Hartford Business Journal

32 HARTFORDBUSINESS.COM | JUNE 12, 2023 Randy Salvatore R andy Salvatore is one of the most active apartment devel- opers in downtown Hartford. But that doesn't mean those efforts have been without challenges. Last year, Salvatore's RMS Cos. debuted a 270-unit apartment building on what had been a vacant parking lot next to Hartford's minor league baseball stadium, the recently renamed Dunkin' Park. Salvatore hoped to quickly roll into the second phase of his larger North Crossing development that includes adding a 522-space parking garage and 528 apartments on a lot just southwest of the ball field. But a lawsuit by Middletown-based Centerplan Cos., a developer previously selected by the city to build both the ballpark and nearby apartments, has stalled those efforts for at least a year. A Superior Court judge recently ruled against the city's efforts to dismiss parts of the lawsuit and set a trial date for next April. Centerplan contends it was unjustly fired by the city and that it still has legal rights to develop the lots. City officials have expressed confi- dence they will eventually prevail in court, allowing RMS to continue. Salvatore last year also partnered in a plan to rescue the faltering Hilton Hotel in downtown Hartford. Work on the $18 million project is underway to transform the 12th through 22nd floors of the hotel into 147 apartments, with the goal of beginning occupancy late this year. Despite the challenging envi- ronment — which also includes pressure from rising interest rates, higher materials' costs and supply chain bottlenecks — Salvatore said he remains bullish on the city of Hartford. He said demand for his 270-unit apartment building next to Dunkin' Park has been stronger than anticipated, and the red-hot rental market has led to higher rents than budgeted. His tenants include a mix of all ages, with about 75% coming from outside Hartford, he said. "Which is great, because it's increasing the population in the city, which creates vibrancy," Salvatore recently told the HBJ. "So, we are really excited about that, as opposed to people just moving from building to building within Hartford." Reggie D. Kronstadt, Robert Kligerman & Bard Kligerman L ed by Principal Reggie D. Kronstadt, Krown Point Capital and partners paid $27.75 million for a roughly 100,000-square-foot, Big Y-anchored shopping plaza in Ellington in March. However, most of the Manhat- tan-based developer's work in Connecticut has skewed heavily toward residential. Kronstadt has partnered with Fairfield-based Connecticut Realty Trust on a string of large-scale rental projects. CRT is helmed by Chairman Robert Kligerman and his son, CEO Bard Kligereman. The company had focused on acquiring and upgrading distressed apart- ment properties before 2020, when it partnered with CRT and Jonis Realty in the purchase of the newly built, 130-unit Grand at Ridgewood apartments in Granby. Krown Point and CRT joined with Monument Square Invest- ment Group in the purchase of the partially completed "Grand Luxury Homes" development in Granby in 2022. Construction of the devel- opment's 56 two-family and 19 single-family rental homes is nearly complete. Kronstadt expects it to be fully leased before July. The development offers an array of amenities, including a pool, dog park, electric car charging stations, outdoor grills, fire pits and a clubhouse. In early May, Crown Point and CRT broke ground on Ryefield Village, which will include 90 luxury town- homes on 55 acres in Bloomfield. Construction is anticipated to be completed in a little more than two years. CRT and Krown Point are also seeking land use permits for the development of 163 single-family homes in two subdivisions in East Granby. Kronstadt is also working on land use approvals to add a 7,200-square- foot retail building — to be anchored by a Starbucks — to his Ellington shopping plaza. "We are excited about the new development we are building, and we are pursuing a number of new acquisitions in both the residential and commercial space," Kronstadt said. Sandy Cloud Jr. S andy Cloud Jr. is a well-known local lawyer and businessman whose firm, The Cloud Co. LLC, has built a close relationship with Philadelphia apartments developer Pennrose Properties on various Greater Hartford projects. Their latest effort is targeting downtown Hartford. The Cloud Co. and Pennrose are under contract to purchase two historic state-owned buildings, at 18-20 and 30 Trinity St., with plans to redevelop them into 108 apartments as part of a $45 million investment. Cloud and Pennrose are also co-re- developing Hartford's old, rundown Westbrook Village housing complex. The Village at Park River complex will eventually include about 432 new rental housing units and homeowner- ship opportunities and retail/commer- cial space in the city's North End. Cloud has also worked with Pennrose on mixed-use residen- tial developments in Meriden and Torrington. According to his bio, Cloud during his career played a major role in the development of the Upper Albany Shopping Center and Crown Gardens housing development in Hartford. He also led Aetna's national Neigh- borhood Development Program in the 1980s, and oversaw investments exceeding $100 million, which trans- formed several urban neighborhoods across the country. Cloud is also active in the commu- nity. He served two terms in the state Senate and chaired or served on the boards of UConn Health, the Connecticut Health Foundation, Ever- source and MetroHartford Alliance. 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