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March 10, 2023

Mouta ups the apartment count to 235 in planned Parkville redevelopment, receives tentative OK for $8.5M CRDA loan

PHOTOS | STEVE LASCHEVER Carlos Mouta sits in an apartment he created as part of the renovation of 1477 Park St.
By Michael Puffer

The Capital Region Development Authority has given a tentative nod for an $8.5 million loan to developer Carlos Mouta’s effort to transform the vacant Whitney Manufacturing site in Hartford’s Parkville neighborhood into 235 apartments and 45,000 square feet of commercial space.

The CRDA’s Housing and Neighborhood Development committee unanimously endorsed the loan for the estimated $91.64 million project at 237 Hamilton St., during a meeting Friday morning. The loan will require another vote from the full CRDA board, as well as a vote by the state Bond Commission to raise the funding.

Mouta said Friday’s vote will help him close financing. He is meeting with lenders later this month.

“It’s a huge step,” Mouta said Friday. “They are in agreement. They see the vision. It just shows they believe in it. I could not be any more grateful to them and (CRDA Executive Director) Mike Freimuth and the mayor.”

Hartford Mayor Luke Bronin and Freimuth offered a wholehearted endorsement of Mouta’s project Friday, noting the developer’s past efforts in the area, including the creation of the popular Parkville Market.

“This project I see and we as a city see is a lynchpin in the broader Parkville revitalization-redevelopment effort, which was accelerated by the creation of the Parkville Market and the expansion of the market, which is underway,” Bronin said.  “To build on that momentum, we want to increase residential density and make sure that area around the market is a vibrant, walkable, livable neighborhood.”

Mouta, speaking after Friday’s meeting, was uncertain as to the development schedule. Much will depend on lining up the remaining financing, he said.
A tentative budget for the project shows $12.5 million in developer equity, $17 million in conventional financing, $17 million in C-Pace loans, $26.4 million in historic credits, $4 million from the city for environmental remediation and the CRDA’s $8.5 million. The budget also accounts for a $5.75 million deferment of the developer fee.

The project makeup has changed significantly since last year, when there was a cost estimate of $72.8 million to build 189 apartments and 86,000 square feet of commercial space. Mouta said he had always wanted to build more apartments but had left a larger commercial space to help the city’s application for a large state grant.

The city applied for $48.4 million from the state’s “Innovation Corridor” grant program one year ago, with plans to leverage a $242 million redevelopment of various properties in Parkville, including Mouta’s. That application remains in limbo, however, and Mouta is moving on.

All but 12 of the units in Mouta’s proposal would be under 650 square feet, with 140 units at 450 square feet and 53 units of 325 square feet.

Some CRDA board members expressed concern that this won’t leave room for families, but accepted explanations from Mouta and Freimuth that the smaller units meet market demands and ensure project feasibility. Mouta explained that much of the legacy apartment housing in the neighborhood offers multiple bedrooms.

Speaking after the meeting, Mouta said the property will offer a range of amenities, including a fitness center, outdoor fire pits, bicycle racks and electric vehicle charging stations. He hopes to attract a beer garden or distillery to the commercial space.

“It’s going to be for people that want to live in a walkable neighborhood,” Mouta said. 

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