A newly completed 48-unit apartment building near Hartford’s Pope Park is leasing faster than expected, according to the developers, reaching 70% occupancy within a month as demand extends beyond the city’s downtown core.
Spectra Construction and Development, in partnership with brothers Matthew and Evan Levy, recently completed the $10 million conversion of a 33,000-square-foot former office building on Laurel Street into apartments known as “The Laurel.”
CEO Daniel Klaynberg said he anticipated a slower lease-up given the property’s location outside downtown, but the building is filling at a pace comparable to Spectra’s central-city projects.
“It just shows how I can’t predict where people want to live,” Klaynberg said. “I always thought if you’re in Hartford, you kind of want to be closer to the downtown. But I guess it’s more people who are looking for the nature and looking for a little bit more quiet, being outside of the downtown area.”
The building is located on the edge of Pope Park and benefits from adjacent green space, including walking trails and a duck pond.
Rents at The Laurel range from about $1,500 per month for studios to roughly $2,200 for two-bedroom units, with some lofted and duplex configurations also available.
Klaynberg and the Levy brothers acquired the property for $1.5 million in June 2024, buying it from the United Way of Central and Northeastern Connecticut. Renovation work began in December 2024.
The five-story, brick building dates to 1930, when it served industrial sewing equipment manufacturer Merrow Machine Co. The United Way later used it as office space.
Spectra’s redevelopment preserved much of the original structure, including brick walls, wood beams and large windows, while removing some later-added drywall partitions. The renovation was partly funded by state historic preservation tax credits.
“We tried to preserve as much of the history as we could,” Klaynberg said. “All the brick you see is all original brick. The windows, even the ceilings — we whitewashed them, sandblasted them, and restored them to their original condition.”
The project came in under budget, aided by prior environmental remediation completed by earlier owners, the developers said.
Matthew Levy said the partners have built a reliable network of local subcontractors through repeat projects, helping streamline development. His brother, Evan, said Spectra’s growing track record in Hartford, combined with his family’s local roots, has strengthened relationships with municipal officials and helped projects move forward more efficiently.
The Laurel brings Spectra’s Hartford-area portfolio to about 678 apartments, as the firm continues to expand through adaptive reuse. Recent projects include a 42-unit conversion of a former municipal office building at 525 Main St. and a 35-unit redevelopment of a former firehouse at 275 Pearl St.
The Main Street property, completed last year, is largely leased as UConn dormitory space, with only two units remaining. Spectra received a temporary certificate of occupancy for the firehouse on April 10, and it is now about 30% leased, Klaynberg said.
The developers are advancing additional projects in and beyond Hartford, including a planned conversion of a long-vacant downtown Norwich office building into 58 apartments above retail space. That project recently secured conditional approval for a $3 million low-interest gap financing loan from the Connecticut Municipal Development Authority.
They also plan to begin construction next year in downtown Hartford on an 84-unit, six-story apartment building on a parking lot behind 525 Main St.; are under contract to acquire a Manchester property for another development; and are considering a future apartment project on part of the parking lot at 30 Laurel St.
The partners said they are also evaluating larger projects of up to 300 units and continue to rely on partnerships with municipalities and quasi-public agencies, using tools such as low-interest loans and tax-fixing agreements to make deals viable.
As Hartford continues to contend with office vacancies and housing demand, Klaynberg said the firm remains open to additional office-to-residential conversions if the economics make sense.
“We’re always evaluating them and hopefully we can make one work,” he said.
