Townhomes near Capewell

[The Voice of Reason]

So, the mayor was at a groundbreaking over by the charter Oak, there are apparently 18 new townhomes to be built for "low income" families on some of the vacant land behinde Capewell on the corner of Wyllis and Father Jerzy Popolikowski (yeah I made that up, but its something like that)

this is 80% average area income low income, so its for people earning about 49K and these are all for sale!

so even though its starting out at 49K earnings, these people may well earn more and also may sell the properties making them market rate after a set contractual time period.

I am interested to see how charterOak changes over time, its had a ton of improvements and if Colt and Capewell can ever happen it would really start to pick up as a middle class area on the edge of downtown.

I hope this also helps make capewell happen in some way as the area is improving year after year.

(minus the methadone and the shelters and the parole office)

[The Voice of Reason]

http://courantblogs.com/ct-real-estate/in-sheldon-charter-oak-cil-chips-away-at-dismal-hartford-homeownership/

 

looks like the first 8 are finished.

there is a photo with the building in the background.

 

the first 2 units have sold too.

Another two units are under contract, and CIL is working with four more potential buyers. The first phase of the redevelopment eventually will have 16 houses.

 

They also have their eye on the Capewell building imaging it as condos.

 

[HartfordTycoon]

Look nice. I had noticed them in passing but really thought it was just more of the Dutch Point redevelopment I guess. Good to see this infill though and new, quality housing stock being added here.

[The Voice of Reason]

So it is official now too that the CIL is moving forward with something at Capewell.

 

Its either 80 apartments or 69 condos!

 

I'd love to see this as Condos!  and CIL is just the group to do it.  If they do Condos they want most of the building market rate.  The income verfied segment woud be for people making 100% to 120% of the median income if I remember from what I read. (so thats $69,000 to $82,000)  this is awesome if you ask me.  There are plenty of households with that income level that I think most would love to have as neighbors. 

 

the only thing though is for this part of the city to be truely successful, CIL would also need to subdivide and sell or redevelop much of the undeveloped land on the site.  its a HUGE parcel.   I suspect they would be doing just that as a Phase 2 or really 3 if you count these townhomes.    They could just continue to develop the open space as extentions of this project as demand warrents.

[The Voice of Reason]

Looks like the factory itself is officially in play

http://www.hartfordbusiness.com/article/20140204/NEWS01/140209967

 

they got some fulah and seem to know what they are doing.

 

the plans appear to be 72 units 72 parking spaces

of those, 15 will be considered "low income"

 

not a bad mix.

 

and it sure beats letting it fall down.  and a huge win is cleanup of the site from PCP and other terrible things. 

 

So, with 7/8 townhomes sold and more being built  it seems as though this properly has a decent chance of having almost 100 residence on it pretty soon here.

 

the lofts should be pretty big too.

its a 100K SF building so it stands to reason that after carving out halls and such they are 1000 SF each

I bet they will be really nice. 

 

and the cheapest bar in town is across the street (polish home)

maybe not cheapest, but its DOPE

 

[HartfordTycoon]

Would be great to finally get the factory building redeveloped. Crossing my fingers on this one.

[The Voice of Reason]

left out the key info...

This project could be completed by Dec 2015

If I remember there were quite a few stacking up then

[The Voice of Reason]

Here are some more details form the CRDA meeting minutes

cool to see some larger units in there... wonder if those are the low income ones... I kinda hope not.  you know so some mid income families move downtown, or near it

 

 

 

Project Details:

Number of Units: 16 studio

34 1BR

20 2BR

2 3BR

72 Total units

The units will be split 80% market-20% affordable (57/15) and the project includes 5470 s.f. of

commercial space.

[The Voice of Reason]

These funds are requested to provide a loan to CIL development, Inc. to assist in financing the Capewell Lofts project into approximately 72 units of housing, including studio, one, two and three bedroom units. The project also includes approximately 5,400 square feet of commercial space.

The loan will be provided initially as a construction loan at an interest rate of 3%. The loan will be converted to a 1% permanent loan for 40 years which will be subordinate to the conventional first mortgage loan. The interest rate will be reset in year ten to a rate not in excess of the primary conventional mortgage and subject to the projects cash flow.

 

The Bond comission is backing this..

 

Total Estimated Project Cost

$26,000,000

Less: Federal Tax Credits

4,150,000

State Tax Credits

5,000,000

DECD Brownfield Remediation, Previous

Funding

2,000,000

Recipient Funds

600,000

Bank Financing

9,250,000

Total, This Request

$5,000,000

[The Voice of Reason]

We are really starting to see the momentup picking up this spring!!

 

 

Capewell is getting closer to getting started.

http://www.courant.com/business/real-estate/hc-capewell-cil-20140402,0,3586147.story

 

 

CIL tentatively hopes to close its financing package on May 15, Legault said. Construction of 75 apartments, beginning with the environmental clean-up, could begin within two or three weeks of the closing.

 

 

The majority of the apartments are studios and one-bedroom units.

The rents range from

$1,050 for a 700-square-foot studio and

$1,375 for a 860-square-foot, one-bedroom unit, to

$2,000 for a 1,725-square-foot, two-bedroom unit, to

$2,600 for a 1,850-square-foot, three-bedroom unit.

 

1725 SF is monster for a 2 bedroom!!

It will be interesting to see what kind of interest they get in those larger units!

also, I think the long term plan here is to later sell these off as condos

 

The apartments are expected to be ready for occupancy in January 2016

 

 

With the 79 units being built today at Colt and these opening in early 2016, the Charter Oak area is going to gain a pretty good number of residents in the next two years.

by pretty good I am really saying compared to the 50 apartments available now, there will instead be ~200, and another 24 likely under way in the East Armory by 2 years from today.

 

I can see this increased presense of redevelopment to kick start some other ideas.   Maybe one of the Capewell hotels will come back on the table as an idea, and there is just HEAPS of undeveloped surface parking in the area.  Cheap easy places to buils large numbers of low rise townhomes (very popular on the edges of cities these days.... thinking 4-5 stories max