Hartford Business Journal

www.HartfordBusiness.com • February 24, 2020 • Hartford Business Journal 13 FOCUS: COMMERCIAL DEVELOPMENT FOR SALE OR PRE-LEASE 3 "Shovel Ready" Industrial Sites - Windsor, CT WAREHOUSE - LOGISTICS - MANUFACTURING - ASSEMBLY - R&D • Zoned industrial ("I") • "Shovel ready" • All utilities at sites • Potential town and state economic incentives • Unparalleled access to Bradley International Airport and the I-91, I-84 and I-90 corridors 11 Goodwin Drive 110 Tradeport Drive 860-286-7660 www.griffinindustrial.com 775 Marshall Phelps Road 234,000 SF Abundant Trailer Parking 231,000 SF 2-sided loading 267,000 SF Approved for outside storage subsequent face-saving Convention Center: focusing too many resources around the edges, ignoring the im- portant sites in the heart of the city," said Gottesdiener, who was an initial catalyst for downtown housing and contends that the aging XL Center needs to be demolished to make way for mixed-use development, or a smaller, newly built arena. Other ideas Aside from Northland, a pair of Hartford area attorneys with little development experience are holding key assets on Pearl. In 2013, West Hartford at- torney Peter S. Gersten became the second-gen- eration owner of the roughly 12,000-square- foot, three-story office building at 234 Pearl St., which has been vacant for the last decade or so. The 100-year-old structure in the shadow of the Goodwin Square office tower was once a social hall for Italian-Americans, and later became home to the Gersten fam- ily, which bought it in the 1950s to house their law practice. Outside, its white-washed brick facade fronting Pearl is barely noticeable, except for the "for sale or joint venture'' sign mounted above the doorway. Gersten, who does not own any other downtown commercial proper- ties but previously held and then sold apartments near UConn's Storrs cam- pus, said he hasn't recently examined new uses for his Pearl Street building. However, about 75 prospective investors and tenants have in- quired about the space in recent years. CRDA's Fre- imuth previously toured 234 Pearl and came away impressed. But Gersten and Freimuth both agreed the building could only house up to 12 apartment units, which would not generate enough rental income to offset significant rehabili- tation costs. An office renovation has also been unattractive to Gersten due, in part, to downtown's high office vacancy rate, which is around 17%, according to commercial realty broker CBRE. Gersten suggested he will wait and see how downtown's office and residential markets fare in the com- ing years before making any invest- ments on Pearl Street. "I am open to creative uses, but fundamentally it needs to make some economic sense," he said. Across the street, Del Castillo is waiting for the power to be turned back on at his former synagogue build- ing before it can be overhauled into a two-story meetings/events space. Del Castillo, who previously chaired the Hartford Redevelopment Agency and once owned the historic "Flatiron" building just north of downtown, said he expects to invest up to $1 million to renovate the property, where he also plans to live and move his law practice. The project still needs city approval. Adorned with many of its original architectural components, asbes- tos also needs to be removed from the building before renovations commence. But Del Castillo, a Peru native, and UConn law graduate, believes the building is still in good shape even though it hasn't been operational since the 1980s. On a recent tour of the synagogue, he said he envisions the facility mir- roring the Angel Orensanz Center in the lower east side of Manhattan, which was previously a synagogue before its new owners restored it in the 1990s into an art gallery and performance space. The synagogue is listed on the National Register of Historic Places and will likely be eligible for historic tax credits, according to the state's historic preservation office. Historic tax credits would also be eligible for those potentially redeveloping 234 Pearl, the firehouse and the former YMCA building, the state said. After securing tax credits and the city's blessing, Del Castillo, an avid runner and hiker, said he wants to reopen the synagogue in time for the 2021 Hartford Marathon. "I think this would be a positive thing for Hartford because it can become a tax generator for the city," he said. The old YMCA building on Jewell Street has been vacant since 2006. HBJ PHOTO | JOE COOPER

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