CRDA approves financing for $100M Pratt St. redevelopment

Rendering | Contributed A trio of prominent Hartford developers are proposing to transform the Pratt Street retail corridor through a $100 million project.

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By Joe Cooper

The developers pitching an ambitious $100 million mixed-use project to transform Hartford’s Pratt Street retail corridor into a vibrant 24/7 live, work and play neighborhood, have received backing for $12 million in loans from the quasi-public Capital Region Development Authority (CRDA).

CRDA’s board of directors on Thursday voted unanimously to authorize the state taxpayer-backed loans for the project’s first phase, which will include construction of new apartments and retail space.

The CRDA-approved financing includes a historic credit bridge loan of up to $5.5 million and a traditional construction mortgage of $6.5 million. All financing still must be approved by the State Bond Commission. In all, the first phase budget also includes $14 million in bank financing and $3.8 million in developer equity.

At a cost of $29.8 million, the first phase at 196 Trumbull and 99 Pratt streets aims to convert two former commercial properties into 129 apartment units. Plans call for 91 studios, six one-bedroom and 32 “micro” units, which would be housed by entrepreneurs in Upward Hartford’s newly minted Upward Labs program. It would also include 18,800 square feet of retail space.

The upper floors of both buildings are currently vacant while a number of retailers operate on the ground level. The buildings are already owned by the project’s three developers -- Martin J. Kenny of Lexington Partners LLC, Shelbourne Global LLC and city parking magnate Alan Lazowski, of LAZ Parking.

The proposal, first presented to CRDA in June, calls for three components: Redevelopment on Pratt and Trumbull streets; repairing and reopening the Talcott Plaza garage; and acquisition and redevelopment of The Lofts at Main and Temple property into more apartments.

Upon completion, the redevelopment would count 375 apartments, including 275 new units, and 45,058 square feet of retail space on Trumbull/Pratt/Main streets. There would also be 1,308 parking spaces for residents and shoppers.

The developers are currently working to finalize plans and obtain financing to purchase The Lofts at Main and Temple apartment property, which has been in foreclosure.