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July 18, 2022 / 2022 Power 25 Real Estate

2022 Power 25 Real Estate: Randy Salvatore

Michael Puffer | Hartford Business Journal Randy Salvatore

Randy Salvatore’s Stamford-based RMS Companies is nearing completion of a 270-unit apartment building adjacent to Dunkin’ Donuts Park, a first installment in his vision for 1,000 units of market rate housing just north of downtown Hartford.

The first units were ready for occupancy beginning July 1, according to Salvatore. He plans to begin another building this summer.

The North Crossing project has cemented Salvatore’s place as one of Hartford’s most active residential developers, a status he should keep for years if his plans for continued phases pan out.

In recent months, Salvatore added to his Hartford project load by taking on the partial conversion of the struggling, 390-room Hilton Hotel on Trumbull Street into apartments. The hotel would update and maintain 166 rooms on lower floors with Salvatore converting upper floors into 147 apartments. The state Bond Commission is backing Salvatore’s vision with $11 million.

Salvatore has described the hotel venture as a product of necessity, not wanting a failed hotel on the doorstep of his North Crossing project.

Salvatore said he is wrapping up negotiations with the city for the next phase of North Crossing, a 530-space parking garage and an attached 237-unit apartment wing on a vacant lot at 1139 Main St. Salvatore said he should be ready to begin that $60 million project this summer.

Salvatore is also eyeing development of a former data center at 150 Windsor St., and a vacant parcel at 1261 Main St.

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