Hartford officials are moving to loan $500,000 to a prominent developer to help draw tenants to retail spaces in a downtown complex.
The funds would be focused on a 324,000-square foot, office-and-retail complex at the corner of Trumbull and Pratt streets owned by Brooklyn, New York-based Shelbourne Global Solutions.
Downtown Hartford’s largest landlord, Shelbourne paid $4.75 million for the complex at 242 Trumbull St. and 64 Pratt St. two years ago.
Shelbourne has since partnered with prolific Hartford-based developer Lexington Partners and Hartford business leader Alan Lazowski on a plan to convert a five-story annex of the building, at 64 Pratt St., into housing for roughly 200 University of Connecticut students.
The Capital Region Development Authority’s regional and economic development committee, on Monday, signed off on lending Lexington $500,000 to help fund retail tenant improvements to help small businesses locate on or near Pratt Street, according to information shared with the committee.
The funding would be drawn from interest in a revolving loan fund tapped by CRDA in support of Hartford projects.
CRDA Executive Director Michael Freimuth said the low-interest funding would help Lexington conduct tenant fit-outs and charge rents low enough for the market.
Most of the complex’s first-floor retail space is occupied, but there is about 10,000 square feet of unoccupied retail space on its second floor, Friemuth said.
This retail support loan requires approval from the full CRDA board of directors, which is almost certain to follow the recommendation of its subcommittee.
Attempts to reach a Lexington representative were not successful.
