Hartford Business Journal

6 HARTFORDBUSINESS.COM | OCTOBER 4, 2021 Deal Watch CELEBRATING 50 YEARS OF SERVING CT AND MA 1971-2021 Industrial manufacturing and distribution facilities, auto dealerships, medical offices, pre-engineered buildings, commercial buildouts, additions and renovations. COMMERCIAL/INDUSTRIAL/INSTITUTIONAL BUILDING SERVICES COMMERCIAL/INDUSTRIAL/INSTITUTIONAL BUILDING SERVICES SITE SELECTION – DESIGN – ENGINEERING – CONSTRUCTION – RENOVATIONS Berkshire Facial Surgery, East Longmeadow, MA 30,000 SF Under Construction Bloomfield, CT BUILDING BUSINESS. BUILDING RELATIONSHIPS. BUILDING EXCELLENCE. Associated Builders Inc. 4 Industrial Drive, South Hadley MA 01075 413-536-0021 | www.abuilders.com By Terry Corcoran tcorcoran@hartfordbusiness.com T he city recently issued certificates of occupancy for 28 new apartments at Hartford's Colt Gateway in a building that once housed a magnet high school. But even before the city's approval, prospective tenants were signing leases for the new units that feature walls of windows, high ceilings and an industrial feel — all within walking distance of downtown. "We had 19 of the 28 units pre- leased," said Clarissa Heredia, sales manager and business developer for Colt Gateway. "The tenants definitely love how modern the units are and the great lighting in these apartments. Because of COVID, a lot of people are working from home, but with the natural light and high ceilings in these units, people don't feel confined." The 28 new units in what's known as the U-shaped Building, give Colt Gateway 205 apartments, said Larry Dooley, CEO of the developer, CG Management Co. "All the units are leased with the exception of the handful in the new building," Dooley said. One building with 129 units and another with 48 are fully leased, Dooley said. The 600,000-square-foot development, former home of the Colt Firearms manufacturing company, is a mix of 60% commercial and 40% residential. Commercial tenants include three architectural firms and Insurity, a software company serving the insurance industry. CG Management partnered with Chevron Corp. on the $3.6 million conversion of the U-shaped Building. The partners originally had financing through United Bank but faced restarting the loan process after United was acquired by People's United Financial in 2019. The partners instead closed on a financing package through the Capital Region Development Authority (CRDA). 'So much history' CG Management's partnership with Chevron Corp. is breathing new life into the buildings, some more than 100 years old. "The Dome Building is from 1867," Dooley said. "Some other buildings date to the 1850s, 1916 and the 1940s. There's so much history here." Samuel Colt built his first factory in 1847, then in 1855 established the Colt Armory, the site Dooley is redeveloping. The factory burned to the ground in Feb. 1864, two years after Colt died, but his wife, Elizabeth Jarvis Colt, had the factory insured after her husband's death and was able to rebuild within three years. The apartments — studio, one- and two-bedroom units — are equipped with modern appliances and lighting fixtures. "The corner units, which have the most windows, are the first to be leased," Dooley said. Monthly rents for the U-shaped Building range from $1,375 for studios; $1,445 to $1,995 for a one- bedroom unit; and $2,095 to $2,195 for two bedrooms, Heredia said. Tenants at Colt Gateway tend to be in the 25 to 40 age range but not all are from Connecticut. "Our demographic is definitely young professionals but we get a lot of out-of-state business," Dooley said. "People from New York who are able to work remotely are looking Demand for Colt Gateway apartments bodes well for Hartford market Larry Dooley is the developer of Hartford's Colt Gateway apartments, shown in background. HBJ PHOTO | TERRY CORCORAN

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