No Foreclosure Auction For Hartford Office Supply Co. Building

by Categorized: Hartford Redevelopment Date:

The owners of the former Hartford Office Supply Co. building in Hartford’s Frog Hollow late Thursday averted a foreclosure auction, less than two days before the bidding was to begin, court documents show.

New York-based Paradigm Capital Group paid nearly $300,000 in property taxes on a lien that had been purchased from the city by Plymouth Park Tax Services, the documents show. Plymouth Park, also known as XSpand and owned by JPMorgan Chase, first moved to foreclose on Paradigm in March, 2012.

Saturday's foreclosure auction for the former Hartford Office Supply Co. building has been canceled. Photo by Kenneth R. Gosselin/kgosselin@courant.com

Saturday’s foreclosure auction for the former Hartford Office Supply Co. building has been canceled. Photo by Kenneth R. Gosselin/kgosselin@courant.com

The building, at 390 Capitol Avenue, is being targeted for conversion into apartments of affordable housing. Waltham, Mass.-based Dakota Partners, Inc. has an agreement to purchase the building with plans to create 112 units.

Paradigm declined to comment today. Dakota did not return a call seeking comment.

The brick-and-brownstone building is considered key to revitalizing a main thoroughfare in the Frog Hollow neighborhood. The foreclosure auction, already delayed once, was set for Saturday.

Earlier this week, Dakota Principal Roberto Arista told me the purchase agreement is still in effect, but he declined to disclose the price. Arista said the project was not granted funding in the latest round of the state’s CHAMP program. Dakota plans re-apply, Arista said.

A foreclosure auction for the former Hartford Office Supply Co. building will not go forward Saturday. Photo by Kenneth R. Gosselin/The Hartford Courant.

The Hartford Office Supply Co. building is targeted for apartments of affordable housing. Photo by Kenneth R. Gosselin/The Hartford Courant.

CHAMP is a new state initiative by Gov. Dannel P. Malloy’s administration to promote affordable housing through historic and low income tax credits and tax exempt financing through the Connecticut Housing Finance Authority.

Although “low income” is mentioned, Dakota has characterized the apartments as “workforce housing.” It would not be targeted for Section 8 housing subsidies, Dakota has said.

In a court filing earlier this year, Paradigm also said it also was negotiating with the state of Connecticut about a possible purchase. The state occupies buildings to the west on Capitol Avenue and recently purchased the nearby office tower at 55 Farmington Avenue.

A spokesman for the state Department of Administrative Services had no comment this afternoon.

 

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2 thoughts on “No Foreclosure Auction For Hartford Office Supply Co. Building

  1. blue o hartford

    these investors have to be from out of town .otherwise they would know that Hartford is a complete dump.as a resident I can attest to that.and everybody is converting office space into cheap housing,the problem is theres already an oversupply of housing in Hartford and vicinity has can bee seen by the hundreds of for rent signs everywere…as a friend of mine once asked me why would anybody want to live in Hartford?..and after thinking about it the only reason I could come up with is that its cheaper than other towns.but of course you have to put up with crime,polution,higher taxes and a complete lack of enforcement of quality of life laws.trying to get sleep in some areas is almost impossible due to bars that play music that can be heard miles away until in some case 3 in the morning. And if your neighbor decides to have a midweek party and play extremely loud music all night good luck trying to stop it Hartford simply does not act to enforce its own nuisance laws or ordinances. If its a business a bar blaring music at 2 in the morning forget it you can start calling Hartford police at midnight and keep calling until 3 am nobody is going over there or has the dispatcher said to me they have a permit they can make as much noise as they want…so they can transform every office building into apartments nobody except welfare people will rent them…only new Yorkers would see value here.

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