A partnership of real estate investors and developers announced Wednesday plans to build a 240-unit high-end apartment development in Middletown by 2025.
Harbor Group International – which said it has $20 billion in real estate assets – and PB Development announced plans for the $83.5 million “Springside Meadow” apartments to be completed at 494 Newfield St. in 2025.
A one-story, single-family home was built at that address in 1995. The property was purchased in 2018 by NEWFIELD STREET OF MIDDLETOWN LLC, which is controlled by Glenn Russo. Several recent land transactions have been made in recent months on Newfield Street, land records show.
Harbor Group will cover 80% of required common equity for the development, it said.
The Harbor Group/PB Development tout Middletown’s location between Hartford and New Haven and proximity to major highways and employers.
“Despite strong employment opportunities in the region, Middleton has been largely underdeveloped, creating robust demand for high-quality multifamily housing options in the area,” Harbor Group Principal Richard Litton said. “With the market’s favorable supply and demand fundamentals, we look forward to partnering with PB Development to deliver the modern housing Middleton’s residents are seeking.”
The Springside development will feature townhome layouts and more than 11,000 square feet of amenity space featuring a coffee bar, package management, fitness center and more. There will be a pool, outdoor bar, grill station, cabanas, bocce court, pickleball courts, dog park, playground and “extensive” walking trails, according to the developers.
Springside will be Harbor Group’s second recent venture in Connecticut, following its acquisition of the 932-apartment “Pavillions” complex in Manchester in December 2022.
