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10 HARTFORDBUSINESS.COM | OCTOBER 16, 2023 DEAL WATCH DEAL WATCH | BUYERS & SELLERS The state Bond Commission has approved $12.5 million in loans and grants for the conversion of 30 Trinity St. (center photo) and 18-20 Trinity St. (shown right) in Hartford into apartments. PHOTO | COSTAR State Bond Commission approves funding for major CT development projects By Greg Bordonaro gbordonaro@hartfordbusiness.com T he state Bond Commission recently approved $1.6 billion in funding for transportation and economic development projects across the state. The funds will support numerous development projects in Hartford and elsewhere. That includes $7 million for the Capital Region Development Authority (CRDA) to provide a loan to LAZ Investments and Lexington Partners to finance the conversion of a historic downtown Hartford office building, at 15 Lewis St., into 78 resi- dential units and 5,000 square feet of restaurant space. Approximately 10% of the housing units will be affordable. CRDA will receive an additional $6.5 million to provide a loan to PennRose LLC for the $45 million conversion of two historic former Hartford state office buildings, at 18-20 and 30 Trinity St., into 108 residential units and additional retail space. Twenty percent of the units will be affordable. The Trinity Street project also received an additional $6 million grant from the Bond Commission to cover structural and environmental problems at the property. Meantime, CRDA has received permission to shift $16.6 million previously allocated for further development around Dunkin' Park to help fund the redevelopment of the former Rensselaer Polytechnic Institute campus, at 275 Windsor St., into 269 housing units and a parking garage. That project will be headed by developer Randy Salvatore. There is also a $1.5 million grant for the city of New Britain to convert a former Stanley Works building, at 480 Myrtle St., into 119 housing units. Other funding approved by the Bond Commission includes: • $101 million for various develop- ment projects recently selected for funding by the Community Invest- ment Fund, which has a mandate to approve up to $875 million for community-building projects in distressed municipalities over a five-year period. • $50 million to finance the Build for Connecticut Program, which will provide subordinate financing that offers better terms and more flexible underwriting to incentivize developers of market-rate multifamily properties to create units that are affordable to middle-income households. • $4 million to finance various alter- ations, improvements and renova- tions at the State Capitol complex. • $600,000 for New England Brewing Co. to expand its craft brewing facilities in Woodbridge. • $2.5 million for the city of Ansonia to help demolish the Ansonia Copper & Brass factory, to prepare the site for redevelopment. • $2.1 million in grants for nonprofit historical and cultural organizations for capital investments to transform the visitor experience. The program requires a 25% cash match by the recipient. New multifamily building planned for Milford shoreline A real estate investment firm is looking to build a new multifamily property that has direct access to the Milford shoreline. Sea Shell LLC, an affiliate of Fortitude Capital LLC, is proposing the Sea Shell Residences, a four-story, 20-unit apart- ment complex at 25 Shell Ave. The property currently has a four-story, multifamily apartment building, which would be demolished. The proposed building will have 16 spaces of ground-level parking, with three floors of apartments above, containing a mix of one- and two-bedroom units, all with balconies. The building will also have a fourth-floor amenities room and roof decks. Six units would be deemed affordable. Site plans are under review by the Planning and Zoning Commission. A sketch of the apartment building planned for 25 Shell Ave., Milford. HARTFORD With the recent announcement of a $9.1 million state grant, Hartford-based Real Art Ways anticipates launching a $23 million overhaul of its roughly 83,000-square-foot building next year. The contemporary arts and cinema nonprofit has been a pillar of Hartford's Parkville neighborhood since it began leasing space in a former manufacturing building on Arbor Street in 1995. Real Art Ways two years ago bought its 83,000-square-foot home at 56 Arbor St., for $4.1 million. Today, it occupies about 13,000 square feet and leases the remainder of the space to about 90 tenants. Renovation plans include putting a new roof on the 1917-vintage building; adding three cinemas, a 3,500-square-foot performing arts space and educational space for classes and workshops; creating a comfortable cafe; and renovating galleries, offices and studios. The project involves a roughly 7,000-square- foot addition to the existing building. With the $9 million grant, which was recently approved by the state Bond Commission, historic tax credits, prior state funding and fundraising, Real Art Ways is within about $2.5 million of its project budget, according to Executive Director Will Wilkins. ENFIELD A local developer is reviving a previ- ously pitched plan to build a multi- building housing complex on vacant land in Enfield. Frank J. Troiano, of Enfield Properties LLC, is proposing the Maplewood Village Apartments on 31.7 acres of wooded, undeveloped land at 145-153 South Road. Troiano owns the land. The plan calls for 168 units over seven buildings, with 88 one-bedroom apartments and 80 two-bedroom units. The complex would have a separate community center and 253 parking spaces, including 26 electric vehicle charging spaces. The proposal, which was filed in mid-September with the town Inland Wetlands Agency, is a revision of a 2011 plan that called for the same number of units and buildings. The previous appli- cation included two commercial buildings on the property, but they have been removed from the new project.