Jasko Development Principal Avner Krohn spoke at a Real Estate Finance Association (REFA) event in downtown New Britain Thursday evening and highlighted several ongoing real estate projects in the city’s downtown.
The REFA event, which was held at 222 Main St. downtown and attended by 60 people, featured two speakers: Krohn and Jack Benjamin, New Britain’s director of planning and development.
The aim of the event was to highlight private/public real estate developments in the Hardware City.
Krohn highlighted three of his ongoing projects in New Britain:
- The Brit, a $20-million project at 267 Main St., that’s in its sixth and final phase and will be completed in the summer. The building will feature 107 units at market rate and 5,450 square feet of retail space and a restaurant.
- The Strand, a 100-unit building that will have a new address on Main Street and will feature 4,000 square feet of restaurant and retail space. Construction is expected to start in late summer with occupancy slated for 15 months later. The Strand will be a $20-million-plus project.
- The Highrailer, a $25-million project at 283 Main St. that is under construction and scheduled to be completed with 114 units in December 2023. The project will also include 6,000 square feet of retail space and a restaurant.
John Alissi, REFA’s president, said the event was aimed “at highlighting the significant development going on right now in New Britain.” Alissi said his organization put on the event for educational purposes for the benefit of its members, composed of developers, real estate brokers, bank loan officers, environmental consultants and attorneys, among others.
Krohn, who has had a long working relationship with the city, said he’s seen “a lot of young individuals coming and moving into the downtown for market-rate housing. These (apartment buildings) are still a significant discount to similar housing outside of New Britain. There is just not enough housing in the downtown, which is part of the problem. These projects are taking often dilapidated vacant buildings and vacant structures and turning them into vibrant properties.”
Krohn said the projects are paid, primarily, through financing from lenders, private equity, and his own funding.
