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July 30, 2024

Developers eye transformation of 19-story East Hartford office tower into apartments 

COSTAR 111 Founders Plaza, East Hartford.
By Michael Puffer

Developers planning a roughly 1,000-unit mixed-use apartment redevelopment of the 50-year-old Founders Plaza in East Hartford are considering the purchase and redevelopment of a 19-story office tower in East Hartford.

East Hartford Mayor Connor Martin said he has spoken with Port Eastside representatives about a potential conversion of the 111 Founders Plaza office tower into apartments.

Office tenants within the 270,106-square-foot, 1971-vintage high-rise have been advised new owners will take control of the building sometime in August. The building also recently faced possible closure for not meeting state fire code because it doesn’t have sprinklers.

In March, East Hartford’s Town Council signed off on an agreement granting Port Eastside LLC – a partnership involving several regional business leaders and developers – access to a $6.5 million state grant.

The money would be used for demolition of the 182,890-square-foot former Bank of America building at 20 Hartland St., which is also known as 99 Founders Plaza, making room for the first phase of the mixed-use redevelopment.

In return, Port Eastside agreed to secure a building permit for an apartment building of at least 150 units within four years. Developers said they intended to build closer to 300 units in the first phase but could only sign up for a commitment of 150.

Now, Martin said, he plans to go before his town council in August to approve an agreement between the Capital Region Development Authority and the town to release the state grant funding for demolition of 99 Founders Plaza. Port Eastside paid $4 million for that property last summer.

The Port Eastside project was announced late last summer as an $841 million, multi-phase redevelopment that would bring 1,000 apartments, new transportation links and around 300,000 square feet of commercial space along the Connecticut River in East Hartford.

The development team has since scaled back their original plans to make it financially viable given the current maret conditions. 

The development’s partners include prominent figures, such as Hartford-based developer Lexington Partners, Hartford-based investor and businessman Alan Lazowski, Hoffman Auto Group Co-Chairman Jeffrey S. Hoffman, Manafort Brothers Inc. President Jim Manafort, Peter S. Roisman, head of Houston-based multifamily investor REV, as well as Figure 8 Properties principals Harris and Bruce Simons. 

Correction: The original version of this story said the Port Eastside development team expects to close on the purchase of 111 Founders Plaza on Wednesday. While the development team is considering the purchase of 111 Founders Plaza, that deal is not expected to close on Wednesday. The original information was provided by a spokesperson for one of the developers. 

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