Last updated on May 15th, 2019 at 04:48 pm
An apartment project in Hartford has a new developer and more units.
Demolition work related to the 84-unit, five-story apartment complex at the southwest corner of Main and State streets is slated to begin Feb. 25, said Hartford city administrator Steve Volkert.
The project, known as Rincón 225, will offer luxury studio, one-, two- and three-bedroom units.
Milwaukee-based Greywolf Partners Inc. is the project developer, and has tapped Consolidated Construction as the general contractor and Abacus Architects as the designer.
The project was originally pitched by Brookfield-based Brayton Management Co. Inc. as a 74-unit building. Volkert said Brayton had been partnering with a different developer, but they eventually backed out of the deal.
Volkert said Greywolf was brought on as the new developer to oversee the project sometime this summer. The firm then brought forward modified development plans to city officials in the fall.
“They came back and said, ‘If we’re going to get involved, our break-even, making-money point was 82 units.’ They had to get approval from the Plan Commission (to) allow for this size and height,” Volkert said.
Other changes to the project included underground parking and additional amenities such as a workout room and a bike repair shop. Brayton is still involved in the project as a minor partner, said Volkert.
Marilyn Herzberg, president of Greywolf, said market research and testimony from business owners show there is a clear need for new upscale, smaller-unit housing in the downtown Hartford area.
“We believe this development in this special downtown location is the right fit,” Herzberg said in a statement. “The residents of Rincón 225 will be able to live in the heart of the community and walk or bike to downtown businesses and other area amenities.”
The project is scheduled to be completed in late spring 2020.
In assisting with the development, community leaders authorized the first-ever tax incremental financing district in the downtown area, according to a news release.
Other multifamily developments Harford has seen in recent years include Wilson Heights Apartments at 844 E. Loos St., Oriole Ponds Apartments at 400 Whistle Drive, and the Birch Crossing Apartments at 800 Liberty Ave., each of which have around 88 units.
At the urging of area employers, the city has looked to redevelop the downtown area. More than three years ago, the city and other stakeholders hired urban planners Vandewalle & Associates Inc. to conduct a downtown opportunity analysis.
The result has been two catalytic projects in downtown Hartford and more than 300 new apartment units either opened or planned within the past two years.
The first catalytic project is the 60-room Cobblestone Hotel & Suites located off Highway 60, just blocks north of Main Street. The second catalytic project is Rincón 225, which the city has previously called its “north bookend” for downtown.