Bond Commission to consider switching funding from Hartford mixed-use development
Rendering | Contributed
A rendering of a planned $21.5-million mixed-use development at the corner of Albany Avenue and Woodland Street that has been postponed after the city declined to sign a lease with the developer.
The state Bond Commission will consider Friday whether to shift funding for a $5.5 million loan from a stalled mixed-use development in Hartford’s Upper Albany neighborhood to a prospective commercial space in the same general area.
The proposal would reallocate previously approved aid funneled through the Capital Region Development Authority to a 40,000-square-foot retail space focused on health and wellness, and expand the use of funds for complementary economic development along Albany Avenue. The Bond Commission’s agenda does not list the project’s developer.
The general obligation bonds supporting the loan had been committed, through the CRDA, to a $21 million mixed-use development set to be built at the corner of Woodland Street and Albany Avenue. Plans for that site included 75 affordable housing units and 20,000 square feet of retail space.
The commission’s agenda notes that the developer for the project, Seven Summits, has been facing concerns from the community over the density of the housing.
The Hartford Business Journal reported in April that Development Services Interim Director I. Charles Matthews had recommended that the city postpone signing a lease with Seven Summits for the property.
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