The promoter of Hartford’s Downtown North mixed-use development is petitioning the state for $15 million toward financing its first phase of housing for that corner of the center city.
The promoter of Hartford's Downtown North mixed-use development is petitioning the state for $15 million toward financing its first phase of housing for that corner of the center city.
Middletown's Centerplan Development LLC on June 5 formally submitted its DoNo funding petition to the housing committee of the Capital Region Development Authority. CRDA has the ability to use loans and/or grants to finance worthy projects.
According to Centerplan development executive Yves-Georges Joseph II, the requested sum is $5 million less than originally envisioned because the DoNo development will now occur in phases, rather than all at once.
Now planned, Joseph said, is to erect the first 172 one- and two-bedroom apartment units in DoNo. Another 156 units would come later, he said. A portion of the total units would be earmarked as “affordable.''
In all, the development tab for the first phase rings in at around $60 million vs. the original $105 million to erect housing, plus space for office and retail, including a supermarket, and parking.
Joseph said discussions are just underway between Centerplan and the housing committee on a public-financing framework. There is no timetable for concluding those talks, although Centerplan is contractually obligated to start DoNo construction by Nov. 1, he said.
Meantime, Joseph said Centerplan is working with senior-debt providers and other financiers to secure its private-equity slice of the funding pie.
— Gregory Seay
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