Hartford Business Journal

4 Hartford Business Journal • July 30, 2018 • www.HartfordBusiness.com Briefs S. Windsor approves 111- unit assisted-living facility in Evergreen Walk The town of South Windsor has approved plans for a 111-unit assisted- living facility on Buckland Road at Evergreen Walk. The town's Planning and Zoning Commission unanimously approved the 111,976-square-foot HarborChase of Evergreen Walk facility at 151 Buckland Road. The development will bring new recreation areas, walking trails, 83 new parking spots and landscaping to the shopping area, according to plans. Harbor Retirement Associates (HRA) LLC, of Vero Beach, Fla., will build and operate the new facility at the 4.8-acre lot, which will cater to those age 65 and up. The South Windsor project is HRA's first in Connecticut. Under the pans, the facility will create 90 full- and part-time jobs when it's fully operational. Feds: CT's 1Q economic uptick No. 23 in U.S. Connecticut's economy showed encouraging growth during the first quarter of 2018 ranking 23rd in the nation, according to federal officials. The U.S. Bureau of Economic Analysis reported that Connecticut's real GDP, which is adjusted for inflation, rose 1.6 percent from Jan. 1 to March 30. That ranks the state 23rd in the U.S. in GDP growth and second in New England behind Vermont (2.6 percent). New England's GDP growth averaged 1.5 percent. GDP measures market value of goods and services produced by labor and properties in each state, according to BEA. UTC campus building sold at $20.4M The Farmington office building leased for United Technologies Corp.'s leadership center on its headquarters campus sold recently for $20.4 million, brokers and land records say. Long Island-based Paradime Capital acquired 8 Farm Springs Road, a three- story office building containing 107,354 square feet, from seller GTJ REIT Inc., of Lynbrook, N.Y., exclusive broker Cushman & Wakefield Inc. said. 8 Farm Springs is one of six corporate office buildings on the UTC campus; UTC owns four; and leases space in the other two. Meriden Commons I done; Phase 2 to start The first phase of the $55 million Meriden Commons mixed-income housing community officially opened in downtown Meriden, and groundbreaking for the development's second phase is underway. The first phase of the transit-oriented development at 161 State St. offers 75 mixed-income apartments. When completed in fall 2019, Meriden Commons II will feature 76 apartments. Both phases are replacements for the city's outdated public housing. More downtown Hartford apartments set Yet another proposed offices-to- apartments conversion has emerged for downtown Hartford — a $5.6 million redevelopment of the five-story Lewtan Building at 28 High St., next door to the Teachers Corner housing conversion underway on Asylum Street. Vernon investor-developer Constantinos "Dino" Constantinou confirmed his plans to convert his vacant, 35,000-square-foot office building into 28 affordable and market- rate apartments. Units will range in size from 600 square feet for studios; 750 square feet for one bedrooms; and 890 to 920 square feet for two-bed units, he said. As many as seven of the units will rent for $850 to $1,000 a month; the rest range from $1,250 to $1,450 a month. Week in Review TOP STORY Developer pitches 108-unit Newington apartment project near busway A Massachusetts-based developer that has been active building new apartments in Greater Hartford is eyeing a $32 million development on a long-vacant lot near a CTfastrak station in Newington. Dakota Partners Inc., of Waltham, Mass., is asking permission from Newington's Planning and Zoning Commission to create a "workforce-assisted housing district" zone at 550 Cedar St. that would include a 108-unit affordable apartment complex. The proposed three-story rental complex would be named Cedar Pointe. Under the proposal, the developer is plotting the complex on a 7.7-acre lot owned by Stop & Shop Supermarket, which is no longer interested in developing the land, said Dakota Partners Principal Marc Daigle. The property was formerly housed by automobile dealership Crest Motors. If approved, Daigle says he expects construction crews of about 220 to break ground in spring 2019 with construction lasting 12 to 14 months. The redevelopment will be funded mainly through state Department of Housing programs and the Connecticut Housing Finance Authority, according to the project application. The state funding programs will dictate the number of units earmarked as lower-cost or workforce units, it said. BY THE NUMBERS 296 The number of new housing permits issued in Connecticut in June, which was down from the 324 permits is- sued a year earlier. 1.6% The percentage that Connecticut's economy grew in the first quarter of 2018, which ranked the state 23rd in the nation, according to the U.S. Bureau of Economic Analysis. $384M The amount Connecticut raised last fiscal year from its cigarette tax, which has increased from 50 cents in 2000 to $4.35 today. $19.7M The amount approved by the state Bond Commission to assist Con- necticut homeowners who have fallen victim to a rash of crumbling founda- tions in the state. TOP 5 MOST READ On HartfordBusiness.com • 1. Developer pitches 108-unit Newington apartment project near busway • 2. Survey: CT voters prioritize jobs, health care, taxes • 3. S. Windsor approves 111-unit assisted-living facility in Evergreen Walk • 4. Meriden Commons I done; Phase 2 to start • 5. June area home sales, prices fall STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/ subscribe Weekly e-newsletters: CT Health Care Weekly www.HartfordBusiness.com/ subscribe A rendering of Cedar Pointe at 550 Cedar St. in Newington. 28 High Street, Hartford. RENDERING | CONTRIBUTED HBJ PHOTO | GREGORY SEAY

• Cover