The Simon Konover Co. has approached East Hartford officials with tentative plans for a 130-unit apartment development near the Connecticut River.
The West Hartford-based real estate investor and developer has owned the 35.2-acre property at 341 East River Drive for decades, originally eyeing it as space for office development.
Newton C. Brainard, Simon Konover’s vice president of acquisitions and development confirmed Simon Konover’s interest in a multifamily development on the site. The company sees continuing demand for apartments in Greater Hartford and is encouraged by “a bit of a renaissance” in East Hartford, particularly its riverfront.
The “beautiful site” benefits from easy highway access, its proximity to Hartford and its position along the river, Brainard noted.
To the south is riverside greenspace and trails leading to Goodwin University’s recently built – and growing – riverside campus. To the north is Great River Park and Founders Plaza – an office park that is a priority for redevelopment by the town.
Brainard cautioned Konover has months of work ahead vetting the development before it determines if the development is possible. The company still needs to “crunch the numbers,” and hash out possible financing terms with public agencies and private lenders, he said. Still, Konover remains hopeful the project will be possible and will continue pre-development work, he said.
“We are happy to be doing it,” Brainard said. “We think it’s a very good use.”
Eileen Buckheit, the town’s director of development, said she anticipates funding from the Capital Region Development Authority will be in the mix.
East Hartford Mayor Michael P. Walsh said the town still needs to hammer out a development and tax agreement with Simon Konover. He is enthusiastic about the development prospect.
“We are in the process of remaking East Hartford,” Walsh said. “These units are a good start toward raising incomes and that becomes the lifeblood for future retail.”
