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n e w h a v e n b i z . c o m | F e b r u a r y 2 0 2 1 | n e w h a v e n B I Z 17 Our flexible lending solutions and experienced team may be just what your business needs. Visit chelseagroton.com/growthatbusiness or call 860-448-4295 You can count on us! An architectural icon reborn Although the structure's exterior will remain visibly unchanged (except the replacement of 525 thermally efficient three-by-six-foot windows), the interior will be unrecognizable to those who may have attended the opening of then-Armstrong Rubber Co. in 1967. e guest rooms will be on the upper floors, except for a gallery and meeting space on the top floor. Only the third and fourth floors will remain as they are today — open air. Becker plans to transform the building into a 165-room hotel/conference center that will operate under the Hilton flag. Day-to-day operations will be handled by Maryland-based Chesapeake Hospitality. Becker says the build-out, financed in part by a $25 million loan from Liberty Bank, will cost about $50 million. Becker plans not only to preserve the structure, but to create one of just a handful of net-zero energy boutique hotels and con- ference centers in the United States. Becker says the new hotel will be Con- necticut's first multi-unit residential facility targeting LEED platinum certification. Guest rooms will feature just one-fih of the carbon footprint and utility bill of a conventional hotel room, says Becker. Clean and renewable power will be provided by a 400-kilowatt fuel cell on-site. e "green" element extends to the Sargent Drive site: e new "Hotel Marcel" will be the closest hotel to Union Station for guests who ride the rails. For Becker, this project, the product of two years of discussions, is a "labor of love." "ere are people who think it's the ugliest building in Connecticut, and there are people who think it's the most beautiful building in Connecticut," Becker notes. "And certainly it is one of the most visible ones — there are 140,000 cars that pass it every day [on I-95]. So either you love it or you hate it. But you notice it." Why did it take more than two decades for a viable redevelopment proposal to come forward? "It's a very hard project to make happen," Becker explains. "IKEA deserves some cred- it for recognizing the importance of it and being somewhat cautious about embracing the first proposal to come forward. e building has great bones; architecturally it's a magnificent building. But it could easily be destroyed if it were redeveloped by somebody who didn't value the historic architecture. Most developers don't have an appreciation of that." But Becker isn't most developers. "Even if [a developer] has all the right values and skills, it's very hard for a hotel to be financed in this era," Becker says. "And it's hard to come up with a plan that fully respects and embraces the historic legacy of the Breuer building but also meets current market needs." According to Becker, IKEA had been waiting for the right development and the right developer — someone who would finish what they start. "is will be worth waiting for," Becker says, "even though it's been two decades of waiting." n 360 State Location: 360 State St., New Haven Project: 500 apartments (including 50 affordable units), Elm City Market cooperative grocery store, Devil's Gear bike shop, parking garage, green roof with swimming pool, library, fitness center, art gallery, club rooms and guest suites Cost: $145 Million Gross area: 700,000 sq. ft. Timeline: Construction started fall 2008, completed fall 2010, fully leased by 2012 Sustainability: LEED Platinum. Includes the first fuel cell in an apartment building in the world. Smart metering with energy and water tracking webpage for each resident; electric-car charging stations; 0.5-acre green roof. Bruce Becker's CT project portfolio Hotel Marcel Location: 500 Sargent Drive, New Haven Project: 165 room boutique hotel, including restaurant, gallery and meeting space Cost: $50 million Gross area: 110,000 sq. ft. Timeline: Construction started summer 2020, completion expected summer 2021 Sustainability: Targeted LEED platinum certification. Solar power generated from rooftop and parking canopy arrays to provide 100% of electricity for lighting, heating and cooling; and electric car charging stations. 777 Main Location: 777 Main St., Hartford Project: 285 apartments (including 59 affordable units) six retail shops, full floor of resident amenities including gym, club room and library, and 250 car parking garage. Cost: $80 million Gross area: 400,000 sq. ft. Timeline: Construction started in spring 2016, completed fall 2017, and fully leased summer 2018 Sustainability: Renewable fuel cell power to provide electric, heat and hot water to building; electric car charging stations; smart metering with energy and water tracking for residents. Bruce Becker has a history of transforming iconic but older and mothballed buildings into new and modern uses. PHOTO | GARY LEWIS

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