4 Hartford Business Journal • February 10, 2020 • www.HartfordBusiness.com
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Wethersfield but "he's always looking for other
opportunities."
He's also curious to see how the town's
newest luxury apartment development — The
Borden — leases.
That $32-million project, when fully completed
later this year, will include 150 market-rate
apartments and 18,000 square feet of commer-
cial space spread across two buildings, including
a newly constructed residential facility at 1178
Silas Deane Highway.
The new building will contain 111 apartments
that are expected to debut this spring. The other
property, at 1160 Silas Deane Highway, is a ret-
rofit of an older office building that now includes
39 apartments on floors two through four.
Project developer Martin Kenny, who was a
Wethersfield resident for about 30 years, said
24 of those units are currently occupied and
he expects the building, which has a dentist
and Berkshire Hathaway HomeServices New
England Properties as ground-floor tenants, to
be fully leased by the end of March.
"We opened in October at the end of the
leasing season so we are pretty happy with
where we are at right now," Kenny said.
He estimates it will take a full year to lease
up the project's second phase.
Together, the two buildings will have 40
studio, 71 one-bedroom, 35 two-bedroom and
four three-bedroom apartments. Rents range
from about $1,400 for a studio to $3,000 for a
three-bedroom apartment.
Kenny, who is also an active downtown
Hartford apartment developer, said he is cur-
rently looking for a casual full-service restau-
rant and other retail tenants to fill up the ap-
proximately 11,000 square feet of commercial
space at 1178 Silas Deane Highway.
He also said the biggest differentiator for his
apartments, besides being near many retail and
restaurant options, are the amenities, which
include a rooftop lounge, outdoor patio area with
firepits, community room, fitness center, pet spa,
dog park, package-concierge station, and interac-
tive multi-sport simulation room that will allow
patrons to play golf, soccer, hockey and football.
Large apartments also have fireplaces and
balconies, he said.
"Amenities in apartment spaces are like a
nuclear arms race," Kenny said. "Everybody's
got to have the next best thing. Renters by
choice are willing to pay higher rents because
of the conveniences this kind of lifestyle offers."
The Borden received a tax abatement from
the town and the state, under the Malloy ad-
ministration, provided a $5-million subsidy for
the project, Kenny said.
Without that funding the development
wouldn't have happened, he said.
>> Town Profile continued
Wethersfield
General
Land area (sq. miles) 12
Median age 45
Population (2020) 26,800
Median household income $81,452
Unemployment rate 2.9%
Major Employers
Patient's Choice Home Care
CBS Xerox
Department of Motor Vehicles
Department of Labor
Department of Correction
Housing stock
Median price $250,700
Median rent $1,069
Government
Total revenue (2017) $110,031,988
Per capita tax $3,256
Mill rate 40.74
Grand list $2,251,449,143
Economy
Top employment industries Units Jobs
Government 24 2,728
Health care and social assistance 98 1,738
Retail trade 89 1,149
Top taxpayers (2018)
Wethersfield Apartment
Associates LLC $21,700,000
Executive Square LTD Partnership $19,552,960
Cedar-Jordan Lane LLC $15,848,780
Source: Connecticut Economic Resource Center
Peter Gillespie (left), Wethersfield's director of
planning and economic development, with Town
Manager Gary Evans.
PHOTO
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CONTRIBUTED
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