🔒East Hartford officials eye tax breaks, other incentives to secure Founders Plaza redevelopment 

East Hartford officials are creating a menu of tax breaks and other incentives to secure a project demolishing chunks of the roughly 50-year-old Founders Plaza office park along the Connecticut River, and building back hundreds of new apartments, as well as retail and recreation amenities.

East Hartford officials have been negotiating with an undisclosed developer. 

Mayor Michael Walsh, on Tuesday, shared with the Town Council a draft letter addressed to developer Port Eastside Partners LLC, broadly outlining the possibility of tax stabilization and other potential incentives that could be applied to the ambitious project.

Walsh, on Wednesday, said the letter will be shared with the developer after it is approved by the council.

Walsh’s letter is addressed to Peter Roisman at Port Eastside Partners LLC, with an address in a suite in West Hartford’s Corporate Center West, which is currently occupied by MBH Architecture. The architecture firm is mentioned in Walsh’s letter.

There is no business filing for “Port Eastside Properties LLC” with the office of the Connecticut Secretary of the State, but there is one for “Port Eastside LLC,” listing as its address a separate suite in Corporate Center West, occupied by real estate investment company Figure Eight Properties.

The filing for Port Eastside LLC, which registered last October, lists as its principal Bruce Simons. Simons is a co-president of Figure Eight.

Figure Eight lists Corporate Center West among its various office and multifamily holdings in Connecticut.

Attempts to reach Simons and Roisman were not immediately successful. Roisman is not listed among the leadership team on Figure Eight’s website.

Walsh said the developer is waiting to finalize agreements with tenants for the redevelopment before submitting land-use applications.

According to the draft letter Walsh shared with the council, the plan involves demolition of a four-story office building at 99 Founders Plaza, demolition of a garage attached to a 20-story office tower at 111 Founders Plaza, and demolition of unoccupied warehousing space at 300 East River Drive. Walsh, on Wednesday, estimated demolition costs of $9 million.

The plan also involves significant infrastructure development, including creation of a raised greenway over East River Drive and a new pedestrian bridge over the Connecticut River into Hartford.

A first phase of the development would see 200 to 300 apartments built, with more possibly to follow depending on leasing success, Walsh said. He estimates a three- to five-year construction schedule.

Walsh’s letter lists various possible incentives, including tax increment financing, general obligation bonds to be drawn by the town, a tax fixing agreement, special services district, enterprise zone tax abatement and creation of a parking authority able to issue bonds for parking construction.