🔒Four years later, former Stanley Black Decker HQ finds new life as apartments

In early 2022, Westport-based real estate investor Amit Lakhotia smashed open a coconut on the steps of the former Stanley Black & Decker headquarters in New Britain, marking the start of an ambitious effort to convert the five-story office building into apartments. Four years later, the project is nearing completion and leasing is underway. Securing financing proved more difficult than anticipated, largely because the property, located at 480 Myrtle St., carried environmental deed restrictions that complicated its conversion from commercial to residential use, Lakhotia said. Despite those challenges, the $19 million, 115-unit apartment redevelopment, now known as The Burritt Building, is nearly complete. As of early June, 35 units had been leased and another 31 were ready for occupancy. Lakhotia said he plans to put the finishing touches on the remaining apartments around the end of June. He anticipates the building will be 90% leased by October and fully occupied by the end of this year.

Building a ‘community’

Lakhotia said leasing activity accelerated after spring weather arrived. “We actually started leasing mostly in April, but we saw like a big jump,” he said. “In May itself, in normal weather, a lot of people are coming.” The property is drawing four to five tours a day, aided by multiple leasing firms and an influencer marketing campaign, he said.

Studio apartments rent for about $1,500 to $1,700 per month, one-bedroom units for roughly $1,900 to $2,000, and two-bedroom apartments for about $2,400 to $2,700. To attract early tenants, the property is offering a move-in incentive equal to one-and-a-half months of free rent, Lakhotia said. “You have to give some kind of special, you know, because people have not seen this kind of building in New Britain,” Lakhotia said. “There are other buildings in New Britain that are new construction, but to get them here to see what the building offers, you have to give some kind of incentives.” Lakhotia said the apartments are larger than many newly built units, with studios ranging from roughly 595 to 650 square feet, one-bedroom units approaching 900 to 950 square feet, and some two-bedroom apartments measuring between 1,300 and 1,500 square feet. Amenities include key-fob entry, extensive camera coverage, an on-site management office, fitness center, children’s playroom, pet-washing station, coworking area, and arts and music room. Lakhotia said he is also considering additions such as a sauna based on tenant feedback. Resident events — including holiday celebrations, cookouts and yoga sessions — are also planned. “I’m not just trying to build a building,” he said. “I’m trying to build a community also.” Lakhotia said the biggest challenge in converting the former office building into apartments was overcoming environmental restrictions associated with changing the property’s use from commercial to residential. The adaptive reuse project also required designers to work around structural columns that remain visible in some apartments. Construction was completed by New Britain-based TLong Construction using plans prepared by Primrose Cos.

Housing demand remains strong

Lakhotia acknowledged that he initially had concerns about the pace of leasing after watching some newer apartment developments in central Connecticut fill more slowly than expected. Those concerns have eased as prospective tenants tour the property and provide feedback, he said. Some renters have told him they appreciate being outside New Britain’s downtown core while remaining close to restaurants, employment centers and other amenities. He also believes Connecticut’s housing shortage continues to support demand for quality apartment developments. “Though housing is getting built everywhere, people are coming, people are renting, buildings are operating with good occupancy,” Lakhotia said. His portfolio currently includes roughly 400 apartment units spread across eight properties, primarily in New Britain and New Haven. He recently completed the renovation of a former downtown New Britain rooming house into 24 market-rate apartments. He is also advancing an 81-unit redevelopment at 102 West Main St. in downtown New Britain, and a planned 173-unit apartment development in Bridgeport. For now, however, Lakhotia said his primary focus remains on completing the remaining apartments at The Burritt and bringing the building to full occupancy.