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October 16, 2023 Deal Watch

State Bond Commission approves funding for major CT development projects

PHOTO | COSTAR The state Bond Commission has approved $12.5 million in loans and grants for the conversion of 30 Trinity St. (above) and 18-20 Trinity St. in Hartford into apartments.

The state Bond Commission recently approved $1.6 billion in funding for transportation and economic development projects across the state.

The funds will support numerous development projects in Hartford and elsewhere.

That includes $7 million for the Capital Region Development Authority (CRDA) to provide a loan to LAZ Investments and Lexington Partners to finance the conversion of a historic downtown Hartford office building, at 15 Lewis St., into 78 residential units and 5,000 square feet of restaurant space.

Approximately 10% of the housing units will be affordable.

CRDA will receive an additional $6.5 million to provide a loan to PennRose LLC for the $45 million conversion of two historic former Hartford state office buildings, at 18-20 and 30 Trinity St., into 108 residential units and additional retail space.

Twenty percent of the units will be affordable. The Trinity Street project also received an additional $6 million grant from the Bond Commission to cover structural and environmental problems at the property.

Meantime, CRDA has received permission to shift $16.6 million previously allocated for further development around Dunkin’ Park to help fund the redevelopment of the former Rensselaer Polytechnic Institute campus, at 275 Windsor St., into 269 housing units and a parking garage. That project will be headed by developer Randy Salvatore.

There is also a $1.5 million grant for the city of New Britain to convert a former Stanley Works building, at 480 Myrtle St., into 119 housing units.

Other funding approved by the Bond Commission includes:

  • $101 million for various development projects recently selected for funding by the Community Investment Fund, which has a mandate to approve up to $875 million for community-building projects in distressed municipalities over a five-year period.
  • $50 million to finance the Build for Connecticut Program, which will provide subordinate financing that offers better terms and more flexible underwriting to incentivize developers of market-rate multifamily properties to create units that are affordable to middle-income households.
  • $4 million to finance various alterations, improvements and renovations at the State Capitol complex.
  • $600,000 for New England Brewing Co. to expand its craft brewing facilities in Woodbridge.
  • $2.5 million for the city of Ansonia to help demolish the Ansonia Copper & Brass factory, to prepare the site for redevelopment.
  • $2.1 million in grants for nonprofit historical and cultural organizations for capital investments to transform the visitor experience. The program requires a 25% cash match by the recipient.

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