A former hotel recently converted to 223 apartments on the northern edge of downtown Hartford has been brought to market with a $55 million asking price.
The 17-story, 289,829-square-foot building at 50 Morgan St. — formerly the Red Lion Hotel — has been converted into a 223-unit apartment complex now known as the Millennium Building. The property sits near Dunkin’ Park, an area that has seen a wave of new apartment development in recent years.
A joint venture between Waterbury-based Axela Group and Brooklyn-based Shelbourne Global Solutions acquired the partially converted property in 2021 for $22 million, with plans to complete its conversion into apartments.
Originally constructed in 1972, the building has an occupancy approaching 90% and is projected to reach the “mid-90%” range by May, according to Chozick Realty, which began marketing the property last week.
As part of the conversion, the ownership group undertook significant upgrades, including renovations to the 380-space parking garage and swimming pool, and the addition of a fitness center, yoga studio, tenant lounge and business center, according to Rick Chozick, president and CEO of Chozick Realty.
The unit mix — primarily studios and one-bedroom apartments with a limited number of two-bedroom units — aligns well with demand trends in Hartford’s urban rental market, Chozick said.
Early investor response to the listing has been positive, with a marketing period expected to last roughly 30 days, Chozick said.
The Millennium project, however, was not without challenges. In 2023, the city moved to auction the property over nearly $1 million in unpaid taxes before reaching a payment agreement with the ownership group.
In an email this week, Shelbourne Chief Operating Officer Michael Seidenfeld said the partnership has converted a former deteriorating hotel into a “quality, amenity-filled” residential property. With value added and market conditions favorable, the group is now seeking to exit.
“Its location in the fastest-growing area of the city makes it very attractive to owners who want quality, tier I locations,” Seidenfeld wrote. “…The Hartford Class A residential market is being pursued by many investors and so now is the time to look to exit.”
Seidenfeld added that Shelbourne remains active in the Hartford area, pursuing additional development opportunities while continuing to reposition its office portfolio.
