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Hartford’s City Council has signed off long-term land leases intended to allow Bloomfield-based Andaleeb Enterprises to transform blighted Albany Avenue properties into 40 apartments with ground-floor retail in a project estimated at $10.76 million.
In late 2021, Hartford Mayor Luke Bronin’s administration issued a request-for-proposals for a half-acre site comprised of 270, 292 and 298 Albany Ave. and 10 Green St. The property currently hosts two vacant buildings in an advanced state of disrepair.
The administration ultimately endorsed and forwarded a proposal by Andaleeb to rehab one of the existing buildings and demolish the other to make way for a new mixed-use building.
The development will result in eight apartments and 1,200 square feet of retail space at 270 Albany Ave., and the construction of a neighboring building with 32 apartments above 1,800 square feet of retail space, according to a city summary.
The project will be funded through a commercial loan, state affordable housing loan, historic tax credits, a federal affordable housing tax credit and Connecticut Department of Housing funds, according to the city summary.
Andaleeb’s agent, Amber “Ace” Andaleeb, said in December his family’s company has rehabbed several properties along Albany Avenue and was encouraged by the city’s efforts to capitalize on a recent multimillion-dollar upgrade of the Albany Avenue streetscape.
Hartford’s City Council voted unanimously in support of the long-term ground leases to Andaleeb during its Feb. 27 meeting.
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Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
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