A New Jersey developer that proposed a 233-unit apartment building and 15 townhomes on a 2.8-acre lot just south of Hartford’s Bushnell Park has gone back to the drawing board after construction estimates came in too high.
“We have had difficulty making the math work,” Capital Region Development Authority Executive Director Michael Freimuth told his Board of Directors during a Sept. 19 meeting. “We have gone around and around and around.”
The CRDA is guiding an effort to redevelop roughly 20 acres of vacant lots and surface parking south of Bushnell Park into a vibrant neighborhood of 1,800 households in multifamily dwellings mixed with retail and small park-like spaces. The agency is working with different developers on individual plots to push the larger vision.
In 2022, the CRDA picked New Jersey-based the Michaels Organization – a company operating multifamily housing in 35 states – to develop on the state-owned lot at 165 Capitol Ave. The agency is expected to help ensure the project meets pre-established goals and provide low-cost gap financing and a tax break.
Freimuth, last week, said a change in design, coupled with dropping interest rates, might shake the project loose.
“Their response is: ‘We will bring something in to you. We think it looks better, but we are not there yet,’” Freimuth said.
Geoff Lewis, director of development for the Michaels Organization, said his company is putting together a revised budget with updated pricing.
“We are continuing to work with the CRDA to arrive at a viable project,” Lewis said.
