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February 19, 2021 Deal Watch Today

28 new apartments debut in downtown Hartford, bolstering XL neighborhood

Gregory Seay 28 High St., downtown Hartford.
By Matt Pilon

Downtown Hartford’s newest apartment offering has hit the market, and the leasing pace has been quick so far.

Developer Constantinos Constantinou in January began renting the new units at 28 High St., a $5.5 million conversion project backed by $1.9 million from the Capital Region Development Authority.

CRDA Executive Director Michael Freimuth reported Friday morning that eight of the new units have already drawn tenants in less than one month, a brisk pace, particularly during the COVID-19 pandemic, which has delayed construction and slowed lease-up for a number of multifamily projects.

28 High is the latest of about a half-dozen apartment developments around the XL Center that CRDA has backed in recent years.

Constantinou ran into COVID-related delays during construction that slowed the project by several months. CRDA granted a three-month forbearance on interest payments for the project last September.

Freimuth says tenant interest has been a positive sign for the area around the XL Center.

“There is some good stuff happening in the market out there,” he said. “The neighborhood has a lot going on right now. It’s a bit of a high-risk game -- those are tough buildings and tough streets -- but I think that it’s good news.”

Meanwhile, with an eviction moratorium still in effect, across CRDA’s entire approximately 2,000-unit apartment portfolio, owners told the agency recently that they anticipate a relatively low number of evictions due to nonpayment of rent when the order is lifted.

Of the 25 total properties, 18 responded to CRDA’s survey, representing the bulk of its units.

Of those 18, eight expect to file one eviction action each, one expects to file three, and another anticipates filing five. 

That’s largely in line with what CRDA reported several months ago.
 

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