A team selected by New Britain to develop a 64-unit apartment building on a corner of downtown near a CTfastrak rapid busway station will pay $500,000 for the property. Jack Benjamin, the city’s director of planning and development, on Monday confirmed the purchase price offered by Stamford-based RMS Cos., Heritage Housing Inc. of Norwalk and […]
A team selected by New Britain to develop a 64-unit apartment building on a corner of downtown near a CTfastrak rapid busway station will pay $500,000 for the property.
Jack Benjamin, the city’s director of planning and development, on Monday confirmed the purchase price offered by Stamford-based RMS Cos., Heritage Housing Inc. of Norwalk and Paul B. Bailey Architects for the city-owned 0.85-acre lot at 125 Columbus Blvd.
The city announced last week it had picked a $23 million development proposal forwarded by RMS, Heritage and Bailey for a single, 64-unit building to complement the 80-unit apartment building completed at neighboring 145 Columbus Blvd. in 2019.
Developers plan to tap low-income housing tax credits for phase two of “Columbus Commons,” which will offer units at rates considered affordable to households earning between 30% to 80% of the area median income, the city said.
The city plans to help the development team apply for grants, including a state brownfield grant. It also plans to incentivize the development with a tax-easing agreement. Benjamin confirmed the development site will require environmental cleanup.
According to the city’s response to questions from the Hartford Business Journal, officials aim to transfer 125 Columbus Blvd., to developers this fall.
