A one-year delay has increased the cost for the next phase of development around Dunkin’ Park by $5.2 million, officials said.
Stamford-based RMS Cos. originally pitched a $52.8 million plan to build 228 apartments and a 541-space parking garage on city-owned land just southwest of Dunkin’ Park.
That project was the second phase of the broader “North Crossing” development around the ballpark, which eventually calls for 1,000 new apartments.
North Crossing’s second phase was supposed to break ground about a year ago, but was delayed by the Centerplan Cos. lawsuit that the city of Hartford recently settled for $9.9 million.
With the litigation nearly in the rearview mirror, RMS Cos. is moving forward with the project.
However, RMS’ plans for the second phase have shifted a bit. The Stamford-based developer is now pitching a $58 million project with 237 apartment units, 4,300 square feet of street-level retail space and a 524-space garage.
Michael Freimuth, executive director of the Capital Region Development Authority, which is helping finance the North Crossing development, said the higher price tag is a result of increased borrowing and building costs compared to a year ago.
RMS Cos. is asking the Capital Region Development Authority to sign off on spending $13.6 million previously approved for North Crossing’s second phase.
A CRDA committee will vet the RMS request Friday.
CRDA will also take up a request to funnel more money to the delayed “Arrowhead” project at the northern tip of Ann Uccello Street.
Freimuth said that project had also been put on hold for a year as his agency worked with developers to finalize financing, and a way to clean pollution from a former dry-cleaner on the site. The project going before the CRDA committee on Friday has grown in scope and cost.
The original $17 million proposal called for reconstruction of three buildings along Ann Uccello and Main streets into a 43-unit development under a partnership of Carabetta Cos. and the San Juan Center. Now, the project calls for 45 apartments and a $19 million budget.
The CRDA had previously approved $3.8 million for the Arrowhead development. Now, board members will be asked to allocate an additional $300,000 from the agency’s revolving capital fund, Freimuth said.
