The redevelopment of the former Colt factory in Hartford will take a long-awaited step forward with construction now set to begin on the remaining apartments planned for a key building in the sprawling complex.
The completion of the 129 apartments envisioned for the South Armory, expected to be announced today, will be funded partly with $5 million from the city of Hartford. So far, 50 of the apartments have been built and are almost fully occupied.
The permits for construction of the apartments have been secured and work can now begin, sources familiar with today’s announcement told me.
Developer Larry Dooley previously has said the city’s investment — and the resulting construction — would make private investors more comfortable that the entire, $120 million project is commercially viable.
Apartments are planned for the third through the sixth floors of the 200,000-square-foot South Armory. The lower floors are reserved for commercial tenants. Last year, Foley Carrier Services relocated to the building from Glastonbury. The first retail tenant in the building, Cafe Colt, also opened.
The city committed the $5 million to the project early in 2012, but the funding was basically put on hold until Colt developer restructured the debt on the property. Previous failed attempts to redevelop Colt, named a National Historic Landmark in 2008, left some mortgages on the property in foreclosure.