Ground has been broken for Park & Main, a mixed-use, mixed-income public-private that will transform a vacant Hartford, CT, site into a new community.
The $26 million project is being developed by Spinnaker Real Estate Partners in conjunction with the Freeman Companies.
The financing includes $8.4 million in loans from the Capital Region Development Authority and a construction loan from M & T Bank.
Park & Main will feature a 126-unit apartment community with approximately 23,000 s/f of commercial space. Beinfield Architecture designed Park & Main to fit in with the scale and character of the existing neighborhood.
Hartford Mayor Luke Bronin, Clayton Fowler, Spinnaker’s chairman, CEO and principal, and Rohan Freeman, founder and president of Freeman Companies, gathered at the celebratory event along with state and city officials.
“We are pleased to see this project launch and our vision come to fruition,” said Fowler, who expects the project to be completed within one year.
The apartment building will feature a roof deck with a community garden, grilling stations and pet area, co-working area, lounge and bike storage plus 125 parking spaces on-site.
Apartments, primarily studio and one and two-bedroom units, will be priced from $1,200.00 for a studio to $1,400.00 to $1,700.00 for a two-bedroom.
Approximately 20 percent of the units will be designated as affordable with monthly rents estimated to be $200 less.