March 27, 2019

Hartford city council greenlights $26M Park-Main St. development

Rendering | Spinnaker Real Estate Partners
Rendering | Spinnaker Real Estate Partners
A rendering of the $26 million mix-use development on Park and Main street in Hartford.

The Hartford City Council has unanimously approved a development agreement and ground lease for a long-awaited 108-unit apartment and retail community at the corner of Park and Main streets.

The council on Monday voted 7-0 to allow developers Spinnaker Real Estate Partners, of South Norwalk, and Hartford's Freeman Cos. to build the $26 million facility that would consist of up to 90,000 square feet of residential space, 20,000 square feet of commercial space, a rooftop deck and up to 125 parking spaces, city officials said Tuesday.

For the project to move forward, design plans must still be signed off by city planners and the Planning and Zoning Commission. Construction could kickoff in the fall with an estimated completion date a year later, officials said.

Amid public concern over gentrifying the South Green neighborhood, making the apartments affordable to people in the area has been a focus for Mayor Luke Bronin, whose office negotiated the deal with the developers.

According to a draft agreement, 20 percent of one- and two-bedroom units must be set aside for low- to moderate-income earners, or individuals with incomes between 80 percent to 120 percent of the area median income (AMI).

With most of the city's local affordable housing units going to people at or below the 60 percent AMI threshold, the development ultimately aims to create additional affordable housing options for those ineligible to obtain cheaper units, developers say.

Plans show the two blighted lots, spanning across approximately 1.6 acres and 0.6 acres, will also include as much as 13,000 square feet of amenity space and up to 9,000 square feet for rooftop decks.

A November presentation by the developers, who took over the project in August after bidding on it in March 2018, show space for retail, restaurant and co-working areas.

The project includes no city financing and the lease agreement is marked for 30 years with an option to extend, records show.

Read more

Amid continued demand, next major wave of Hartford apartments set to debut in 2019

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