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After spending millions to purchase the former Showcase Cinema and raze the derelict building, East Hartford is now considering selling the property to a developer of market-rate housing for the purchase price of $1.
The Town Council will hold a public hearing Sept. 13 on the proposed sale.
Eileen Buckheit, town development director, said the low price for the sale of the land is “part of the town’s contribution to the project,” which is anticipated to cost around $80 million to build. Buckheit said terms of the deal may change, including possible tax deferments and such, but the Town Council must first approve the agreement.
The property that fronts Interstate 84 is split between six lots from 936 to 960 Silver Lane and 285 to 291 Forbes St., for a total of 25.83 acres. It has a combined town appraised value of $4.5 million.
The prospective buyer, Jasko Development, is a local agency that has completed several building projects across the state.
Buckheit said the buyer expects to build the property in two phases — the first phase will help determine the market absorption rate, and the second will fill out the market.
“The number of units could be as high as 360,” Buckheit said.
The town purchased the property in January 2019 from National Amusements Inc. for $3.3 million, as part of an effort to revitalize the Silver Lane corridor.
The property was the former site of a multiplex Showcase Cinema location, which closed in 2006 and was left dilapidated, and considered by many to be a massive eyesore.
After purchasing the property, the town granted a $800,000 contract to Cherry Hill Construction of North Branford for the demolition of the property. Demolition was completed in 2020.
Following an Aug. 17 public hearing and town meeting, the Town Council voted unanimously to readopt the Connecticut City and Town Development Act, to help with redevelopment efforts in the Silver Lane corridor and South Meadows area.
The act allows the town to have additional buying, borrowing, loaning, tax exemption and other development-related powers in order to assist in long-term construction projects. The act was adopted by referendum vote in 2016 and would have expired in November if the council had not extended it in August.
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