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News : Real Estate Oct 31, 2012 - 2:10:41 PM

Hartford mayor applauds CHFA's selection of developers

By Hartford Mayor Pedro E. Segarra's office

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Hartford Mayor Pedro E. Segarra announced today that Lewis/Pearl Street Ventures, a local team comprised of developers Sanford Cloud, Jr., Alan Lazowski, Timothy Henkel, Sr. and Martin J. Kenny, has been selected by the CHFA Board of Directors as the preferred developers for 95-101 and 111 Pearl Street.

“I want to thank the CHFA Board, including Chairperson Catherine Smith and President and Executive Director Chatman, and staff from the City’s Department of Development Services, especially Thom Deller, for their diligence and oversight throughout the selection process. These two properties have quite a history – both good and bad – and the tact and skill that they’ve demonstrated is a breath of fresh air. Again, while this represents a terrific step forward for Downtown Hartford, there is still much to be done before we see a shovel in the ground. Nevertheless, coupled with the Intermodal Triangle project that’s scheduled to break ground in early 2014, significant development designed to generate greater vibrancy and excitement throughout the Capital City is just on the horizon,” said Mayor Segarra.

While negotiations are still ongoing, this estimated $40 million dollar development could include 91 total apartments and 15,000 square feet of service, retail and entertainment space at 95-101 Pearl Street and 121 units and 9,500 square feet of retail space at 111 Pearl Street.

Pending finalization of development discussions, Mayor Segarra is prepared to submit a resolution to the Court of Common Council that would extend the tax fixing agreement on Trumbull on the Park for an additional three years and the adjacent garage for an additional 8 years. Moreover, a 15-year tax fixing agreement on the two newly constructed buildings will also be included in the Mayor’s resolution.

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