A Hamden-based developer this week said the residential portion of its 213-unit, mixed-use development in Rocky Hill is 95% occupied, a little more than a year after leasing began.
The roughly $60 million “Kelson Row” project was developed by the Belfonti Cos. on a 12.7-acre site of a long-shuttered and blighted headquarters for Ames department stores.
“The first move-ins took place in November of 2024, so this is a phenomenal result compared to other new apartment communities in the region that are in lease-up,” said Janice Miner, chief operating officer of MCR Property Management, a Belfonti-affiliate.
So far, Belfonti Cos. has completed 10 buildings, including a clubhouse. One building includes 10,000 square feet of retail space. Negotiations with potential tenants are ongoing.
An 11th building of 6,000 square feet of retail space is planned, potentially combined with additional apartment units.
“I would attribute it to being a tremendous location,” Michael Belfonti, founder and CEO of Belfonti Cos. said of the lease-up. “We think our product is better than anybody’s.”
Units in the complex range from 800-square-foot, one-bedroom apartments renting for $2,100 monthly to 1,601-square-foot, two-bedroom units renting for $2,700 monthly.
Twenty percent of the apartments are set aside at affordable rents.
“As this project continues to lease, it will achieve the goal of a true mixed-use destination that supports local businesses and attracts new visitors,” Rocky Hill Mayor Allan Smith said.
Liberty Bank provided the bulk of construction financing for Kelson Row, the second Belfonti development it has financed in Middlesex County.
“It has been a rewarding partnership for all of us, and we are already looking forward to the next opportunity they bring to us,” said Christa Smith, Liberty Bank’s vice president of commercial real estate.
