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July 18, 2022 / 2022 Power 25 Real Estate

2022 Power 25 Real Estate: Michael Freimuth

Michael Freimuth

It would be hard to overstate the importance the Capital Region Development Authority has played in the development of Hartford and surrounding towns since its creation in 2012.

The agency oversees maintenance and operation of Rentschler Field, the Connecticut Convention Center and XL Center. Low-interest loans supplied by the agency have been key drivers in the creation of thousands of new downtown Hartford apartments.

Executive Director Michael Freimuth is the steady hand guiding the agency’s efforts and advising its board.

The quasi-public agency over the past year has focused on continuing apartment development, preserving a portion of the failing Hilton Hotel, arranging the creation of a sports-betting lounge at the XL Center and assisting ambitious redevelopment plans for East Hartford’s Silver Lane Corridor and Hartford’s Parkville neighborhood.

Other large-scale plans backed by the agency are changing the face of Hartford, including the first, $50 million phase of developer Randy Salvatore’s North Crossing project, which will yield 270 apartments next to Dunkin’ Donuts Park,.

CRDA is working with Spinnaker Real Estate Partners on a $63.3 million project that will create 164 apartments, coworking space, and a restaurant at a former state office building at 55 Elm St. in Hartford.

Freimuth has spent years directing one of the most powerful development engines in the state. Aided by infusions of state bonding money, the agency has lined up developments for areas that long sat idle and decaying.

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