Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

January 3, 2025

$115M-plus East Hartford apartment development expected to launch this spring

RENDERING | CONTRIBUTED A rendering of the Concourse Park apartment development planned on the site of the demolished Showcase Cinemas multiplex in East Hartford.
By Michael Puffer

After more than a year of delay, developers advancing the roughly 400-unit “Concourse Park” luxury apartment complex in East Hartford say they expect to break ground this spring.

East Hartford’s Town Council, on Dec. 19, signed off on changes to a 27-year tax fixing agreement and a separate development agreement with developers Brian Zelman and Avner Krohn that, among other things, reflects delays for the complex.

The Council also approved several deed restrictions for the 25-acre development site off Silver Lane, which is currently held by the town. These provide a measure of security for the roughly $16 million investment of public funds into the site’s development.

With these agreements settled, Krohn and Zelman expect to finalize the property acquisition later this month or in February, then begin work in April or May. The developers are also finalizing agreements with Eversource and the Metropolitan District Commission.

“Getting done what we did with the town a few weeks ago was a pivotal point,” Zelman said. “We are not close to the finish line; we are close to the start line.”

Current plans call for 309 units in eight, three-story buildings, which are expected to be completed within two years of the project launch.

Zelman, separately, expects to begin construction of a 93- or 94-unit, four-story apartment building on the site some time in 2025. This building will also take about two years to complete, he said.  

Krohn and Zelman were initially expected to take possession of the site in fall 2023. But an increasingly difficult financing climate caused delays, as did questions about how to best handle the town and state investment in the project.

East Hartford spent about $6 million to acquire and then demolish the former Showcase Cinemas property off Silver Lane. The development agreement between the town and developers calls for East Hartford to hand over the property for $1. Additionally, $3 million in town funds and another $7 million from the state will help fund needed infrastructure and utility improvements.  

In return, Zelman and Krohn have a binding agreement to deliver an amenity-rich apartment development of at least 300 units, although they plan to build more than 400 units. Zelman estimates total development costs of more than $115 million.

The recently changed development agreement makes clear that the Capital Region Development Authority will oversee infrastructure and utility work paid for with public funds. It requires the developers to spend $10 million in equity toward the project and obtain certificates of occupancy for at least 300 units by April 1, 2028.

Zelman said he and Krohn have spent more than $2 million to advance the project so far, and will probably hit the $10 million mark before the close of this year.

The new “declaration of restrictive covenants” requires that the development be maintained as a “Class A” complex for at least a decade. It also prohibits use of the site for development of discos, massage parlors, dry cleaners, auto-body shops and other uses seen as undesirable for this property.

East Hartford Director of Development Eileen Buckheit said the agreements reached Dec. 19 have cleared the way for a land transfer. She also commended the developers for working through obstacles.

“I have to give them credit for hanging in there and spending a lot of time and money on it,” Buckheit said. “I know it seems slow, but this is very complicated.” 
 

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF