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Debt & Equity

Work starts on Newark Teachers Village as money adds up

RBH Group, the developer of Newark’s Teachers Village, announced the completion of financing and the start of construction on Hartford’s Teachers Corner, a mixed-use apartment complex in downtown Hartford aimed specifically at teachers.

Teachers Corner is located at 370 Asylum Street, at the intersection of Asylum and High Street. It is housed in a re-purposed, renovated commercial building in the heart of the downtown near Union Station and XL Center.

RBH Group’s founder and president Ron Beit said, “Teachers Corner represents a public and private partnership committed to urban reinvestment, building affordable and workforce housing and contributing to revitalizing the center of the city.

“We are pleased to take our Teachers Village concept to the Hartford community, to rebuild the site into a vibrant, educational environment that will supply a combination of affordable and moderately priced housing for teachers and educators living in the urban core.”

Following the Teachers Village project in Newark, NJ, the RBH Group, through its joint venture with the Goldman Sachs Urban Investment Group, partnered with Prudential Social Investment Group, the City of Hartford and State of Connecticut to build the $20M project.

Construction will begin shortly and the project is scheduled to be completed by Fall 2018.

The project will be pre-marketed to local teachers, offering housing to individuals who wish to work and res.

Of the 60 total units, 30 percent will be affordable, while 70 percent will be market rate, at rents affordable to teachers. Two thirds of the affordable units will be at 50 percent Area Median Income (AMI), including two units with a preference for veterans earning at or below 25 percent AMI. The other third of the affordable units will be affordable at 100 percent AMI. They will include studios, one- and two-bedroom units. Affordable rents will range from $724 to $882 and market rate apartments will range from $1,184 to $1,751.

Funders include City of Hartford, Connecticut Housing Finance Authority, State Department of Housing, Capital Region Development Authority CRDA, State Department of Economic and Community Development, Prudential Social Investment Group and Goldman Sachs Urban Investment Group.

Affordable housing developer, Community Solutions Inc., owned the property and sold it to RBH Group.
Builders include LaRosa Construction and the project designers were ICON Architectural Inc., with Centek Engineering Inc. Imagineers is the marketing agent.

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