Capewell Project back on?

[The Voice of Reason]

Boston Firm Wants To Take Over Hartford's Capewell Project

http://www.courant.com/community/news/hfd/...0,1206325.story

A Boston development company wants to take over the effort to turn the burned-out Capewell Horse Nail Co. factory building into apartments, but it would have to pay back an outstanding mortgage on the property with the city first, officials said Monday.

Winn Development wants to buy the project from developer John Reveruzzi, who has so far tried unsuccessfully to gather the money to make the project near the Connecticut Convention Center go. Reveruzzi's plan was for condominiums; Winn's is for apartments first, and condos later.

But Rudzinski said his company is still willing to buy in and build between 60 and 85 one- and two-bedroom units. The units would be rented as apartments for at least five years, after which they could be sold as condos, he said. The project could cost roughly $26 million, he said.

If this project is back on I would be very happy. It is such a great building I would love to see it fixed up. More importantly for the area it would remove a major blight and turn it into a positive. it may even mak renting at the Colt more attractive. As frustrated as I am with the jack hole developer spending 1.7M of a 2.2 M mortgage and getting nothing done I really just have only hope for this next guy. And I am sure there will be another city subsidy. but it might be worth it if this is done and one of those httels gets built as a result.