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June 24, 2024 / 2024 Power 25 Real Estate

2024 Power 25 Real Estate: Michael Freimuth

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Michael Freimuth has a lot on his plate, but he’s used to it at this point.

Freimuth has headed the Capital Region Development Authority over the past decade, ably guiding the quasi-public agency into the most impactful development engine in Hartford.

CRDA has provided low-interest gap financing — and accompanying property tax breaks — that has led to the construction of roughly 3,000 new downtown Hartford apartments in recent years. There are about 2,500 additional units in the development pipeline, including major projects planned around Dunkin’ Park, the former Rensselaer Polytechnic Institute campus and Bushnell South parking lot.

His agency recently approved $10 million in low-cost financing for the conversion of downtown office space on Trumbull and Pratt streets into dorm space for UConn students.

CRDA has also played a key role in East Hartford’s recent redevelopment efforts.

One of Freimuth’s biggest tasks right now is figuring out how to get a major XL Center renovation plan across the finish line.

A planned $107 million overhaul and modernization of Hartford’s 15,500-seat sports and entertainment arena suffered a setback earlier this year after contractors returned bids tallying roughly $140 million.

That forced Freimuth to go back to the drawing board and figure out ways to make the project work without trimming elements essential to drawing more concerts and events to the aging venue.

CRDA also oversees other Greater Hartford venues, including the Connecticut Convention Center and Pratt & Whitney Stadium at Rentschler Field.

Freimuth has been the executive director of the CRDA since its creation in 2012. The Fairfield resident has over 30 years in real estate, finance, banking and public sector development experience.

Prior to joining CRDA, he served as commissioner of development for the city of New Rochelle, N.Y., overseeing housing, building, planning, zoning, economic development, transportation and parking.

Freimuth, a UConn alum, also served as the director of economic development for the city of Stamford, and director of the office of planning and economic development for the city of Bridgeport.

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