Major demolition work is expected to begin soon at East Hartford’s Founders Plaza, more than two years after plans were announced for a mixed-use redevelopment along the Connecticut River that could bring about 1,000 apartments and 400,000 square feet of commercial space.
Town officials on Tuesday night are set to select a demolition contractor to begin tearing down the 182,890-square-foot former Bank of America office building at 20 Hartland St., along with a 126,000-square-foot parking garage that is attached to a separate 19-story office tower at 323 Pitkin St.
The Pitkin Street office building will not be demolished.
The demolitions will mark the first visible signs of the “Port Eastside” redevelopment, which has been envisioned by a group of regional investors who have been acquiring property in the 50-year-old office park over the past two years.
East Hartford has committed $6.5 million in state funding to cover part of the demolition costs. Under the agreement, the developers must secure a building permit for an apartment building of at least 150 units within four years. If not, the state grant will convert to a loan with interest tied to the 15-year Treasury rate plus 4%.
The first major construction phase calls for a $90 million redevelopment of the 19-story office tower at 323 Pitkin St., also known as 111 Founders Plaza, into 240 apartments. The conversion is expected to take about 30 months to complete.
The investor group includes Bruce and Harris Simons of Simons Real Estate Group; Jim Manafort, president of Manafort Brothers Inc.; Peter S. Roisman, head of Houston-based REV Leasing; Nicholas Michnevitz III, president of MBH Architecture; Jeffrey S. Hoffman, co-chairman of Hoffman Auto Group; Chris Reilly, president of Lexington Partners; and Alan Lazowski, chairman and founder of LAZ Parking.
“The clearing and cleaning up of these two properties will be the first step in the multi-year transformation of East Hartford’s side of the Connecticut River,” Bruce Simons said Tuesday morning in a statement to HBJ. “There is a great deal of work that needs to be done to prepare the site and build the infrastructure that will support the residences, businesses and features here that will echo and complement the attractions across from us in Hartford, and we are very grateful to be working with Mayor Martin and his staff to take these first steps together.”
Weston & Sampson, the town’s engineering firm, has recommended Stamford Wrecking Co. as the demolition contractor. The company, which was among eight bidders, submitted the low bid of $4.8 million.
Eileen Buckheit, East Hartford’s director of development, said a vote by the town’s Committee of Award is expected Tuesday. Contract and insurance arrangements will follow, along with hazardous material abatement before demolition can begin.
The buildings are expected to be cleared by February, Buckheit said. The space will eventually be used for future ground-up development.
