Hartford Business Journal

6 HARTFORDBUSINESS.COM | DECEMBER 19, 2022 DEAL WATCH cent" and presents the opportunity to create a truly unique space, Basquil said. Urban renewal Housing remains a popular yet still-chal- lenging plan among developers who convert religious buildings. In November, a developer proposed converting the former St. Joseph's Catholic Church on South Main Street in Suffield into 16 apartments, calling it "an adaptive reuse." The 12,600-square-foot space is owned by the Sacred Heart Parish Corp. of Suffield. An effort in Enfield that would have allowed a massive 250-unit, multi-gener- ational affordable housing development on the Felician Sisters campus was halted when a necessary zoning change was denied. Town officials said the developer could come back with revised plans for that campus. Enfield Director of Development Services Laurie Whitten said from a plan- ning perspective, the town is always seeking diversity in housing, which this plan offered. The project drew preservation concerns for the historic structures on the campus. Churches in urban areas are prime locations for new housing developments or urban renewal. Lexington Partners owner Martin Kenny is leading a $70-million development of 292 apartments at the Sisters of St. Joseph of Chambery convent in West Hartford. The project will transform the existing convent into apartments and add new, adjoining modern buildings with additional units. The city of Hartford is looking to purchase the Sacred Heart Church at 24 Ely St., for $480,000 as part of a broader redevelopment project. The church is located near city parks and a planned $17.5-million redevelopment of the Arrowhead Cafe block near Dunkin' Donuts Park, which will include 43 apartments and about 8,000 square feet of retail space. Spec purchase The former home of Good New Chris- tian Center at 46 John St., in Wallingford was purchased in June for $1.5 million by Ulbrich Stainless Steels and Specialty Metals Inc. Built in 1956, the 19,000-square-foot space has a main floor and lower level. Ulbrich Stainless Steels CEO Chris Ulbrich said the purchase was a matter of location as the property bordered other sites owned by the global company that is headquartered in North Haven. He has yet to identify a use for the building or property, but all options are on the table, from repurposing, demolition and rebuilding, to putting it back on the market. The property having been a church building didn't factor into the decision to purchase. "When property becomes available, it's always good business to take a look," Ulbrich said. The current tenants were given a year to find a new location for their church, at which time Ulbrich will look at the possibilities. Basquil said each church deal creates unique opportunities for the buyers and devel- opers. A lot of patience along with a great deal of creative vision are a must, but that can lead to the creation of truly unique spaces. Simsbury couple bullish on Hartford after $1.25M downtown office building purchase Jack and Donna Sennott are the new owners of the 100 Allyn St. office building in downtown Hartford. PHOTO | COSTAR The Crosthwaite Building at 100 Allyn St. in downtown Hartford. PHOTO | CONTRIBUTED theatrical productions and even owned a small candle-making business in Waterbury. They have also owned small apartment buildings, but the Allyn Street property currently is their only investment property. Sennott said he stepped down as CEO of CapSpecialty in August as the roughly 300-person outfit sold to Berkshire Hathaway, along with other assets of Alleghany Corp. Sennott acknowledged the Class A office market is struggling, with companies downsizing space due to a shift to remote or hybrid work. But he believes a well-placed, moderately sized office building in a good location can thrive amid the consolidation trend. "I still think there is a need for people to get together," Sennott said. "I think if you have a niche space for people, that will be helpful." Sennott said he may start another busi- ness venture and anchor it in the Crosthwaite Building. He is also contemplating further Hartford purchases. "It was really a nice size for an initial Hartford investment," Sennott said of 100 Allyn St. By Michael Puffer mpuffer@hartfordbusiness.com T he Simsbury couple that recently purchased the historic Crosthwaite Building in downtown Hartford has been deeply involved in the city's civic and business life. Jack Sennott is president of the Hartford Stage board. Until August, the 57-year-old was employed as CEO and president of Hart- ford-based specialty insurer CapSpecialty, which has its headquarters in the City Place I office tower. On Dec. 2, a limited liability company headed by Sennott purchased the Crosthwaite Building at 100 Allyn St. — a four-story, 24,000-square- foot brick property erected in 1911 to house the Hartford Wire Works Co. Sennott is principal of OBL LLC, which paid Northland $1.25 million for the office building. "I've been working in and around Hartford for a while," Sennott said. "I'm also active in the community. We have wanted to make an invest- ment in Hartford for a while." Today, the Crosthwaite Building is 85% occu- pied, with two restaurants — Aladdin and Agave Grill — occupying the first floor. A handful of office tenants — including the Hartford Business Journal and Consigli Construction — occupy the upper floors. Jack Sennott and his wife, Donna, recently sold a 3,500-square-foot commercial building in Winthrop, Massachusetts, an oceanside town just north of Boston. They were seeking a place to invest the proceeds as part of a 1031 exchange. Sennott said his father recently retired from running a laundromat at the Winthrop property, leaving him and Donna little incentive to hold onto the distant investment. The couple prefer some- thing closer to their Simsbury home. Sennott said he turned to an acquaintance, CBRE Executive Vice President John McCor- mick, for help finding an investment. Sennott said he is confident of the potential and trajectory of Hartford and its downtown given recent efforts to add apartments, retailers and restaurants. Jack and Donna Sennott have long been entrepreneurial beyond his insurance career. The couple said they've owned a gas station, television advertising business, have produced

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