Hartford Business Journal

9 HARTFORDBUSINESS.COM | March 28, 2022 DEAL WATCH Town Spotlight | Rocky Hill Land area (sq. miles) 13 Median age 43 Population 20,845 Median household income $85,125 Unemployment rate 3.8% Major Employers • Henkel Corp. • MTU Aerio Engines North America • PDQ Aerospace • ARBURG Inc. Government Total revenue (2018) $82,187,599 Per capita tax $3,267 Mill rate 33.6 Grand List $2,235,057,168 Housing stock Median home value $268,700 Median rent $1,409 Economy Top employment industries Employers Employment Avg. Wage Profess., Sci., & Tech Services 2,355 178 $113,154 Health Care & Social Assistance 1,892 97 $49,268 Admin. & Support & Waste Mgmt 1,449 89 $52,910 Source: AdvanceCT above. The purchase allows him to shift the building away from houses adjacent to the Ames property. Pending action Belfonti said the project still requires approval from the Connecticut State Traffic Commission. He hopes to secure that permission, then close in June on the Ames property at 2418 Main St., and the adjacent Dividend Road office building. Belfonti puts acquisition costs at approximately $2 million. Demolition would begin this year with construction launching in 2023 and lasting about 18 months, he said. Belfonti estimates $60 million in overall development costs, including more than $2 million for demolition and soil abatement. State grants could cover $1.5 million. Belfonti expects to invest about $20 million in equity, with the remainder coming from conventional loans. The final development would include amenities such as a play area for children, fitness center, coworking space, pool, clubhouse, dog washing station and dog park. Belfonti said 10% of apartments will be affordable. The rest will be market rate, with monthly rents currently estimated at about $1,500 to $2,500. Eager to erase eyesore While there has been debate about the value of adding apartments, few tears will be shed for the long-empty Ames building. Carl J. Tavarozzi owns T&T Structural, the company that is selling its Dividend Road office property to Belfonti. He said he has watched the neighboring building sink from a busy office complex to wreck slowly over two decades. "It would be great to see something happen here," Tavarozzi said. "Anything is better than this." Dawn Satagaj, a Realtor with William Raveis and a board member with the Rocky Hill Chamber of Commerce, said anticipation has been building over many years. She moved to town in 2002, the same year Ames closed its headquarters. Her husband's family has been in town for generations. Satagaj agrees with many of the arguments in favor of the redevelopment, that it will help foster a downtown, benefit nearby businesses and eliminate an eyesore. She also likes that the privately-developed property will have publicly-available green spaces. "I think anytime someone is willing to invest this amount of money in your town it's worth giving them the opportunity to do so," Satagaj said. Purchase a group subscription for your team or entire organization. Get access to HBJ for your entire team! EMAIL>> CIRCULATION@HARTFORDBUSINESS.COM

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