The New York developer planning to build 172 apartments on the former site of the Children’s Museum in West Hartford recently paid $10.57 million for the property, as well as a small portion of the neighboring Kingswood Oxford School site.
Developer Continental Properties bought the 3.96 acres from the Kingswood Oxford School – which has owned the museum property at 950 Trout Brook Drive since 2001 — in a deal recorded by the town on Feb. 2.
Kingswood carved off an additional half-acre to make a more efficient building site for the new owner.
Colliers, which announced the sale Wednesday, said it was the result of a years-long process led by the firm.
“The school and their leadership couldn’t have been better partners throughout this complicated process, and we are excited that this sale will allow them to invest in the school’s long-term strategic goals,” said Ian Hunt, of Colliers. John Cafasso, of Colliers, also worked on this project.
The Children’s Museum leased its site from Kingswood Oxford from 2001 until last year, when it moved into temporary space in West Hartford’s Emanuel Synagogue.
“Kingswood Oxford benefited greatly from the expertise and partnership with Colliers in helping us to identify the right buyer for the Trout Brook property,” said Mary S. Martin, Kingswood Oxford board chair, according to Wednesday’s release. “This transaction will allow (Kingswood Oxford) to invest in our people, programming and facilities and we welcome Continental to the West Hartford community.”
Continental has local land-use approvals for a mix of luxury one-, two- and three-bedroom apartments on the site, with amenities including a pool with cabanas, a dog park, coworking space and a rooftop lounge.
“We commend Colliers for successfully shepherding this process through each step, culminating in a closing of the transaction last month,” said Howard S. Rappaport, a principal of Continental Properties, according to the release. “We are extremely gratified to have worked closely with Colliers, Kingswood Oxford and the Town of West Hartford on the redevelopment of this high-profile site in West Hartford Center. Continental is committed to building and operating an iconic, first-class rental community that the Town of West Hartford and its stakeholders can be proud of at this important location in the center of West Hartford.”
Continental Properties is among the largest developers of Class A rental communities in the Tri-State area, according to Colliers. In Connecticut, Continental has developed communities in Rocky Hill, Glastonbury, South Windsor, Milford, Shelton and Trumbull.
The bidding process for the site in 2021 was extremely competitive, according to Cafasso and Hunt.
“Continental and its principals differentiated themselves from the start,” said Hunt. “We immediately knew they would be an ideal partner for Kingswood Oxford.”
The 3.96-acre site traded hands for $10.57 million or $2.67 million per acre, setting a new benchmark for development sites in central Connecticut, Colliers asserted.
“We’re seeing tremendous demand for desirable sites throughout the Hartford area,” added Cafasso. “We expect to see more new multifamily development over the next 12-18 months.”
