A state-subsidized luxury apartment tower heralded as a key part of the downtown revitalization of Hartford remains nearly half-empty a year after it was built.
A spokesman for tower developer Northland Investment Corp. of Newton, Mass., told the Journal Inquirer newspaper that the company is on track to reach its goal of filling 95 percent of the 262 apartments within two years.
Currently, 58 percent of the apartments have been rented. The 36-story building, which has 24-hour concierge service and valet parking, was built just over a year ago as part of the $165 million redevelopment of the former Hartford Civic Center Mall.
Former Gov. John Rowland said at the time that Hartford 21, the commercial and residential complex that includes the apartments, was one of six pillars of downtown redevelopment.
The only tenant so far for the 150,000 square feet of retail and office space in the complex is the Downtown YMCA.
Northland spokesman Chuck Coursey said the company expects to land more commercial tenants soon after the company completes construction on a grocery store by the end of this year. Northland will own the store and hopes to find an operator for it by early next year, Coursey said.
“Retailers by definition are not trendsetters,” Coursey said. “They were waiting to see what happened with the market and now that that’s going, there are lot of pending deals we have with restaurants and other retailers to support the residences. We expect movement once the market is in.”
To finance the project, Northland initially agreed to invest $6 million in equity and Aetna, which transferred land rights to the developer, agreed to put in $8 million.
The state has provided $44 million in incentives, or nearly $168,000 for each tower apartment.
Connecticut Development Authority officials said the state’s investment is worthwhile.
“I think it’s going very well,” CDA President Marie O’Brien said. “Obviously, residences in downtown Hartford are key to the revival of downtown, and we understand that they have received a good response … The residential part of that project was going to be sensitive item, but 58 percent is a pretty healthy response.”
