HARTFORD, Conn. (WTIC) – During the monthly Capital Region Development Authority meeting, a trio of developers outlined a plan to transform the heart of downtown Hartford.
Lexington Partners, Laz Investments and Shelbourne Global Solutions are spearheading the project, which contains three main components.
Those components mainly focus on adding and renovating apartments in the area of Pratt Street while creating new space for retail. Specifically, Trumbull and Pratt Street apartments would gain more units while the Lofts at Main and Temple would also see nearly 100 new rentals as well.
Additionally, the project would demolish and renovate the Talcott Plaza garage. The renovation would preserve the foot bridge over Talcott Street while creating new parking spaces for apartments.
Financing for the project is projected to be $100 million, however, the developers would pour in $80 million in private debt. They are seeking state assistance to help cover the additional $20 million needed to complete the project.
The CRDA has helped finance previous projects in Hartford, so the inclusion of the agency is critical to the development’s success.
The project’s outline was to define the grand vision to the CRDA. Moving forward, the developers and board members will dive into the details of the project, which could be completed in roughly 18 months.
