The new owners of the former Hanson & Whitney Co. factory in Hartford’s Parkville neighborhood hope to transform the long-derelict industrial building into 100 residential units and five commercial spaces. To pull it off, the Hussain family will need to tap state and federal grants and financing through the Capital Region Development Authority. Steven and […]
The new owners of the former Hanson & Whitney Co. factory in Hartford’s Parkville neighborhood hope to transform the long-derelict industrial building into 100 residential units and five commercial spaces.
To pull it off, the Hussain family will need to tap state and federal grants and financing through the Capital Region Development Authority.
Steven and Michael Hussain, members of the investor family that own 169 Bartholomew Ave., offered an update on their estimated $39 million project to a CRDA subcommittee Friday morning.
That price tag includes the cost of cleaning up the property and site before construction can begin.
The Hussains bought the heavily-blighted, 85,000-square-foot factory and 2.9-acre site for $210,000 in a 2017 city tax auction.
The development team plans to use state and federal historic tax credits, conventional financing and brownfield grants, the brothers said.
Bids are coming in for the $28 million construction portion of the project, and the team is seeking funds from the CRDA to finalize permitting.
Twenty percent of the apartments would be deemed affordable, and developers are seeking to use a blight-deferral tax program.
The Hussain family has put in roughly $1 million in personal equity for acquisition costs, and plans to invest another $1.5 million.
The apartments would range from 400-square-foot micro units, up to 800-square-foot two-bedroom units.
