February 20, 2014
Deal Watch Today

Downtown Hartford parcel listed at $3.95M

The downtown corner parcel at Asylum and Ann Uccello streets, once touted as a potential site for more high-rise housing, is for sale at $3.95 million.

Hartford landlord Paul Khakshouri is selling his 29,010-square-foot parcel at 300 Asylum St., Khakshouri announced via his listing broker Thursday.

Listing brokerage Chozick Realty Inc. of Hartford is marketing the lot to all of its national accounts, Principal Rick Chozick said Thursday. Khakshouri could not be immediately reached for comment.

This site has potential to be developed into either residential, or a mixed use incorporating office, retail, housing or a hotel.

"It's one of the premier sites for downtown development,'' Chozick said.

The property currently is leased to a parking operator, who collects more than $220,000 a year in net operating income, Chozick said. A buyer could leverage that same cash flow while in development and planning for future uses for the property, he said.

The site is next door to the Homewood Suites Hotel on Asylum, formerly The Bond Hotel, and is across the street from the XL Coliseum, City Place, the Goodwin Square office tower and Hartford 21 residential high-rise.

Khakshouri, who owns the Homewood Suites Hotel building, drew attention — and some skepticism — last May, when he said he was considering developing an 800-unit residential apartment tower there to buttress a number of smaller office-to-apartment conversions underway downtown.

He said at the time, however, that it would take support from government leaders to realize his vision.

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