Hartford Business Journal

12 HARTFORDBUSINESS.COM | SEPTEMBER 18, 2023 A rendering of a proposed pedestrian bridge spanning the Connecticut River that would connect Hartford and East Hartford. RENDERING | CONTRIBUTED All-star development team plans $841M housing, commercial project along CT River in East Hartford "The idea is opening up the river on both sides for the benefit of the people living on both sides," said Martin Kenny, owner of multifamily developer and investor Lexington Partners, who is involved in the project. "This is something that needs to happen and is happening in other cities. This is a way to get that going." Kenny said the Founders Plaza buildings being eyed for the wrecking ball should be demolished this year, with reconstruction possibly launching as early as a year later, and then proceeding in phases. The entire project could be completed in seven or eight years, Kenny said. All-star cast Kenny owns and manages about 1,000 apartments in the Hartford area with his friend and longtime business partner, Alan Lazowski, owner of national parking giant LAZ Parking and other ventures. The partners were recruited into the Port Eastside project this spring. Kenny admits he found the plan a bit daunting at first, but quickly warmed to its prospects. Other partners include: Hoffman Auto Group co-Chairman Jeffrey S. Hoffman; Manafort Brothers Inc. President Jim Manafort; Peter S. Roisman, head of Houston-based multifamily investor REV; and Figure WHAT'S IN THE PORT EASTSIDE PLAN? The $841 million Founders Plaza redevelopment proposal includes: • $187 million for 300,000 square feet of commercial space, including a 100,000-square-foot medical office building and at least three other commercial properties. • $509 million for up to four mid- to high-rise buildings containing 1,000 residential units. • $145 million for infrastructure, including a greenway, pedestrian bridge and transit terminal. Port Eastside LLC paid $4 million for this low-rise office building at 99 Founders Plaza. PHOTO | COSTAR By Michael Puffer mpuffer@hartfordbusiness.com A partnership including some of Greater Hartford's most prom- inent businessmen is planning an $841 million development along the Connecticut River in East Hart- ford, including 1,000 apartments, 300,000 square feet of commercial space and new transport links. The ambitious plan to redevelop the roughly 50-year-old Founders Plaza took a big step forward on Aug. 30, as Port Eastside LLC paid $4 million for a low-rise office building on 7.3 acres at 99 Founders Plaza. Port Eastside — the company name for the development team — plans to demolish that building, along with the former Red Thread property, at 300 East River Drive, and a nearby crumbling parking garage, then acquire additional properties to make a roughly 30-acre development site along the Connecticut River. The project would mix up to four mid- to high-rise apartment buildings with a 100,000-square-foot medical office center and at least three retail/ commercial properties. It would also include several infrastructure proj- ects, ranging from a new transporta- tion terminal and elevated greenway to a pedestrian bridge that spans the Connecticut River into Hartford.

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