder what the target audience is for these units.

[Leo Berman]

I went to a HYPE developer's seminar last summer at this property and Carlos Mouta gave us a tour and talked about the project. Then, he was invisioning that the units would be apartments, which could later be converted to condos. He just didn't see a market for condos at that point, due to over-supply. Everything was going to be modern and sleek, with all of the concrete still exposed. He was thinking that one target audience would be designers and artists because they could essentially work from home and take advantage of the design center in the lower level of the building. I can't remember if he gave for rent figures at that point.

[redbaron]

I went to a HYPE developer's seminar last summer at this property and Carlos Mouta gave us a tour and talked about the project. Then, he was invisioning that the units would be apartments, which could later be converted to condos. He just didn't see a market for condos at that point, due to over-supply. Everything was going to be modern and sleek, with all of the concrete still exposed. He was thinking that one target audience would be designers and artists because they could essentially work from home and take advantage of the design center in the lower level of the building. I can't remember if he gave for rent figures at that point.

[MadVlad]

The Design Center on Park is only a block and a half away down Laurel, then right on Park. It's basically the same neighborhood.

edit: I was thinking the Office Supply building at the corner of Laurel and Capitol, sorry, my mistake.

[Hartford to WH]

Attached are some pictures of the lofts at the design center- they are very open and so spacious- hard to do justice in the pics... they are currently rentals and range from 1200-4000/month, based on square footage.

[AmyBergquist]

Did he mean on over-supply of condos in Hartford proper or in the area in general? Are either considered over-supplied in your opinion? The real estate market isn't the greatest but, at least in the downtown area, there doesn't seem to be too many units available...

[The Voice of Reason]

Looks like plans for 390 Capitol Ave (Hartford Office Supply) are finally proceeding. This is on the agenda for the 3/26 planning and zoning commission meeting.

Special Permit- 390 Capitol Avenue. Application to amend a Special Permit for

the use of a principal structure with parking in another adjacent parcel, increase in

residential density, and decrease the required open space for a renovation of a

150,000 sq. ft. existing structure and conversion to a 113 unit multi-family

residential use in the C-1, IROD district. Plans entitled Lofts on Capitol prepared

by Bargmann Hendrie and Achetype Inc. dated February 1, 2008

Website of Bargmann Hendrie and Achetype Inc. with plans

It appears that I will be attending this meeting on Wednesday. Anyone know where these meetings are held and at what time?

I will bring a camera if I remember, but it looks like I am investing in that neighborhood so I want to go and support this project.

Cheers

[NewEnglandsTeam]

Looks like plans for 390 Capitol Ave (Hartford Office Supply) are finally proceeding. This is on the agenda for the 3/26 planning and zoning commission meeting.

Special Permit- 390 Capitol Avenue. Application to amend a Special Permit for

the use of a principal structure with parking in another adjacent parcel, increase in

residential density, and decrease the required open space for a renovation of a

150,000 sq. ft. existing structure and conversion to a 113 unit multi-family

residential use in the C-1, IROD district. Plans entitled Lofts on Capitol prepared

by Bargmann Hendrie and Achetype Inc. dated February 1, 2008

Website of Bargmann Hendrie and Achetype Inc. with plans

It appears that I will be attending this meeting on Wednesday. Anyone know where these meetings are held and at what time?

I will bring a camera if I remember, but it looks like I am investing in that neighborhood so I want to go and support this project.

Cheers

[HartfordTycoon]

Looks like plans for 390 Capitol Ave (Hartford Office Supply) are finally proceeding. This is on the agenda for the 3/26 planning and zoning commission meeting.

Special Permit- 390 Capitol Avenue. Application to amend a Special Permit for

the use of a principal structure with parking in another adjacent parcel, increase in

residential density, and decrease the required open space for a renovation of a

150,000 sq. ft. existing structure and conversion to a 113 unit multi-family

residential use in the C-1, IROD district. Plans entitled Lofts on Capitol prepared

by Bargmann Hendrie and Achetype Inc. dated February 1, 2008

Website of Bargmann Hendrie and Achetype Inc. with plans

It appears that I will be attending this meeting on Wednesday. Anyone know where these meetings are held and at what time?

I will bring a camera if I remember, but it looks like I am investing in that neighborhood so I want to go and support this project.

Cheers

[The Voice of Reason]

Regular meetings are on the first floor of constitution plaza in the boardroom where P&Z's offices are. I'll find the address and post it, if you don't find it first......

[The Voice of Reason]

I have a ton of pictures from this building, 2 years ago the GC I work for put a proposal for BH+A. I even put together the original schedule for it. Don't know who the GC is now.

[The Voice of Reason]

I spoke with people at planning and zoning and they are saying that the meeting is tonight at 5pm but they do not see anything on the agenda for this building

I am confused

Can anyone shed any additional info on this for me?

EDIT*

ok so I am a big moron. This meeting was on 02/26 not 03/26 as redbaron posted, but I waited all this time to look it up.

