Proposed agreement would support 125 affordable apartments near the former Apple Xtreme Cinema.
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Hartford officials are seeking a long-term tax abatement agreement to support a proposed 125-unit affordable housing development on land that formerly served the Apple Xtreme Cinema in the city's Parkville neighborhood.
The City Council on Monday referred the proposal to its Planning, Economic Development and Housing Committee after Mayor Arunan Arulampalam introduced the measure. The committee is expected to review the proposal later this month or in early August before sending it back to the full council for a final vote.
Specific financial terms of the deal were not immediately available, but the proposal would authorize the city to enter into a 15-year tax-fixing agreement, with two optional five-year renewals, for a $18.75 million development at 332 and 344 New Park Ave. The project, known as Edge 400, would include two mixed-use buildings with 125 affordable apartments, resident amenity space and ground-floor retail.
A 65,311-square-foot building at 332 New Park Ave. will contain 61 apartments affordable to households earning between 50% and 80% of the area median income, while the 70,678-square-foot building at 344 New Park Ave. will include 64 apartments affordable to households earning between 30% and 80% of AMI.
Construction is expected to be completed within two years of the project's financial closing.
The project has been proposed by EG1 Owner LLC and EG3 Owner LLC. The limited liability companies are connected to Marc Daigle, principal and CEO of affordable housing developer Dakota Partners, state records show.
The two apartment buildings would be constructed on what is now a vacant parking lot that formerly served the Apple Xtreme Cinema, which closed earlier this year. The development is part of a plan to transform the broader movie theater site with more than 300 apartments, a reimagined entertainment venue and additional commercial uses.
