A developer converting a 40-acre former Hartford public housing complex property into 400 new townhouse-style apartments and approximately 80,000 square feet of commercial and retail space is seeking nearly $1 million in tax breaks for two pending phases of the development.
A Hartford City Council subcommittee will, on Thursday, take up proposed 15-year tax abatements for a limited liability company representing a partnership between affordable housing developer Pennrose and Hartford-based developer The Cloud Co.
The development partners have completed 200 units so far, and have 60 more under construction at the former Westbrook Village site, at 1550 Albany Ave.
According to an agenda for the City Council’s Operations, Management, Budget & Government Accountability Committee, Pennrose and Cloud Co. are seeking a tax deal for a 32-unit building of the “Village at Park River,” an effort city officials say will cost $14.65 million.
A proposed tax abatement deal would save the developers $465,547 over 15 years.
The City Council is also expected to consider a separate 15-year tax break for a subsequent, 42-unit development phase.
This second proposed tax break would save the developers another $516,808 over 15 years.
Construction on the 32-unit building is expected to begin next year and be complete in 2025, according to the city.
The subcommittee will make a recommendation on the proposed tax breaks to the full City Council, which will make a final determination at a later date.
