Hartford Business Journal

6 Hartford Business Journal • November 13, 2017 • www.HartfordBusiness.com By Scott Whipple Special to the Hartford Business Journal V isit downtown New Britain and you'll see a change. The city of 73,000, consigned to the New England rust belt after most of its factories closed and two highways split the city, is making a comeback. Business leaders cite the CTfastrak rapid bus system, transit-oriented developments and pedestrian-friendly streets as signs of a nascent, but visible rebirth. They also credit Avner Krohn, a 35-year-old developer from Long Island. New Britain's Economic Development Director Bill Carroll wonders, "If Avner were not part of downtown, where would we be?" Krohn stumbled on New Britain in 2006 when he took a wrong turn while passing through Connecticut. Though the story may sound apocryphal, Krohn acknowledges that when he discovered New Britain he found the city charming; he was impressed with its potential, historic architecture and the desire of residents he met to turn things around. He has chaired the New Britain Down- town District where he participated in urban planning, streetscape design and promoted a "gentrification" of the city. To Krohn, this means buying decaying proper- ties to revitalize neighborhoods and, wher- ever possible, do historic rehabilitations. Though Krohn's company, Jasko Develop- ment, owns multiple properties in Con- necticut and New Jersey, his five buildings in New Britain cover over 100,000 square feet worth more than $10 million. Working with three city mayors, Krohn's efforts have resulted in a more active downtown and a pro-development attitude among city leaders, officials said. "Avner saw a community he could invigo- rate," said New Britain Mayor Erin Stewart. "Together with three different adminis- trations he worked to preserve the city's historic past while focusing on its future." His most recent project, the Raphael Building on 99 West Main St., is a mixed- use retail and residential building, a project he calls the culmination of his work in the city. Sixteen above-market luxury apart- ments are available. They include one- and two-bedroom units with rents ranging from $1,075 to $1,500 a month. "To me, it's my most gratifying, most beautiful project, something that should have a positive effect for future projects downtown," Krohn said. Working with Central Connecticut State University Professor Leah Glaser and her his- torical preservation class, the Jasko team used more than $400,000 in historic tax credits to complete the project. The city received a grant in 2015 from the Connecticut Main Street Cen- ter program to determine the project's feasibil- ity in turning the decayed 1925 building into residential housing above commercial space. Though Krohn declined to reveal the total cost of the Raphael project, he said like most of his projects in the city, tax credits were a small portion of the financing mix. The building was redeveloped mainly using private equity and traditional bank loans. Approximately 14,000 square feet is retail and 11,000 square feet residential. Retail is close to 100 percent occupied. Krohn calls apartment occupancy "a work in progress. I anticipate full occupancy in a couple of months." "The Raphael building was boarded up with tree branches growing out of it," Carroll said. "It was an eyesore. Some city officials wanted it torn down and the space used for additional parking. But, Avner took a chance where other developers might have walked away." New Britain's Downtown District Direc- tor Gerry Amodio said that if not for Krohn and Jasko, a reclamation project like the Ra- phael building would never have happened. "That and other buildings would have remained vacant or would have been lost forever," Amodio said. The keys to development projects in New Britain, Krohn said, are patience and persistence. "Few of these projects are easy; they're complicated and take time," he said. "But I have a full team of construction profession- als in-house with in-depth knowledge of the building component." In addition to the Raphael Building, Krohn's business owns: • 450 South Main St., (Jasko Shopping Plaza, 19,800 square feet), anchored by Columbia Dental; Redevelopment Catalyst NY realty developer Avner Krohn helps lead New Britain's comeback Avner Krohn has been one of the most active downtown New Britain developers in recent years. The New York resident said he's bullish about New Britain's future. His latest project was the redevelopment of the formerly decaying Raphael Building on West Main Street, which he transformed into a mixed-use residential and retail building. HBJ PHOTO | STEVE LASCHEVER

• Cover