A Capital Region Development Authority committee on Friday will consider recommending a loan of up to $18 million to support the next phase of Stamford-based RMS Cos.’ North Crossing development in downtown Hartford, a $71.7 million project that would add 286 apartments near Dunkin’ Park.
The CRDA Housing and Neighborhood Committee is scheduled to review a request for a loan of up to $18 million for the project, known as DoNo Parcel B-2. The recommendation would still require approval from CRDA’s board and the state Bond Commission.
The proposed six-story building would rise adjacent to The Portrait apartment complex at 1143 Main St., where leasing recently began. Plans for the new building call for 60 studio apartments, 144 one-bedroom units and 82 two-bedroom units.
According to CRDA staff, the project’s total development cost is estimated at $71.7 million. Financing would include a $36 million senior construction loan, the proposed $18 million CRDA loan and roughly $17.7 million in equity from RMS.
The funding request comes just weeks after RMS launched leasing at The Portrait, a 237-unit apartment building that is the latest phase of the broader North Crossing redevelopment surrounding Dunkin’ Park.
RMS Founder and CEO Randy Salvatore previously told the Hartford Business Journal that strong early leasing activity at The Portrait had encouraged the company to move forward with the next phase of development.
The city granted RMS development rights to several vacant parcels around the minor league baseball stadium as part of a long-term plan to bring roughly 1,000 apartments to the area.
According to CRDA staff, RMS and its partners have delivered about 940 apartments and more than $200 million in development projects in downtown Hartford, including The Pennant, The Revel and The Portrait. CRDA has provided nearly $50 million in financing for those developments.
Correction: This article incorrectly stated that The Portrait apartments were 80% leased. The Portrait apartments have just begun leasing.
