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June 24, 2024 / 2024 Power 25 Real Estate

2024 Power 25 Real Estate: Randy Salvatore

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Randy Salvatore is a developer who is used to press conferences. His latest came in March, when he showed off his newest downtown Hartford project — sleek new apartments in space that formerly served as hotel rooms inside the Hilton Hartford hotel.

The $29 million redevelopment included converting the top 11 floors of the 22-story building on Trumbull Street into 147 modern apartments.

After just a month of leasing activity, 60 tenants had already signed leases in the building, indicating its popularity.

“The Revel” apartments include a mix of studios and one- and two-bedroom units, with panoramic views of the city. The building’s bottom floors are now home to a DoubleTree by Hilton Hartford hotel, which has 170 guest rooms.

Salvatore, founder and CEO of Stamford-based RMS Cos., is one of the most impactful real estate developers in Hartford.

He completed a 270-unit apartment building next to Dunkin’ Park in 2022, and has begun work on the second of several additional multifamily properties that will add about 1,000 market-rate units around the minor league baseball stadium.

In November, Salvatore paid $3.8 million for the 12.7-acre former Rensselaer Polytechnic Institute campus, located just north of the baseball stadium. He is seeking to redevelop the site in multiple phases. The first phase will add 269 apartments.

Salvatore is also preparing for a large-scale renovation of the iconic 124-room Goodwin Hotel.

According to his LinkedIn profile, Salvatore founded RMS Cos. in 1996, about five years after he graduated from The Wharton School of business at the University of Pennsylvania. His company’s portfolio includes projects in Connecticut and New York. Outside of Hartford, he’s been particularly active in New Haven and Stamford.

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