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July 18, 2022 / 2022 Power 25 Real Estate

2022 Power 25 Real Estate: Alan Lazowski & Martin Kenny

Alan Lazowski
Alan Lazowski
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Alan Lazowski and Martin Kenny are among downtown Hartford’s biggest boosters and investors.

Lazowski is best-known as a parking magnate but he’s increasingly become a major player in downtown Hartford’s real estate and economic development scene.

Kenny is known as one of the most prolific apartment developers in Greater Hartford.

Marty Kenny

Together Lazowski and Kenny have been a force in helping redevelop downtown Hartford and building new multifamily apartments in the suburbs as part of their Lexington Partners real estate development joint venture.

Lazowski’s corner office moved over a year ago to Hartford’s Gold Building at 1 Financial Plaza, which he and business partner New York realty investor Shelbourne Global Solutions purchased in 2019 for $70.5 million.

He’s also eyeing the potential conversion of his now-empty 15 Lewis Street office building into a boutique hotel.

And in December 2020, Lazowski and Kenny acquired a 50% ownership stake in four large Class A apartment buildings in downtown Hartford, known as the Spectra apartments. They contain a combined 554 mostly market-rate units.

But the biggest project the duo is currently working on is the $100 million redevelopment of Hartford’s Pratt Street corridor, which also involves a partnership with Shelbourne.

Once fully complete, the partners say their ambitious redevelopment will count several hundred new or refurbished apartments; 45,058 square feet of retail on Trumbull/Pratt/Main streets; and about 1,000 parking spaces for residents and shoppers.

Besides Hartford, Kenny has also built, or is building, multifamily developments in various nearby towns including West Hartford, Glastonbury, Windsor, Bloomfield and Wethersfield.

Another major project the partners are involved in is the $100 million mixed-use development on a 12-acre Cromwell property formerly home to the Red Lion Hotel. Kenny plans to knock down the hotel to make space for 265 apartments, 24 townhomes and 30,000 square feet of retail.

Lazowski and Kenny also aren’t afraid to invest outside Connecticut. In April, they paid $71.2 million for 933 apartments in South Carolina and Tennessee.

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