It isn’t the official groundbreaking for the apartments planned for Hartford’s Front Street, but the environmental clean-up necessary to make the site ready is now underway.
You can’t see it under today’s snowfall, but the paved parking area is now being dug up to deal with contaminated soil, the Capital Region Development Authority told me. The same work was done to prepare for the Front Street’s first phase, the entertainment district, just to the east.
Michael W. Freimuth, CRDA’s executive director, said the work should be completed in the next month or so — clearing the way for the $33 million project. The project will include 121 market-rate apartments.
Financing for the project includes a $13.7 million bank loan, $13.5 million in funds from the old Capital City Economic Development Authority, which oversaw the development of the convention center and the first phase of Front Street, plus numerous housing projects downtown. The balance is $6.2 million million in equity from developer HB Nitkin Group.
The CCEDA funds include a $1.5 million grant from the state’s Office of Policy and Management. The funds are being used for the environmental clean-up.
The CCEDA funds also are separate from the $60 million CRDA is using to help finance housing projects in downtown Hartford.