Hartford Business Journal

HARTFORDBUSINESS.COM | FEBRUARY 24, 2025 7 DE AL WATCH The first completed portion of Springside Middletown, a 480-unit luxury apartment complex taking shape off Newfield Street in Middletown. PHOTO | COSTAR Middletown's vibrant downtown, geographic strengths attract new developments Main Street with a very nostalgic feel. There is a very wide appeal. A lot of people feel like they fit in here. We have a lot to offer, and I think that draws people here." By Michael Puffer mpuffer@hartfordbusiness.com B y the close of January, about 30 tenants had moved into Springside Middletown, a roughly 480-unit luxury apartment complex taking shape off Newfield Street in Middletown. The finishing touches of the development's first, 240-unit phase — announced as an $83.5 million endeavor in 2023 — is expected to be completed in May. A second phase of roughly equal size is planned. Harbor Group International is part- nered with builder PB Development in the Springside Middletown project. Peter Petron, Harbor Group's managing director for asset manage- ment, touted the site's proximity to major highways and employment centers, like New Haven and Hartford, as well as Middletown's vibrancy. Springside will provide contem- porary apartments in a previously underserved market, Petron said. Middletown's nearby downtown is "replete with restaurants, music, culture and other activities, including those at Wesleyan University," Petron said. Middletown — a city of nearly 48,000 residents — is experiencing an increase in development interest and has grand ambitions to recon- nect with the Connecticut River. City officials have partnered with New York-based Spectra Construc- tion and Development on a plan to bring a large-scale, mixed-use project to a municipal-owned site just off Route 9, near City Hall. Early plans for the "Village at Riverside" development call for a 258-unit apartment building, 19 rental townhouses and 18,000 square feet of amenity space, along with 38,000 square feet of retail and restaurant space and a new public parking garage. There's also a plan to build a pedestrian bridge from the site over Route 9 and into Harbor Park along the Connecticut River. There are still a few hurdles to clear, including sealing development agreements with the city, Spectra President Daniel Klaynberg said. Klaynberg said he was attracted to Middletown's vibrant Main Street and the presence of Wesleyan Univer- sity, which enrolls just over 3,800 undergraduate students. There's "a lot of activity in an area where there seems to be not enough housing to serve the current popula- tion," Klaynberg said. More broadly, Middletown is engaged in a multi-decade effort to encourage development along its portion of the Connecticut River. Its "Return to the Riverbend" plan includes clearing away blighted industrial and commercial sites that have traditionally monopolized the riverfront, in order to create a 220-acre space for new restaurants, multifamily housing, entertainment, trails and parks. The state's Community Investment Fund has provided a $12 million grant to help begin demolition and shore stabilization. The city is interviewing environmental firms to help plan the work, said Christine Marques, Middletown's director of economic and community development. Middletown officials are also embarking on a study to deter- mine how to improve four main corridors that run through the city, Marques said. Middletown's traditionally "healthy" pace of growth has picked up over the past three years, she said. "Middletown itself is a big draw for people," Marques said. "There's lots of affordable land. We have a Member FDIC westfieldbank.com Local knowledge. Local decisions. Local service. Your trusted local team—with significant lending capability. Westfield Bank is investing in our region's economy with millions to lend to businesses like yours. As a local bank, we know this market. We also know the importance of making decisions and serving our customers right here. Cash flow Asset purchase Facility purchase/ construction/expansion And more Your banking relationship is critical to your success, so we aim to make your decision an easy one. Let's grow together. Go to westfieldbank.com/ business/commercial-lending or call 860.265.3912. W E ST F I E L D B A N K CO M M E RC I A L L E N D I N G

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