Hartford Business Journal

HARTFORDBUSINESS.COM | JANUARY 27, 2025 17 Real Art Ways Executive Director Will K. Wilkins in front of the arts group's Arbor Street property in the Parkville section of Hartford. HBJ PHOTO | STEVE LASCHEVER Arts & Culture With new financing plan in place, Hartford's Real Art Ways targets 2025 launch of $20M expansion Some fundraising remains Wilkins said the arts organiza- tion is working to lock down gap financing until donation pledges are collected. It also aims to raise another $1.5 million from donors. Still, fundraising has gone so well that Wilkins is confident of a 2025 launch to the rehabilita- tion and expansion of the former Underwood Typewriter manufac- turing building, located in the city's Parkville neighborhood. The state Bond Commission has committed $13.1 million to the project, and the federal Congres- sional delegation secured another $906,000. Real Art Ways is close to securing $1.6 million in state historic tax credits. The project budget antici- pates carrying $800,000 in debt. Wilkins said the original budget called for about $900,000 in federal historic tax credits and up to $9 million in federal new markets tax credits, which are intended to spur job and business growth in low-in- come communities. Investors typically like the federal historic and new markets tax credits paired together, but the latter financing tool requires a significant amount of ongoing monitoring and legal expense, making it a cumber- some option, Wilkins said. Generous state support allowed Real Art Ways to cut both federal tax credits from the financing stack, he said. "We made the decision we wouldn't be able to do the new markets credits," Wilkins said. "When we pulled it out, the federal historic tax credits would be less appealing." By Michael Puffer mpuffer@hartfordbusiness.com A little more than three years ago, Real Art Ways paid $4 million for an 86,313-square- foot former manufacturing building that has housed the contemporary arts and independent cinema organi- zation since 1989. The nonprofit — which started in 1975 as an impromptu artist collec- tive in downtown Hartford — ended up buying the building under a for-profit entity created for the purchase. Executive Director Will K. Wilkins said this was necessary for the group to make use of about $900,000 in federal historic tax credits it originally planned to feed into a roughly $20 million over- haul and expansion of the building. With funding plans shifting and federal historic tax credits now out of the picture, Real Art Ways in December transferred the property, at 56 Arbor St., from the for-profit limited liability company to itself. That — and a successful round of fundraising that so far has yielded $6 million in donations and pledges — has set the stage for construction to begin this year, possibly by spring, Wilkins said. "What we are building here, very intentionally, is a place where people from all different sorts of backgrounds can feel comfortable and feel that it's a place where they belong," Wilkins said. "That's what cities are for — to bring people together from all different backgrounds. And the energy that comes from that is profound. I think what we are doing here in our own small way is creating a space where people can feel comfortable, where new ideas can be generated." Project overview Real Art Ways' single theater and gallery spaces occupy about 13,000 square feet of its 1917-vintage building. The remainder is leased to about 90 tenants, including artists, graphic designers, architects, attor- neys and other small businesses. The renovation will include a new roof and roughly 8,000-square-foot addition that will allow for three more theaters, new educational space and, importantly, a café. The eatery's menu is still being designed, but Wilkins said he's aiming for small-plate, communal offerings that promote shared dining experiences — a theme that will be extended to the seating design. The project will not only improve Real Art Ways' capacity and offerings, but shore up revenue to secure the organization's long-term future, Wilkins said. "Having a range of diversified income is really important as we look to the future and how you are going to survive," Wilkins said. "If you have all your eggs in one basket, you know that's not a good thing." In fiscal 2023, Real Art Ways reported $2.6 million in revenue and a surplus of $969,386, according to its 990 tax form. It had $5.5 million in total assets as of Sept. 30, 2023. REAL ART WAYS EXPANSION PROJECT: Renovation and 8,000-square-foot expansion of 86,313-square-foot building at 56 Arbor St. 2021 purchase: $4M Renovation and expansion budget: $19.9M Launch: Spring 2025 (target)

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