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HARTFORDBUSINESS.COM | | MAY 15, 2023 7 DEAL WATCH Ion Bank is devoted to their customers, devoted to their service, and they're really a partner in your business. Maria Bruscino Sanchez - Owner & Founder, Sweet Maria's Bakery TM IonBank.com • 203.729.4442 Member FDIC East Hartford officials eye tax breaks, other incentives to secure Founders Plaza redevelopment By Michael Puffer mpuffer@hartfordbusiness.com E ast Hartford officials are creating a menu of tax breaks and other incentives to secure a project that would demolish chunks of the roughly 50-year-old Founders Plaza office park along the Connecticut River, and build back hundreds of new apartments, as well as retail and recreational amenities. East Hartford officials have been negotiating with an undisclosed developer. Mayor Michael Walsh recently shared with the Town Council a draft letter addressed to devel- oper Port Eastside Partners LLC, broadly outlining the possibility of tax stabilization and other potential incentives that could be applied to the ambitious project. Walsh's letter is addressed to Peter Roisman of Port Eastside Partners LLC, with an address linked to an office suite currently occupied by MBH Architecture in West Hartford's Corporate Center West, a 150,000-square-foot Class A office building. MBH is mentioned in Walsh's letter. The Secretary of the State's office has no business filing for Port Eastside Properties LLC, but there is one for Port Eastside LLC, which also lists a Corporate Center West address and a suite occupied by real estate investment company Figure Eight Properties. The filing for Port Eastside LLC, which registered last October, lists as its principal Bruce Simons, who is co-president of Figure Eight. Attempts to reach Simons and Roisman were not successful. Walsh said the developer is waiting to finalize agreements with tenants for the redevelopment before submit- ting land-use applications. According to the draft letter Walsh shared with the council, the plan involves demolition of a four-story office building at 99 Founders Plaza; demolition of a garage attached to a 20-story office tower at 111 Founders Plaza; and demolition of unoccupied warehousing space at 300 East River Drive. Walsh estimates demolition costs of $9 million. The plan also involves significant infrastructure development, including creation of a raised greenway over East River Drive and a new pedes- trian bridge over the Connecticut River into Hartford. A first phase of the development would give rise to 200 to 300 apart- ments, with more possibly to follow depending on leasing success, Walsh said. He estimates a three- to five- year construction schedule. Walsh's letter lists various possible incentives, including tax increment financing, general obligation bonds to be drawn by the town, a tax fixing agreement, special services district, enterprise zone tax abate- ment and creation of a parking authority able to issue bonds for parking construction. The Riverview Plaza office tower in East Hartford, more commonly known as 99 Founders Plaza, could be part of a broader 30-acre, mixed-use redevelopment. PHOTO | COSTAR