A plan to blend about 1,000 apartments with new retail and commercial spaces along the Connecticut River in East Hartford took another big step Tuesday as the “Port Eastside” development team paid $7 million for a vacant 70,350-square-foot “flex” office building on 6.5 acres.
“It represents a further commitment to develop the area,” East Hartford Mayor Connor Martin said of the purchase of 300 East River Drive, once home to a branch of interior design and furniture company Red Thread. “We’re very excited to hear they are continuing to secure property around the site.”
This is the second major property purchase in the Founders Plaza office park by the Port Eastside developers. The partnership paid $4 million for the former Bank of America office building at 99 Founders Plaza last summer. They’re working with town officials to access a $6.5 million grant to demolish that 182,890-square-foot building in anticipation of the first phase of development.
East Hartford’s Town Council, in March, signed off on a development agreement outlining the conditions of that grant. In it, Port Eastside agreed to secure a building permit for an apartment building within four years. The apartment building will have at least 150 units.
The development’s partners include prominent figures, such as Hartford-based developer Lexington Partners, Hartford-based investor and businessman Alan Lazowski, Hoffman Auto Group Co-Chairman Jeffrey S. Hoffman, Manafort Brothers Inc. President Jim Manafort, Peter S. Roisman, head of Houston-based multifamily investor REV, as well as Figure 8 Properties principals Harris and Bruce Simons.
A spokesman for the partnership on Wednesday confirmed the sale of 300 East River Drive, but could not comment on the developers’ plans for the property, or its role in the larger development.
“Today’s purchase of the property at 300 East River Drive is a major initial step for the Port Eastside project and an important element in achieving our vision for revitalizing East Hartford’s riverfront,” reads a statement issued by the Port Eastside partners. “We are in our very early stages of the project, and property acquisition is the first pre-development phase of what will be a multi-year process to transform this area into an inviting, vibrant complex of residential, recreational, retail and other features that will energize this section of the Connecticut River across from our capital city.”
The Port Eastside partners are also contemplating the purchase of the 270,106-square-foot, 19-story office tower at 111 Founders Plaza, with hopes to transform at least portions of the building into apartments.
Office tenants within the 1971-vintage high-rise have been advised new owners will take control of the building sometime in August. The building also recently faced possible closure for not meeting state fire code because it doesn’t have sprinklers.
