Construction On Front Street Apartments To Begin By Early Summer

by Categorized: Hartford Redevelopment Date:

Construction on the second phase of downtown Hartford’s Front Street — 115 apartments — will begin in late spring or early summer and could be ready for occupancy in 2015, a state development official said this morning.

Financing for the $35 million apartment project is now in place, Michael W. Freimuth, executive director of the Capital Region Development Authority told those gathered for the Rising Star breakfast at the Marriott Downtown Hartford.

The financing is roughly 60 percent bank loan and equity from developer HB Nitkin Group,  plus 40 percent in state grants, Freimuth said.

The state grants are previously-approved funding from the “Six Pillars” initiative that helped pay for major housing and redevelopment projects in downtown Hartford, Freimuth said.

If construction proceeds as now expected, the Front Street apartments would be the first of five possible apartment projects downtown that could add nearly 1,000 units in the next few years. Among them are the conversion of the former Bank of America building on Main Street and the old Sonesta Hotel on Constitution Plaza. A new tower also could be built on the site of the old Broadcast House, also on Constitution Plaza.

The five-story building at Front Street will have mostly studio and one-bedroom apartments with a few two-bedroom units, all market-rate. Another 25,000 square feet of retail space is planned on the first floor facing both Front and Prospect streets.

The development comes as leasing picks up in the first phase of Front Street, the entertainment district. Spotlight Theatres opened there in November, and Infinity Music Hall & Bistro plans to open later this year. In addition, the upscale steakhouse Capital Grille has plans for a location there.

A third phase of Front Street — the conversion of the old Hartford Times building, most likely into more apartments — also is planned. But no timeline for that phase has been disclosed.

 

 

 

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7 thoughts on “Construction On Front Street Apartments To Begin By Early Summer

  1. Mike

    “The financing is roughly 60 percent bank loan and equity from developer HB Nitkin Group, plus 40 percent in state grants, Freimuth said.”

    Why is the State funding projects like this when the State is running a deficit after the highest tax increase in history? Shouldn’t the private sector be funding projects like this?

    1. mike

      These monies were allocated and bonded years ago with the 5 pillars thing.

      and at least the money goes toward something useful. I creats construction jobs and ultimately increases Hartfords tax tolls making it a more self sustainable city. this helps us all in the long run.
      Sure a developer might bake a little extra money on a project like this but I bet they cant sell right away

  2. B

    Hartford is not Boston or NYC. It has nothing for excitement at all. So what is overpriced housing going to accomplish?

  3. n

    Dont see how there could be demand for any housing in Hartford unless youve always been from there and want to upgrade to something better. Theres nothing exciting in Hartford at all. Nothing like NYC or Boston that have places that make you WANT to visit or live there. Whats Hartford have, too many bars.

  4. Phil

    Exactly Rob. The downtown housing market has been pretty active for sometime now so hopefully this will help get more people downtown supporting the local businesses.

    P.S. I went to the movie theater last weekend and had a great time. The crowd looked pretty suburban like me as well.

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