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August 17, 2024

Partner in East Hartford 'Port Eastside' development files to foreclose on 19-story office tower

111 Founders Plaza, East Hartford.
By Michael Puffer

A limited liability company tied to a team pursuing a massive, mixed-use redevelopment of East Hartford’s aging Founders Plaza office park has filed a foreclosure lawsuit seeking to claim a 19-story office tower.

111 Founders Plaza Acquisition LLC — whose principal is real estate executive Harris Simons, a partner in the “Port Eastside” development — filed a court complaint Wednesday against Merchant 99-111 Founders LLC, owner of the 270,106-square-foot, 1971-vintage high-rise at 111 Founders Plaza.

According to the complaint, the tower’s owner secured an $18.5 million loan in 2015 with a first mortgage on the tower. The loan came due Dec. 10, 2021.

“But the defendant has neglected and refused to pay said sum,” reads a portion of the suit. “Therefore, the entire balance of the loan is due and owing.”

The mortgage and promissory note have been acquired by 111 Founders Plaza Acquisition LLC, which formed in early July and is now trying to foreclose.

Attorney Richard P. Weinstein, representing the plaintiff, said he believes there is an amicable relationship between his client and the current owner of the office tower, something he hopes will lead to a “speedy” process.

Weinstein said he hopes to expedite the process so the new owner can deal with “inherent problems” at the tower.

Office tenants within the high rise were recently notified that new owners will take control of the building sometime in August. The building had faced possible closure for not meeting state fire code due to the absence of sprinklers.

Attempts to reach representatives of Port Eastside were not immediately successful Friday. An attempt to reach a representative of the current owner was similarly unsuccessful.

East Hartford Mayor Connor Martin has previously acknowledged that Port Eastside representatives have spoken with him about a desire to convert office space in the tower into apartments.

Harris Simons is a principal in West Hartford-based development and real estate services company Figure 8 Properties, as is his brother, Bruce. Both are also partners in the planned “Port Eastside” redevelopment of Founders Plaza.

Other Port Eastside 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 and Peter S. Roisman, head of Houston-based multifamily investor REV.

The Port Eastside partners, last year, announced plans to transform much of the aging office complex on the eastern side of the Connecticut River into a development blending roughly 1,000 apartments with commercial spaces, cultural amenities, a transportation hub and new pedestrian connections.

They have begun acquiring properties for development.

Last summer, Port Eastside LLC – which names Bruce Simons as principal – paid $4 million for a 182,890-square-foot office building on 7.34 acres at 20 Hartland St. (also known as 99 Founders Plaza).

In late July, another LLC whose principal is Harris Simons paid $7 million for a vacant 70,350-square-foot “flex” office building on 6.5 acres at 300 East River Drive. 
 

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