Hartford Business Journal

6 HARTFORDBUSINESS.COM | MAY 19, 2025 DE AL WATCH increase the number of events there. Another reason for optimism, Kenny said, is a Lexington Part- ners-led project that will transform a 144,644-square-foot building at nearby 64 Pratt St., into dormitory space for up to 200 UConn students. That project is expected to debut in August 2026. Kenny said his firm is close to recruiting a long-sought grocery "superstore" to downtown Hartford, as well as a grocery to another spot in north Hartford. He declined to provide further details until the deals are finalized. Positive feedback Hartford Economic Development Director Patrick Pentalow said few brokers reach out to him as often as NAI Lexington Commercial to consult on possible new retail businesses. "They have been instrumental in our efforts to revitalize the downtown," Pentalow said. "I think they share the collective vision that the (city) administration is trying to create downtown. They are very ambitious, very aggressive and they want what is best for the city." Landlords working with NAI Lexington Commercial say they appreciate the firm's tenacity and optimism. They also acknowledge a vibrant retail and restaurant scene is key to a healthy downtown Hartford office and apartment market. NAI has recruited nine new office tenants to the 17-story "Stark Building" at 750 Main St., and renewed two other leases. Adam J. Stark, president and founder of Stark Office Suites, was the lead investor in the group that paid $4.3 million for the roughly centu- ry-old, 130,547-square-foot office tower in 2017. Since then, the owner- ship group has invested significantly in new elevators, fiber optic cable and other upgrades, while maintaining the antique building's charm, he said. Stark signed on with NAI Commer- cial after Kevin Kenny approached him with a potential tenant for one of two ground-floor retail spaces. That deal fell through, but it wasn't for lack of effort on Kenny's part, Stark said. "We never did the deal, but I really liked Kevin's approach," Stark said. "He was clearly smart and had a very proactive approach. He was very much about looking at different angles and following up. I was just very impressed. I find a lot of people waiting for things to happen, and I found Kevin and his team were not waiters, they were proactive doers." Stark said his building is over 75% occupied, down from over 80% pre-pandemic, but still full enough to remain comfortably profitable. NAI also helped recruit Insomnia Cookies, known for its late-night delivery of warm baked goods, to a 1,500-square-foot ground-floor retail space at 247 Asylum St. Insomnia, which opened in March, has been so busy that it has brought in extra equipment to keep up with demand, noted Lisa A. Perfito, who, with her husband, Nicholas, owns the mixed-use apartment building hosting the shop. The Perfitos had not previ- ously engaged a broker for 247 Asylum. Kenny cold-called them and eventu- ally signed the building as a client. "They are extremely responsive and extremely motivated," Perfito said of Lexington Commercial. "I think the fact they have a real passion for what they are doing, that's what gets results." Developer Bruce Becker, in May, signed NAI Lexington Commercial to represent about 60,000 square feet of retail space available in his 285-unit luxury apartment tower at 777 Main St. The 26-story building lost a major retail tenant in March, with CVS' depar- ture from a roughly 12,000-square- foot, ground-floor retail space. Becker said he was compelled by NAI Lexington's narrative about the affordability of Hartford relative to neighboring West Hartford. Becker said he keeps his retail space rents just high enough to cover taxes and upkeep, which means commissions aren't huge for brokers. Like Kenny, he's motivated to activate retail spaces to create a more appealing environment for his residential tenants. "I get a sense Kevin understands that, and understands the owners' perspective," Becker said. "I don't have to see a huge return on invest- ment from the retail spaces as long as they get occupied. It makes the apartments more valuable if we have some good retailers downtown." Mark Bean is standing in a 4,200-square-foot empty downtown Hartford retail space at 111 Pearl St., where he plans to open JoyStiX, a restaurant/bar concept for gaming enthusiasts. HBJ PHOTO | MICHAEL PUFFER New Britain industrial property converted to 154 apartments, in $85M effort, fills quickly By Michael Puffer mpuffer@hartfordbusiness.com W ith an $85 million multi- family conversion of a roughly 225,000-square- foot New Britain industrial complex nearly complete, Boston-based afford- able housing developer WinnCompa- nies began welcoming the first tenants to The Ellis Block on March 31. By the start of this month, about 70 of the property's 154 apartment units were occupied, and more than 1,100 applications had been received from prospective tenants. Sections of the former factory complex, at 321 Ellis St., range from one- to six stories and are all connected. They were built between the 1910s and 1930s, according to Matthew Robayna, a consultant leading the project for WinnCompanies. The property housed small appli- ance manufacturer Landers, Frary & Clark until about 1965. After that, most of the building was vacant. "It wasn't totally abandoned, but if you drove by, you would think it was," New Britain Mayor Erin Stewart said during a recent tour of The Ellis Block apartments. "You could tell it was an old, run-down factory before. Now, it just looks completely different. This is what I want to see. You want to talk about bringing an old factory back to life. This looks incredible." The project was designed by Hart- ford-based JCJ Architecture. Massa- chusetts-based Keith Construction served as general contractor. The build- ing's bricks were cleaned and repointed, while all windows were replaced. Inside, apartment units mix exposed brick and drywall with soaring ceilings reaching up to 16 feet. The project will also include field and roof-mounted solar panels, with the resulting power generation providing credits against renters' monthly payments. Government incentives The construction was significantly subsidized by local, state and federal contributions. Accordingly, the complex is reserved for tenants earning between 30% to 80% of the The Ellis Block apartments in New Britain are in a former factory complex at 321 Ellis St. HBJ PHOTO | MICHAEL PUFFER area median income. Rents vary by income level. One-bedroom apartments are available for a single tenant earning between $23,486 and $59,486 per year, at monthly rents ranging from $625 to $1,675. Property manager Jaimie Stewart said there are waiting lists for the 101 apartments set aside for renters earning 30%, 50% or 60% of the area median income. The 53 units set aside for renters earning up to 80% of the area median income have less of an applicant backlog, she said. The complex has 11 units set aside for Connecticut Department of Housing clients, and 10 more earmarked for renters referred by CCARC, a New Britain nonprofit that assists people with intellectual and developmental disabilities. Mayor Stewart expressed interest in attracting similar housing projects to the city. And perhaps, it may happen. Robayna said WinnCompanies has had tentative conversations with the owner of the 213,000-square-foot indus- trial building across the street at 322 Ellis St., about potentially acquiring that property for an apartment conversion. That building had once been part of the same industrial complex as 321 Ellis St., and the two properties are connected by a skybridge over Ellis Street. Filling A Need Continued from page 5

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