Major Hartford landlord plans $16M apartment conversion of six-story downtown office/retail building
Michael Puffer
150 Trumbull St., in downtown Hartford.
A six-story downtown Hartford office building that became vacant following the pandemic could be converted into 46 apartments above retail under a roughly $16 million project being advanced by Shelbourne Global Solutions.
New York-based Shelbourne, which is downtown Hartford’s largest office landlord, is seeking a $4 million loan from the quasi-public Capital Region Development Authority as part of its funding stack to convert the 56,410-square-foot building at 150 Trumbull St.
The 1909-vintage building currently hosts Max’s Trumbull Kitchen in one storefront on its first floor. Shelbourne’s rehab will include refurbishment of a 1,000-square-foot retail space that fronts Asylum Street, according to a project summary shared with the CRDA’s housing and neighborhood committee ahead of a meeting this Friday.
The building had, at alternate times, housed Fling Bruce Company Furniture Store, Luke Horfsall Clothier and Shoor Brothers Furniture, according to the project summary.
Later, it housed various retailers and small businesses. A decline in downtown office use following the pandemic, tied to a wider embrace of remote work, caused “a significant drop in occupancies,” according to the CRDA summary.
Shelbourne’s proposal would result in 12 studio, 28 one-bedroom and five two-bedroom apartments along with a single three-bedroom unit, with an average size of just under 700 square feet. The project would add amenities, including a dog washing station, lounge, fitness room, bicycle room, business center and library.
The project would rely on parking at 100 Pearl St., a neighboring office building owned by Shelbourne, or a nearby parking garage at 100 Trumbull St. owned by LAZ Parking.
Shelbourne has developed, individually and with partners, about 500 apartments in Hartford, with more than 200 more in various stages of development.
Shelbourne’s office portfolio has taken a hit following the pandemic, but the company has continued to invest heavily in apartment development. The multifamily sector in Hartford has performed well, with CRDA officials reporting strong demand and quick absorption of new units produced in downtown.
Shelbourne’s loan request to CRDA could be reduced to $3.6 million if the city of Hartford comes through with $400,000 in assistance, according to the CRDA summary. As the project is stabilized and the senior construction loan is refinanced, the CRDA loan will be resized to $1.85 million. Its proposed term is 10 years, at a 3% interest rate.
Shelbourne paid $2.35 million for 150 Trumbull St., in July 2021. At the time, Shelbourne Chief Operating Officer Michael Seidenfeld touted the expansion of its footprint at the corner of Trumbull and Pearl streets, saying it complemented renovation and streetscape upgrades underway at 100 Pearl St., and the historic Pratt Street retail district.
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