Here’s a look at five Greater Hartford executives and leaders who will likely make headlines in 2014. The Hartford Business Journal will keep close tabs on this influential group and report back a year from now what they accomplished.
In 2014, Bruce Becker plans to redevelop one of the highest profile commercial buildings in downtown Hartford into a place for professionals to live, shop, and play.
Becker is redeveloping the 777 Main St. high-rise — the former Bank of America building — from 300,000 square feet of vacant office space into a mixed-use complex with 285 residential units, ground-floor retail, and perhaps a grocery store.
“In the world of complex projects, this is the king of them,” said Michael Freimuth, executive director of the Capital Region Development Authority. “The fact that this building would be resuscitated and put back into use is very symbolic.”
Becker’s efforts on 777 Main mirror the desires of CRDA to breathe new life into downtown Hartford by bringing more residential apartment units online for workers of downtown businesses. CRDA hopes to bring more than 700 residential units online within five years mostly by converting vacant office space into apartments. Becker joins other developers such as Yisroel Rabinowitz from New York City in making the conversions.
“Right now, you have to know somebody just to get a rental downtown because everything is so full,” said Julie Daly Meehan, executive director of Hartford Young Professionals and Entrepreneurs, who lives downtown.
Because 777 Main is so high-profile in the Hartford skyline with added elements of retail and a potential grocery store, the redevelopment of the building will be significant for downtown.
“When 777 Main was first built in the 1960s, there was so much optimism about Hartford,” Becker said. “Hopefully by restoring this building, we will restore some of that optimism.”
Becker is still lining up financing, but he received key approval over Christmas break for a U.S. Dept. of Housing & Urban Development loan. He’s also making progress on securing historic tax credits. Becker expects to close on financing by March. Construction on a key freight elevator will begin before the closing, and Becker wants to have tenants moving in by Labor Day. Construction will finish in 2015. The residential area of the building will be a mix of studios, one-bedrooms, and two-bedrooms with a communal area for residents on the 26th floor. With 777 Main’s original features such as the 10-foot-high windows with views of the Connecticut River and Bushnell Park, Becker expects the development to fill up quickly.
“These apartments are going to attract a whole new group of professionals, including business executives,” Becker said.
Once the first phase of the project is rolling along with the residential, Becker will focus on the second phase — looking at retail and a possible grocery for the ground floor.
Becker is eying a grocery store for the two-story space formerly occupied by a Bank of America branch, although it depends on the viability of such a business. He also is considering a restaurant for the space.
“It will be nice to have a market that has an extensive selection that is readily available within walking distance of downtown,” Daly Meehan said.
Becker also plans to install in 2014 a 400-kilowatt fuel cell from South Windsor manufacturer ClearEdge Power to provide renewable electricity and heating to 777 Main.
“This will be a high performance building,” Becker said. “This will become the largest apartment building in Hartford.”
With the injection of another 285 residential units downtown, that will bring a more 24/7 life into the city, as fewer of the 70,000 people who currently work in Hartford will leave for the suburbs at the end of the day, Becker said.
“It speaks to a new level of energy coming back to the city core,” Freimuth said.
Read HBJ’s other 5 to Watch in 2014 features:
David Brantner, commercial engines president, Pratt & Whitney
Andrea Barton Reeves, president and CEO, HARC
Charles Lee, scientific director, Jackson Laboratory
Lori Pelletier, executive secretary-treasurer, Connecticut AFL-CIO
