After years of delay and anticipation, construction on Downtown North’s mixed-use redevelopment near Dunkin’ Donuts Park is showing signs of progress, and now the developer is eyeing the project’s next phase.
Stamford-based developer RMS Cos. broke ground on DoNo’s first phase last October, and has already completed construction of the 330-space parking garage.
In an interview with Hartford Business Journal Monday, RMS CEO and President Randy Salvatore said foundation work has now begun on the $50-million project’s 270 apartment units, which should be completed about a year from now.
The goal is to have tenants moving into the apartments located on Parcel C along Main Street in early 2022. It will take up to two years, he said, to fully lease the units.
“Construction is going well despite the rough winter,” Salvatore said.
Meantime, RMS is in early discussions about the development’s next phase, which will include construction of 532 additional apartments and a 541-car garage on DoNo’s parcel B.
Salvatore said work on parcel B will be broken down into two phases. The first will be a $52.8 million investment that will lead to the construction of the parking garage and 228 apartment units.
RMS has already submitted a $13.6 million funding request for the first phase of parcel B to the Capital Region Development Authority. The rest would be financed by a mortgage ($33.2 million) and equity ($6 million).
Phase two of parcel B would include 304 apartments and a $56 million investment.
Salvatore said he’d like to start parcel B site work later this year and move quickly into construction, which will take about 18 months.
He said the pandemic hasn’t detracted from his vision to create a vibrant mixed-use neighborhood with 1,000 apartments around the ballpark. In fact he’s more bullish about Hartford’s prospects and wants to keep construction moving so that the neighborhood blossoms quickly and people see the momentum and want to live there.
“What’s important in developments like this is you create a sense of community there and show progress,” Salvatore said.
Salvatore said talks with a potential grocery store operator remain ongoing but there are no agreements in place yet. He also hasn’t started talks with potential retail or restaurant tenants because both of those sectors have been hit hard by the pandemic.
Those conversations will likely begin in about three or four months, he said.
