Hartford Business Journal

6 HARTFORDBUSINESS.COM | AUGUST 10, 2026 DE AL WATCH By Michael Puffer mpuffer@hartfordbusiness.om D emand for UConn's first downtown Hartford residence hall has exceeded expecta- tions, with all 202 beds spoken for weeks before an Aug. 29 move-in date and more than 50 students on a waiting list. The $28.9 million public-private redevelopment of the former office building at 64 Pratt St. aims to give Hartford campus students a more traditional residential college experience while bringing hundreds of new residents downtown to support restaurants, retailers and street activity. "We have more applications to live there than we have spots," said Nathan Fuerst, UConn's vice presi- dent for student life and enrollment. "We anticipate that the building will be full when we open for the first day of classes." University officials expect the building to house students attending UConn's Hartford campus, with roughly one-third upperclassmen and two-thirds freshmen. Fuerst said students have been drawn to the Hartford campus' downtown location, access to rail service and proximity to museums, performing arts venues, state govern- ment and PeoplesBank Arena. UConn is helping students on the waiting list explore other downtown Chris P. Reilly, president of Lexington Partners, stands outside UConn's first downtown Hartford residence hall at 64 Pratt St. HBJ Photo | Michael Puffer housing options, including apart- ments at 525 Main St., where the university leased much of a recently converted office building last year to gauge demand for downtown student housing. A handful of students renewed leases there, Fuerst said. The project represents years of planning by UConn, developers, the Capital Region Development Authority and Hartford business leaders to establish a residential campus in downtown Hartford. "The location of that dorm puts a lot of feet on the street, hundreds of feet on the street," said Andy Bessette, vice president and chief administrative officer of Travelers Cos. and vice chairman of CRDA, a quasi-public agency that provides low-interest loans for Hartford-area apartment projects. "We have activity, we have vibrancy, we have young people walking around." Hartford employers, including Travelers and The Hartford, contrib- uted more than $1 million to provide more than 50 students with $3,600 scholarships to help offset the annual housing cost of $12,672. The residence hall includes 45 furnished apartments, primarily two- and three-bedroom suites, housing 202 students. UConn signed a master lease for the building, which will operate like a traditional residence hall. Because portions of the former office building could not easily be converted into apartments, devel- opers transformed those spaces into study and game rooms, classrooms, multipurpose areas and a fitness center, according to Chris P. Reilly, president of Lexington Partners, the development firm that led the conversion. The development partnership includes Lexington Partners, Hartford businessman Alan Lazowski and Brooklyn, New York-based Shel- bourne Global Solutions. The City of Hartford approved a 15-year tax-fixing agreement to support the project. As of January, the $28.9 million development budget included a $10.57 million bank loan, $3 million CRDA loan, $3 million state grant, $2 million City of Hartford loan and approximately $3.35 million in owner equity. Three years ago, Shelbourne Global Solutions purchased the 324,000-square-foot mixed-use office complex at 242 Trumbull St., which includes 64 Pratt St. and approximately 30,000 square feet of retail space along Pratt and Trumbull streets. With the residence hall complete, Shelbourne and its partners are turning their attention to converting the remainder of the office complex into apartments. Reilly said preliminary designs call for at least 145 units. He expects to seek zoning approvals and additional CRDA financing this fall. Reilly said demand for downtown housing remains strong, noting the roughly 900 center-city apartments in Lexington's portfolio are about 97% occupied. UConn's first downtown Hartford residence hall opens to full house, waiting list Continued from page 5 Connecticut business or organiza- tion, including Hartford HealthCare, Travelers, Stanley Black & Decker, Liberty Bank, Electric Boat, Frank Pepe Pizzeria Napoletana, Hoffman Auto Group and the Connecticut Department of Transportation. Liberty Bank President and CEO David Glidden said the center will provide much-needed financial literacy lessons. Liberty Bank and Hartford Health- Care have each pledged $250,000 toward the project. Liberty has long supported Junior Achievement, and its employees frequently volunteer with the organization. "I think there is a real big gap in need in our communities and society for financial literacy," Glidden said. "If you look at it, financial literacy is the first step to real independence and financial security." Travelers Cos. and The Hartford have each pledged $1.5 million over five years to the new center. Travelers has supported JA Finance Park centers in Georgia, Maryland, Colorado and Minnesota, where the company also has major employee bases. "The basic core values of Junior Achievement are essential to Trav- elers," said Andy Bessette, the insur- er's executive vice president and chief administrative officer. "They really work around financial literacy — managing money, budgeting and saving. They do work readiness, entrepreneurship, how to start a business and understand economics. That's important to us." The Hartford has partnered with Junior Achievement for decades, providing funding and roughly 100 employee volunteers each year who teach classroom lessons, lead career-readiness activities, mentor students and participate in other hands-on learning experiences across Connecticut. "One of our key pillars in commu- nity relations, which includes philan- thropy, is vibrant communities, which has a huge emphasis on the City of Hartford," said Matthew Sturdevant, head of media and public relations for The Hartford. "We partner with nonprofit anchor institutions that form Hartford's foundation to expand across education, workforce develop- ment and economic opportunity." Hartford HealthCare — a 48,000-employee health system — is another longtime supporter contrib- uting to the project. "We will have the potential to ignite and excite thousands of young people who are going to be coming through Hartford and opening their eyes to the opportunities that exist in an organization like ours," said Hartford HealthCare President and CEO Jeffrey A. Flaks. Downtown activity Race said donors have already pledged about $10 million. Fund- raising will continue toward Junior Achievement's goal of opening next year. The nonprofit currently operates with 18 employees and a $3.2 million annual budget. Race said the Hartford center will add roughly $1 million in annual operating expenses and require about five additional employees. Race said the Hartford center will strengthen relationships between schools and employers while bringing thousands of students, teachers, parents and volunteers into down- town Hartford each year. Junior Achievement deliberately chose downtown Hartford because it sits at the crossroads of Connecti- cut's highway network, making it accessible to schools throughout the state, he said. The Capital City also offers prox- imity to state government, leading corporations and higher education institutions, Race said. Junior Achievement began leasing its second-floor State House Square space in May. "We're going to be bringing in kids from all over the state, bringing in parents from all over the state, bringing in volunteers from all over the state, bringing them downtown, and really helping everyone under- stand how important the downtown can be and the business community is to the future of their children," Race said. AT A GLANCE Junior Achievement of Southwestern New England Industry: Nonprofit Education Top Executive: Jeremy Race, President & CEO Current HQ: 70 Farmington Ave., Hartford Future HQ: State House Square, Downtown Hartford Employees: 18 Annual Budget: $3.2M Website: swne.ja.org Contact: 860-525-4510

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