After four years of negotiation, developers planning to build an amenity-rich, 402-unit apartment complex off Silver Lane in East Hartford have taken possession of a roughly 25-acre property from the town.
East Hartford purchased the former Showcase Cinemas site in 2016, and then spent millions tearing down the cineplex to make a development site. In 2021, developers Avner Krohn and Brian Zelman filed a joint response to the town’s request for development proposals.
On Friday, the developers completed their purchase of the property from the town for $1 — a strong signal the development, dubbed as Concourse Park, will finally move forward.
“This has been a long time coming,” said Krohn. “This has been a real journey. I’m just super excited for what we are going to build for the town of East Hartford. This is the first market-rate development built in the town in like 40 years.”
Krohn and Zelman say they have spent millions of dollars on planning, design, legal fees and other soft costs so far.
The town incentivized the project with a tax abatement and a sales price of $1. Officials also worked with the Capital Region Development Authority to secure $10 million in public financing for power, water and roadway infrastructure into the site.
The CRDA will oversee the infrastructure work.
Friday’s closing on the property further cemented the commitment of local officials and the developers to the project.
Krohn and Zelman were able to close on the property by demonstrating they have access to $70 million in financing needed to complete 300 apartment units, the minimum amount required under their development agreement with the town. They said they plan to build more than the minimum requirement.
East Hartford Mayor Connor Martin said the town provided incentives to ensure the development was economically viable. Over the long run, any concessions will be outweighed by the benefit of new taxes and elevated economic vitality, he noted.
“We have to show that East Hartford is open for business,” Martin said. “And we have to exhaust all efforts to try and bring development to East Hartford.”
Zelman estimated total project costs at $120 million.
Krohn said he expects CRDA’s infrastructure work to begin within four months. The first eight, three-story buildings will host a combined 309 units. Krohn said he expects the first units to begin opening for tenants in about two years.
A four-story, 93-unit building will launch sometime after the first phase is underway, he said.
The development will also include a clubhouse, mail and package building, dog washing station, pool, party room for rent and coworking space. One apartment will be set aside as a hospitality suite that can be rented for short stays by guests of a tenant, Krohn said.
Krohn and Zelman both praised the level of cooperation demonstrated by town and CRDA officials.
“It’s been a very long time in the making,” Zelman said. “We are very excited for this step and the next steps.”
