Hartford Business Journal

HARTFORDBUSINESS.COM | OCTOBER 16, 2023 19 • A $26.7 million transformation of the former LAZ Parking headquar- ters at 15 Lewis St. in Hartford into 78 apartments and a restaurant space, potentially with rooftop dining overlooking Bushnell Park. The state Bond Commission, on Oct. 6, approved sending $7 million to the Capital Region Development Authority to provide a low-interest loan for the project. "Right now, we are so busy with things we are right in the middle of, we don't have too many new deals on our plate that haven't been conceived of," Patrick Kenny said. Lexington's future project pipeline doesn't seem to be in any jeopardy. The company's reputation for deliv- ering complex projects leads to plenty of proposals being brought to its doorstep, Kevin Kenny said. Even so, the company made a recent move it says will help drive future growth, opening a new real estate brokerage arm affiliated with national commercial real estate brokerage NAI Global. Lexington Commercial NAI launched in August with Kevin Kenny as its president. The younger Kenny brother led efforts to recruit retail tenants to Hartford's Pratt Street district being redeveloped by Lexington and Shelbourne Global Solutions. "I had so much success with that and other opportunities that third- party opportunities started pouring in," said Kevin Kenny, who is also a vice president at Lexington. "We crunched the numbers and came to the realization this needed to be a business." Kevin Kenny said two people have been hired to help the fledgling brokerage, which had 11 listings about six weeks after its founding. "There are a lot of commercial opportunities and build-to-suit oppor- tunities that are starting to present themselves to where commercial real estate development is not out of the cards for us going into the future as well," Kevin Kenny said. "The brokerage is generating oppor- tunities that will assist Lexington in the future." Growing in many directions Sam Walker had 18 years of experience in construction when he was hired three years ago to lead InnoConn, Lexington's construction management arm. Since then, that group has grown from four staff to 30, Reilly said. InnoConn has transitioned from its original focus on Lexington proj- ects and will spend most of its time building for outside clients in 2024, Reilly said. Reilly said Lexington has so much work that it has begun a search for a high-level development specialist to help coordinate architects and engineers, oversee construction and work with lenders. "The company was about to take its next step (before Martin Kenny's death)," Reilly said. "We were OK with one big project at a time, and now we have three massive projects in the hopper, any one of which would have required more help." Lexington has grown over the past six years from six employees, to four affiliated companies with 130 staff members. Its business interests also reach well beyond Connecticut and Hartford. Today, Lexington affiliates own about 3,500 rental units, split almost evenly between properties the company built in Connecticut as well as properties it purchased in this state, Georgia, South Carolina, North Carolina and Tennessee. Reilly said acquisitions will pick up again after economic conditions shift and borrowing rates become more favorable. Lazowski said Hartford will remain a priority for the company, which is headquartered in the city's Gold Building office tower, along with LAZ Parking. "Hartford's our home," Lazowski said. "I was born and raised in Hartford. I started my business in Hartford. My headquarters is in Hartford. I think Hartford is the greatest city in the world. Marty felt the same way. We are believers in this great city, and we have to keep that momentum." Renderings of Lexington Partners' nearly complete "One Park" apartment development (above) in West Hartford, and its $100 million planned redevelopment of the former Red Lion Hotel (right) in Cromwell into 265 apartments.

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