Hartford Business Journal

10 Hartford Business Journal • March 11, 2019 • www.HartfordBusiness.com FOCUS: Greater Hartford Living By Natalie Missakian Special to the Hartford Business Journal C assandra Sanchez landed the perfect new job at a Hartford law firm last year — but the two- hour round-trip commute every day from her apartment near the shoreline was killing her. She wanted to move closer to work, yet living in the Capital City never occurred to the 30-year-old attorney, who grew up in Hart- ford's suburbs. "Hartford has never really been a place where people think to live," she said. "But my boss suggested looking at places downtown." She decided to take her advice and searched a few real estate sites. The number of hits surprised her. "I was impressed that there were all these newer apartment buildings," she said. In December, Sanchez signed a lease at 777 Main St., the residential high-rise that opened in the former Bank of Amer- ica building in 2015, and she's pivoted from skeptic to evangelist for downtown living. Her apartment is bright, dog- friendly, close to restaurants and most importantly, just a short walk to her law firm in CityPlace I on Asylum Street. "There was something about this building right away," she said. "I knew I could make it my home." The 285-unit residential skyscraper is part of a wave of office buildings- turned-apartments that have opened in the city over the last five years with the help of taxpayer-funded investments from the Capital Region Develop- ment Authority, a quasi-public agency charged with revitalizing the city. By the end of this year, would-be Hartford renters will have hundreds more downtown living spaces to choose from as the next crop of CRDA-backed projects totaling $112 million debuts. "This is a big year," said Michael Freimuth, executive director for the economic-development agency, which has provided $32.6 million in supplemental financing to support the expected 491 new units, which aim to lure more residents — especially young professionals like Sanchez — to Hartford's central business district. Major projects coming online in 2019 include the Great River Lofts, repur- posed from the old Radisson Hotel at 50 Morgan St.; Teachers Corner, a 60-unit complex at 370 Asylum targeting educa- tors; the amenity- rich Spectra Pearl, which will house 258 units in two adjacent convert- ed office towers at 101 and 111 Pearl St.; and 81 Arch St., a newly constructed 53- unit complex in the Front Street entertainment district. Some 200 additional apartments are in the pipeline for completion in 2020 and 2021, Freimuth said. Freimuth and developers are expecting the new apartments to fill quickly, just as they did when a similar burst of inventory came on the market simultaneously in 2015, the year 777 Main St., the Front Street Lofts and others debuted. "Those units were absorbed inside of the first year," Freimuth said, adding that downtown apartment buildings are still running occupancy rates of 95 percent and higher. Teachers Corner, set to debut April 1, had nearly half its 60 studios, one- and two-bedroom units pre-leased as of late February, "which is a very positive indication of market demand given that the building is not even open yet," said developer Ron Beit, CEO of Newark-based RBH Group. Peter Christian, director of devel- opment and acquisitions for Greenwich-based HB Nitkin Group, builder of the Front Street Lofts and 81 Arch St., said "demand is strong and I think it's going to con- tinue to be strong." He said the Lofts just hit 100 percent occupan- cy last month after posting occupancy rates north of 95 percent for the last two years. He expects similar success when 81 Arch begins lease-up in April for its targeted May opening. "We've really had more of a supply issue than a demand issue," said Fre- imuth, acknowledging there may be an initial adjustment period when the latest apartments first come online. "It'll probably take 12 to 18 months to absorb a lot of these (new) units once Adding Inventory Amid continued demand, next major wave of Hartford apartments set to debut in 2019 Continued on page 12 >> Michael Freimuth, Executive Director, Capital Region Development Authority Bruce Becker, Owner, 777 Main (Top photo) 111 Pearl St. office-to-apartment conversion under construction. (Bottom photos from left to right) Outside shot of 777 Main St. apartment building; inside look at Front Street Lofts apartment; and 81 Arch St. apartments under construction. Cassandra Sanchez recently moved to downtown Hartford, taking residence in the 777 Main St. apartment high-rise. She said she enjoys city living, including her dog- friendly apartment. HBJ PHOTOS | JOE COOPER

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