$20M West Hartford mixed-use apartment development debuts
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A photo showing the exterior of 540 New Park in West Hartford.
West Hartford officials and developers will celebrate the official opening of 540 New Park this afternoon, a $20 million, mixed-use apartment development.
West Hartford government, housing and business officials are hosting a ribbon cutting ceremony today at 540 New Park Ave., which is home to 52 residential housing units — 41 of which will be for those earning no more than 60% of the area median income — and commercial businesses.
The complex was developed by Trout Brook Realty Advisors, the development arm of the West Hartford Housing Authority and National Housing Trust Communities, and financed with federal Low Income Housing Tax Credits from the Connecticut Housing Finance Authority, the Connecticut Department of Housing, M&T Bank and Eversource.
The mixed-use complex is in walking distance to the CTfastrak bus station on New Park Avenue. Apartment tenants have already begun moving into the building, an official said.
This isn’t the only new project targeted for the Elmwood section of West Hartford.
In April, New Jersey-based businessman Sami Abunasra applied to develop a five-story building mixing 150 apartments with 17,241 square feet of restaurant and retail space along New Britain Avenue.
Located just a couple hundred yards from the Elmwood Station of the CTfastrak rapid busway, the proposal for a 205,262-square foot building is the first to take advantage of a new transit-oriented development district adopted by the Town Council last June.
The district allows developers to build higher multifamily residential densities in a district near mass transit, with preference granted to applications that incorporate affordable housing, clean energy and underground parking in designs.
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