Hartford Business Journal

26 HARTFORDBUSINESS.COM | JUNE 24, 2024 POWER 25 | REAL ESTATE Michael Freimuth M ichael Freimuth has a lot on his plate, but he's used to it at this point. Freimuth has headed the Capital Region Development Authority over the past decade, ably guiding the quasi-public agency into the most impactful development engine in Hartford. CRDA has provided low-interest gap financing — and accompanying property tax breaks — that has led to the construction of roughly 3,000 new downtown Hartford apartments in recent years. There are about 2,500 additional units in the development pipeline, including major projects planned around Dunkin' Park, the former Rensselaer Polytechnic Institute campus and Bushnell South parking lot. His agency recently approved $10 million in low-cost financing for the conversion of downtown office space on Trumbull and Pratt streets into dorm space for UConn students. CRDA has also played a key role in East Hartford's recent redevelopment efforts. One of Freimuth's biggest tasks right now is figuring out how to get a major XL Center renovation plan across the finish line. A planned $107 million overhaul and modernization of Hartford's 15,500-seat sports and entertain- ment arena suffered a setback earlier this year after contractors returned bids tallying roughly $140 million. That forced Freimuth to go back to the drawing board and figure out ways to make the project work without trimming elements essen- tial to drawing more concerts and events to the aging venue. CRDA also oversees other Greater Hartford venues, including the Connecticut Convention Center and Pratt & Whitney Stadium at Rentschler Field. Freimuth has been the execu- tive director of the CRDA since its creation in 2012. The Fairfield resident has over 30 years in real estate, finance, banking and public sector development experience. Prior to joining CRDA, he served as commissioner of development for the city of New Rochelle, N.Y., overseeing housing, building, planning, zoning, economic develop- ment, transportation and parking. Freimuth, a UConn alum, also served as the director of economic development for the city of Stam- ford, and director of the office of planning and economic develop- ment for the city of Bridgeport. Adam & Carter Winstanley I t would be hard to find a develop- ment firm with a bigger or more consistent impact on Connecticut than Winstanley Enterprises. The Concord, Massachusetts-based developer, headed by brothers Adam and Carter Winstanley, for years has been a major force in logistics development north of Hartford and in the creation of a growing bioscience sector in New Haven. The firm continued investing in new warehouse and logistics sites in 2023, even as interest rates remained high and economic jitters prompted lenders to tighten their purse strings. Under the direction of Adam Winstanley, the company paid $122.3 million for a 1-million-square- foot Windsor warehouse housing an Amazon fulfillment center. Two months later, it paid $4.6 million for a 133.6-acre Enfield site already approved for 600,000 square feet of logistics space. Winstanley is partnering with Kansas City-based NorthPoint Development to build a roughly $135 million, 819,000-square-foot ware- house on Bacon Road in Enfield. In the center of New Haven, Winstanley is putting the finishing touches on a 10-story, 525,000-square-foot life sciences tower, an effort led by Carter Winstanley. The building is welcoming its first tenants, including Alexion Pharmaceuticals and BioLabs, this year. In October, BioCT, a trade group representing the state's bioscience industry, welcomed Carter Winstanley to its board, a reflection of his importance to the sector. Adam Winstanley Carter Winstanley

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