If anyone was wondering it passed!

I just got a call back and they told me the next step is applying for a building permit. I am going to head over there tomorrow to see what they are proposing so I can know for myself and of course report back.

Cheers!

[NewEnglandsTeam]

do you know if it was for rentals or condos?

care to share any other details? I am sure much has changed in the last two years, but I would assume that the parameters that you bid for were pretty simular to what is planned still. how big of a project is this? is this a full gut reno? were they planning ground floor retail?

I know you may not be able to share anything

[The Voice of Reason]

Originally it was 218 condo units. I have no idea if that is still the case. There was quite a few structural issues, including a sagging floor at the end of the building facing the armory (or the dirt parking lot whatever description you like best). We were going to have to drive mini-piles in a crawl space so we could jack the structure up.

There was no ground floor retail. A nice courtyard was going in the building where the loading dock is now. I'm afraid when we saw drawings and walked through the building it was very preliminiary.

I would post some photos, but I don't know how to. I have some nice shots from the roof top and some pictures of the exterior and interior, which there isn't much to see.

[NewEnglandsTeam]

[The Voice of Reason]

[HartfordTycoon]

[The Voice of Reason]

Nice pics, I think there is a ton of potential for this building.....

[The Voice of Reason]

http://www.courant.com/business/hc-capitol...0,4074807.story

Two years ago, the new owners of the Hartford Office Supply building in Hartford envisioned turning the former factory into condominiums as talk of condo conversions swept through the city.

Not long after, the talk stopped.

But the conversion plans suffered after Tarragon, a big condominium developer, was hit hard last year by the housing market downturn. Now the company says its financial health is improving after selling off properties.

Another step came Monday, when it was announced that Tarragon agreed to merge its apartment holdings with those of Northland Investment Corp., the largest commercial property owner in downtown Hartford.

The deal doesn't include the Hartford Office Supply building or other properties Tarragon has acquired for development. Northland may get involved in the Capitol Avenue project later, according to a person familiar with the two companies

Despite its troubles, Tarragon said it has made strides in lining up financing for the project, securing both state and federal historic tax credits. The state credits, alone, are expected to provide $2.7 million in financing for the Capitol Avenue conversion, Schafer said.

To secure the tax credits, Tarragon had to agree to preserve the structure's brick and brownstone exterior, some of which dates back to the late 1800s. The building was expanded as Pratt & Whitney's business producing tool-making machinery flourished in the early part of the past century.

To qualify for the tax credits, Tarragon also had to agree to replace the 1970s vintage windows with ones that were true to the original "20-over-20" sashes.

Very nice article.

It looks like Northlands merger with the Terragon properties allows for some freed up capitol for this project.

1400 seems a little steep, but it is so incredibly close to Aetna and the Capitol that it will definately rent up.

It looks like they are good to go, but it sounds like they are not 100% sure they are moving forward yet. They would not have bothered with approvals last month however if they were not still interested. so we will see where this goes.

I love that Lary G can aquire a crap load of properties making our patron saint that much stronger, and in the process make it possible for Tarragon to build this project.

[HartfordTycoon]

http://www.courant.com/business/hc-capitol...0,4074807.story

Two years ago, the new owners of the Hartford Office Supply building in Hartford envisioned turning the former factory into condominiums as talk of condo conversions swept through the city.

Not long after, the talk stopped.

But the conversion plans suffered after Tarragon, a big condominium developer, was hit hard last year by the housing market downturn. Now the company says its financial health is improving after selling off properties.

Another step came Monday, when it was announced that Tarragon agreed to merge its apartment holdings with those of Northland Investment Corp., the largest commercial property owner in downtown Hartford.

The deal doesn't include the Hartford Office Supply building or other properties Tarragon has acquired for development. Northland may get involved in the Capitol Avenue project later, according to a person familiar with the two companies

Despite its troubles, Tarragon said it has made strides in lining up financing for the project, securing both state and federal historic tax credits. The state credits, alone, are expected to provide $2.7 million in financing for the Capitol Avenue conversion, Schafer said.

To secure the tax credits, Tarragon had to agree to preserve the structure's brick and brownstone exterior, some of which dates back to the late 1800s. The building was expanded as Pratt & Whitney's business producing tool-making machinery flourished in the early part of the past century.

To qualify for the tax credits, Tarragon also had to agree to replace the 1970s vintage windows with ones that were true to the original "20-over-20" sashes.

Very nice article.

It looks like Northlands merger with the Terragon properties allows for some freed up capitol for this project.

1400 seems a little steep, but it is so incredibly close to Aetna and the Capitol that it will definately rent up.

It looks like they are good to go, but it sounds like they are not 100% sure they are moving forward yet. They would not have bothered with approvals last month however if they were not still interested. so we will see where this goes.

I love that Lary G can aquire a crap load of properties making our patron saint that much stronger, and in the process make it possible for Tarragon to build this project.