Pearl Trumbull Lewis St Block sale

[The Voice of Reason]

cool.

 

Hartfor needs more funky spaces.

funky spaces are what make cities interesting.  lets hope it becomes ciable again when these buildings are converted.

[The Voice of Reason]

These guys just got 500,000 in Brownfields remediation money to remove asbestos from 101 and 111 Pearl.  In the article it mentioned they will be conmverted to apartments (I hope this means they are abandoning the office concept)

 

http://courantblogs.com/ct-real-estate/capewell-factory-could-become-apartments-or-condos/

 

 

a butchererd snip from the article

 

Martin J. Kenny,said the cost to remove lead and asbestos is estimated to cost $1.5 million.  Kenny said the partnership, is close to finalizing contracts to purchase both buildings.

 

 

 

[beerbeer]

These guys just got 500,000 in Brownfields remediation money to remove asbestos from 101 and 111 Pearl.  In the article it mentioned they will be conmverted to apartments (I hope this means they are abandoning the office concept)

 

http://courantblogs.com/ct-real-estate/capewell-factory-could-become-apartments-or-condos/

 

 

a butchererd snip from the article

 

Martin J. Kenny,said the cost to remove lead and asbestos is estimated to cost $1.5 million.  Kenny said the partnership, is close to finalizing contracts to purchase both buildings.

Probably better than no news.

[The Voice of Reason]

From the CRDA site, the official numbers are ...

 

101 Pearl, 27M project seeking 8 M from CRDA 121 Apartments.  no info on market rate vs affordable, but there is a note that says.  no less than 80/20 meaning they will not fund if its more than 20% affordable.

 

111 Pearl, 21M project seeking 6M from CRDA  91 apartments.  same note about affordable units.

 

So, between the two it looks like 212 apartments as previously published with an 80/20 mix most likely

I suppose they could change the plans, but they submitted requests based on those numbers and had to do alot of legwork on that.

 

obviously its not been funded yet, but good to see a formal proposal has been submitted.

 

 

[HeartbeatHead]

In the Hartford business journal they had an article about the Pearl Street properties.

Looks like they made a final pitch

http://www.hartfordbusiness.com/article/20130610/PRINTEDITION/306079979/1002

[The Voice of Reason]

Thanks for the link!

110 Units in 101 Pearl Street (10 units per floor)

• 91 Units in 111 Pearl Street (13 units per floor)

 

• 37.8% Studio units; 450-to-520 sq/ft; $850 to $1,000 rent

• 50.3% One Bedroom Units with a size range of 550-to-700 sq/ft; $1,100 to $1,400 rent

• 11.9% Two Bedroom Units with a size range of 950-to-1,000 sq/ft; $1,805 to $1,900 rent

 

so thats

101 studio

76 one bed

24 two beds

 

I used math

 

 

render doesnt show much, but you can see that the NW corder has that new element as described in the article.

 

that mirrors the look for Trumbull on the park.

 

the 201 number is slightly lower than the 212 number recently on the CRDA agenda.

 

I am fine either way, as long as it is all mostly residential and the number is north of 150 I am thrilled.

I like that there will be a penthouse apartment as well, I think its important to have high end untis in the city as the people who rent them are the people who make decisions about where jobs are located. 

 

12 Million is a lot, but for 201 units, the price per unit is cheaper than several other developments like 777 Main for example.  it is actually quite a bit cheaper

 

I would hope that its not all as a grant and some is equity some as loan etc... this way the CRDA will be able to fund additional projects over time.

[beerbeer]

This is a very ambitious first class approach.

 

I keep thinking it makes more sense to just build something even if its more of a solid B or even C project. 

[The Voice of Reason]

BB, what do you mean by just build something?  do you mean tear down and start fresh?  or do you mean get one of the many projects actually started?

 

If its the latter you get no argument from me.

 

if it is the former, I like these as adaptive reuse.

 

I cant imagine a way to build 201 apartments and a garage for that price on an empty lot, let alone a lot with 2 significant buildings loaded with asbestos that needs removal anyways.

 

our new construction proposals right now are just AI Tech, Front Street Phase 2 and thats it right?

 

tiny whisper of something near the state parking lot by the Bushnell, and the one right next to the Bushnell, but those are way out if not just pure speculation. and that dream job next to Bond Hotel.

 

 

With gobs and gobs of state and federal funding Front Steet 2 has not yet started and thats kind of a small project, so Id say the climate is generally against new construction still.  Hopefully as conversions start and pick up steam there will be support for the new construction and we can get some parking lots filled in.

 

I really think Hartford is still proving itself as a residential market.  If we get these 1000 units built and some infill, eventually you will see more ambitous projects appear, and continued demands even without state support.

[beerbeer]

I'm talking about renovation. They keep swinging for the fences and striking out.

 

A less ambiutious renovation requiring less funding would have been done by now.

[The Voice of Reason]

I see.

 

Well, maybe that is the issue as well,

 

If the fixed costs are say 5-10 million no matter what the project is (meaning basic upgrades to code, electric sewage, water to upper floors, and if course removal of asbestos, than sure, a 20 million project would be done...

 

but if fixed costs are more like 30 million, you kind of need to swing for the fences.

 

also, what other projects were fence swingers?

 

IIRC, the hotel planned for 111 was small

 

the last apartment plan for 101 was just 36 units...

 

not really disagreeing at all just making observations