A nonprofit real estate developer, the Corporation for Independent Living (CIL), is no longer marketing a building it owns at 75 Charter Oak Ave., in Hartford for sale.
In April 2022, the group said it planned to sell the property, which contains a brick factory known as the Atlantic Works building, citing a variety of reasons, including volatile market conditions and high taxes.
The building houses nonprofit organizations including the CT Nonprofit Center, which provides shared conference room space for nonprofits and makes group purchases for equipment such as copiers and internet hardware.
CT Nonprofit Center’s operator, the CT Community Nonprofit Alliance, said last week that it’s winding down, largely because the facility needed technology upgrades and became too costly to run.
CIL acquired the Atlantic Works property in 2013 and controls the adjacent Capewell Lofts property as well.
Kent Schwendy, CIL’s president and CEO, said the organization is finalizing plans to make a vacant commercial space in the Capewell Lofts building available to nonprofit tenants.
He said CIL did not receive any acceptable offers for the Atlantic Works property, so the group has taken it off the market.
“There is still fairly high demand for nonprofit tenants, although the commercial market in general is volatile and unpredictable as organizations struggle with financial pressures and changes in the work environment,” Schwendy said.
Atlantic Works was part of a larger factory complex erected by the Atlantic Screw Works in the early 1900s. It was converted into office space in the 1980s.
