Hartford Business Journal

4 HARTFORDBUSINESS.COM | September 26, 2022 BIZ BRIEFS CASH FLOW. INVESTMENT. It takes balance. ©2022 CliftonLarsonAllen LLP. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. CPAs | CONSULTANTS | WEALTH ADVISORS 860-561-4000 West Hartford CLAconnect.com We'll get you there. Affordable housing investor plans $21.3M rehab of Hartford's Bedford Gardens Boston-based WinnCompanies plans to buy and renovate the 84-unit Bedford Gardens affordable housing complex in Hartford, with costs esti- mated at $21.3 million. The affordable housing investor plans to buy the 10-building complex along Bedford Street, then spend about $90,000 per unit on "pretty comprehensive" upgrades, Winn- Companies Senior Project Director Matthew Robayna recently told members of the Capital Region Development Authority's Housing and Neighborhood Committee. WinnCompanies' financing plans include $1 million in city funds admin- istered by CRDA. Mayor Luke Bronin spoke in favor of the proposal at the Sept. 12 meeting. Projected price tag for redevelopment of Hartford's Martin Luther King apartments jumps $12.7M Projected costs of a pending rede- velopment of Hartford's Martin Luther King affordable housing complex into a mixed-income community have jumped from $50 million to $62.7 million in a little more than a year. Project organizers blame inflation and rising interest rates, which have forced adjustments to the number of units and ratio of affordable to market rate apartments. Affordable housing provider Sheldon Oak Central plans to demolish the roughly 52-year-old, 64-unit apart- ment complex on 7.3 acres at 79 Van Block Ave., and replace it with a denser development that now would also include market-rate units. The nonprofit has partnered with Sims- bury-based Vesta Corp. In July 2021, the plan was to begin demolition in early 2022 and build a $50-million, 161-unit development with 90 market-rate and 71 affordable apartments. Now, organizers expect to spend $62.7 million to build 155 apartments, 86 of which would be affordable and 69 market rate. U.S. News and World Report names Yale top 5 university; UConn falls in national rankings U.S. News and World Report has released its annual rankings of colleges and universities, and for the second straight year, Yale University is in the top five, while UConn slipped a few spots. Among national university rankings, Yale was deemed the best school in Connecticut. It ranked tied for third nationally with Stanford and Harvard universities, an improvement from a fifth place ranking last year. UConn slipped a few spots in the national rankings, coming in at No. 67, compared to 63rd last academic year. However, it ranked 26th for public universities, down from No. 23 last year, tied with Texas A&M and University of Massachusetts-Amherst. In addition, Quinnipiac University placed 166th in the 2022-23 rank- ings, down from 148th the previous year; Sacred Heart University ranked 219th, down from 202nd the previous year; and the University of Hartford was tied for 234th, down from 213th the previous year. Officials break ground on new Windsor Locks train station Construction has begun on a new $87.14 million Windsor Locks train station project that aims to spur economic revitalization of the town's downtown. The Department of Transportation is coordinating the project, but town and state officials are looking to attract developers with plans that will enhance the downtown area around the new station. The station will include a high-level platform to allow for level boarding from every train car. Connections to the Canal Trail via Bridge Street will be established as part of the project. Additionally, outside of the station construction, roadway safety and track improve- ment projects will be underway. Bedford Gardens in Hartford. PHOTO | GOOGLE MAPS The Martin Luther King apartments in Hartford's Sheldon Charter Oak neighborhood. HBJ PHOTO | MICHAEL PUFFER A rendering of the planned Windsor Locks train station. RENDERING | CONTRIBUTED

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