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July 18, 2022 / 2022 Power 25 Real Estate

2022 Power 25 Real Estate: Clayton H. Fowler

Clayton H. Fowler
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Clayton H. Fowler is chairman, CEO and a founding partner of Spinnaker Real Estate Partners, a Norwalk company that has completed more than $1.5 billion in acquisition and development projects over the past 70 years.

Spinnaker is a key player in Hartford’s attempt to build a vibrant neighborhood on blocks of parking and underused buildings just south of Bushnell Park. The hope is to build a walkable, livable community alive with retail and arts that connects Hartford’s downtown with the state Capitol and surrounding government buildings.

Spinnaker helped fund and direct the creation of the “Bushnell South Master Plan,” which calls for 1,200 apartments, new public gathering spaces and more than 63,000 square feet of retail.

Spinnaker is currently pursuing a $63.3 million redevelopment of the former state office building at 55 Elm St., on the eastern edge of the redevelopment zone. Spinnaker plans to build 278 apartments and retail space on that site. The master plan also shows Spinnaker building another 456 housing units on parking lots just south of 55 Elm St.

Fowler has previously led massive redevelopment projects in St. Louis, Portland, Oregon and elsewhere. His company’s plans for Bushnell South have advanced with praise and support of city planning staff.

Spinnaker paid $6.8 million for the 200,000-square-foot office complex at 55 Elm St., in 2020. It also purchased three nearby parking lots.

After renovating 55 Elm St., Spinnaker plans to add a five-story, 81-unit apartment building with ground-floor retail space, basement parking and an outdoor beer garden. Subsequent phases would see the addition of an 85-unit building with ground-floor retail and a 1.5-story building with retail and amenity space.

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