Hartford Business Journal

HARTFORDBUSINESS.COM | SEPTEMBER 18, 2023 13 8 Properties principals Harris and Bruce Simons. MBH Architecture President Nicholas P. Michnevitz III is leading the project design. "When you see the names … those are serious developers," said East Hartford Mayor Michael Walsh. "They are well known in the state of Connecticut, and they are familiar to everybody. This is a game-changer." The proposal will need political backing as it depends on significant public support. The development team is counting on East Hartford to come through with about $45 million to defray the costs of building a new parking garage, using either a tax financing agreement or an improvement district. Either vehicle would direct a portion of new tax revenue generated from the development to pay down other project costs. The plan also calls for an additional $100 million from state and federal sources for transportation infrastruc- ture, including the pedestrian bridge. The plans have been quietly shopped around to East Hartford's Town Council, the state Department of Economic and Community Devel- opment, Lt. Gov. Susan Bysiewicz, Department of Revenue Services Commissioner Mark Boughton, U.S. Rep. John Larson, and members of East Hartford's state legislative delegation. Entertainment destination Port Eastside backers said they are seeking to draw amusement and entertainment venues to commer- cial buildings planned for the site, creating a destination that will blend well with nearby attractions in Hart- ford, including the Convention Center, Connecticut Science Center and Front Street Entertainment District, among others. Kenny said the pedestrian bridge would land near the Colt Armory complex in Hartford. Coupled with riverside paths and the pedestrian crossing at the Founders Bridge, it will create a loop connecting enter- tainment, arts, education and dining options on both sides of the river. The plan incorporates a transpor- tation center that would accommo- date a CTfastrak bus stop, bicycles, scooters and shuttle service to Bradley International Airport. The Capital Region Development Authority and state Bond Commission have already approved $6.5 million to help cover the cost of demolishing existing buildings in Founders Plaza, which have been long-sought for redevelopment. The development team will have to secure a development agreement with the town, along with other agreements for local, state and federal incentives. The project has early political momentum, but still faces many hurdles before it can become reality. However, the recent purchase of 99 Founders Plaza is a big show of confidence from an all-star development team. "What we are confident about is we have a great team of well-heeled people who care about our region," Kenny said. "Alan and I have shown that in Hartford with our commitment there. There is a lot of juice with this group, and we like each other." Show- time! Come play our Passport to the Stage, where you could win one of three amazing prizes: Broadway Show Package • 2 tickets to Hamilton • A round-trip limo ride • A gift card to Joe Allen Restaurant Bushnell Show Package • 2 free tickets to Moulin Rouge at the Bushnell • A gift card for one of the Max Restaurants Playhouse Package • A subscription for 2 to Playhouse on Park for the rest of Season 15 Join us for 14 days of captivating theater performances and special events during Theater Week! Immerse yourself in the magical world of live theater as we showcase an array of extraordinary productions at six of our premier theaters that will leave you spellbound. FIND OUT MORE @ LETSGOARTS.ORG OCTOBER 1 - 14 The Port Eastside development team MARTIN KENNY LEXINGTON PARTNERS ALAN LAZOWSKI LAZ PARKING JEFFREY S. HOFFMAN HOFFMAN AUTO GROUP JIM MANAFORT MANAFORT BROTHERS INC. PETER S. ROISMAN REV HARRIS SIMONS FIGURE 8 PROPERTIES BRUCE SIMONS FIGURE 8 PROPERTIES NICHOLAS P. MICHNEVITZ III MBH ARCHITECTURE

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