Downtown Hartford’s largest landlord is taking the city to court, seeking tax relief on a 324,000-square-foot downtown retail-and-office complex at the center of a large-scale redevelopment push.
Two years ago, Shelbourne Global Solutions announced its $4.75 million purchase of the two-building complex at 242 Trumbull St. and 64 Pratt St.
In May, Shelbourne Pratt Development LLC filed a court appeal of the city’s latest tax assessment, which placed a total fair market value of $10.13 million on the properties. The city’s Board of Assessment Appeals upheld the value on March 20.
Now, Shelbourne Pratt Development LLC is appealing to Hartford Superior Court, in a complaint that calls the valuation “grossly excessive, disproportionate and unlawful.”
Shelbourne and other downtown Hartford building owners have appealed tax values in recent years in appeals fueled by the faltering office market. Several of these appeals have been successful.
Early last year, a New Britain Superior Court judge agreed to nearly cut in half the city’s assessment of the 23-story “Stilts Building,” at 20 Church St., resulting in a property tax refund of $1.6 million to Shelbourne, as well as deep savings on future tax bills.
Shelbourne is partnered with prolific Hartford developer Lexington Partners and businessman Alan Lazowski on a redevelopment of the Trumbull-Pratt complex. The partners are moving forward with a conversion of portions of the building at 64 Pratt St. into dormitory space for about 200 UConn students.
Lexington is also pushing to lease empty retail spaces in the complex
Hartford officials have supported the redevelopment efforts. Last December, the City Council signed off on a 15-year tax stabilization agreement in support of the dorm development.
Now, Hartford officials have endorsed a proposal to lend up to $500,000, at 3% interest, to Lexington through the Capital Region Development Authority to help support the outfitting of retail spaces in the complex.
