Hartford Business Journal

20 HARTFORDBUSINESS.COM | July 18, 2022 FOCUS POWER 25 REAL ESTATE Amit Lakhotia A former dentist who immigrated to Connecticut from India in 2006, Amit Lakhotia burst onto the New Britain development scene in 2021. Lakhotia had pre- viously built-up dental practices with partners and accumulated a port- folio of hundreds of apartments outside New Britain. In March 2021, he began a buying spree with the $2.5 million purchase of a 42-unit mixed-use apartment building at 38 Main St. Lakhotia has since purchased eight additional properties — a mix of office buildings, apartments and vacant lots he plans to use for resi- dential redevelopment. Some of these properties are blighted, including the former Stanley Black & Decker headquar- ters on Myrtle Street that Lakhotia purchased for redevelopment in February for $2.5 million. Between existing apartments and those under development, Lakho- tia is on track to own at least 285 apartments in New Britain. He said he's been spurred on by a collab- orative city administration eager to aid development. Mayor Erin Stewart honored Lak- hotia's Hindu Indian roots on May 24, when she joined him in smash- ing open coconuts on a retain- ing wall, blessing the launch of a $7.5 million effort to transform the 135,000-square-foot former Stanley Black & Decker headquarters into 106 apartments. Carlos Mouta With deep roots in Hartford's Parkville neighborhood, Carlos Mouta has been a pioneering real estate investor and believer in the downtrodden area's potential. With the rede- velopment of the Pope Com- mons, 360 Main and other proper- ties — as well as the 2020 launch of Parkville Market — Mouta has a track record of success. He is a key advisor and collaborating developer in the city's $242 million plan to redevelop Parkville into a center of entertainment, advanced Amit Lakhotia Carlos Mouta Michael Belfonti manufacturing development and job training. Mouta's fortunes and that of his home neighborhood are closely linked. Mouta began investing in Parkville in the 1980s, and today city offi- cials and other developers look to him for advice. They've also been enthusiastic supporters of his latest efforts. The Capital Region Development Authority, in January, signed off on $7.5 million in loans to help finance two of Mouta's Parkville redevelopments. One is an ongoing effort to reno- vate a 34,475-square-foot build- ing next to the Parkville Market into a distillery, bar and events space with additional booths for food vendors. The second is a $72.8 million renovation of the former Whitney Manufacturing site at 237 Hamil- ton Ave., into 189 apartments and 86,000 square feet of commercial space. Hartford Mayor Luke Bronin has described this as a "linch- pin project" for efforts to rede- velop Parkville. Michael Belfonti Over three decades, Belfonti Com- panies has owned and managed more than $2 billion in real estate. Today, its pending proj- ects include an esti- mated $60 million redevelopment of the former Ames headquarters in Rocky Hill, a long- awaited venture. Ames stopped operations there in 2002 and the 225,000-square-foot building has since gone to ruin and decay. CEO Michael Belfonti is push- ing forward with a plan to knock it down and build a mixed-use community on the 12.1-acre site, including 213 apartments in 11 buildings, along with 5,000 square feet of office and 15,000 square feet of retail space. Belfonti has focused on Con- necticut commercial and residen- tial development but has strayed outside state lines. His company is currently partnered with global real estate firm Hines and Bridge Investment Group on a 209-unit, premium apartment development just outside of Boston. Also in Connecticut, he's devel- oped The Landon apartments in Cromwell and Hunter's Chase Condominiums in Litchfield. Spotlighting commercial real estate's major influencers The COVID-19 pandemic had a major impact on the commercial real estate industry, propelling some sectors, like warehouse and distribution, and dealing setbacks to others, including office space. Despite all the uncertainty, major investments remain underway in Greater Hartford that will help add to the region's economic vibrancy, whether it be the addition of new, highly-ame- nitized apartments, distribution facilities or even mixed-use retail/office space. In this week's issue, Hartford Business Journal is publishing its second annual Power 25 Real Estate list, which identifies leaders who are having a major impact on the region's commercial real estate and economic development scene. This isn't an awards section. HBJ's Power 25 Real Estate class was chosen by HBJ's news team. To make the list, individuals must be in a position of power and have an outsize impact on the community. The listing includes a mix of established players as well as some fresh faces. They are brokers, developers, lawyers and others who influence commercial development in our region. Power 25 Real Estate will be back next year with some new names and fresh faces, so be prepared to make suggestions. Greg Bordonaro Editor gbordonaro@hartfordbusiness.com 20 AMIT LAKHOTIA CARLOS MOUTA MICHAEL BELFONTI 21 MARTIN KENNY & ALAN LAZOWSKI BENJAMIN SCHLOSSBERG 22 AVNER KROHN ANDREA L. GOMES 23 JOHN MCCORMICK ARUNAN ARULAMPALAM SANDY CLOUD LARRY DOOLEY 25 RANDY SALVATORE LISA COZZI THE WINSTANLEYS THE KLAYNBERGS 26 CLAYTON H. FOWLER MARK DUCLOS MIKE FREIMUTH DINORA LOPEZ 27 MIKE GOMAN & TOM YORK NICHOLAS MORIZIO CHRIS OSTOP 28 JOEL GRIECO PAUL BRANDES 29 ANDREW FILLER CONTENTS

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