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December 6, 2021

Carlos Mouta outlines $72.8M mixed-use development in Hartford’s Parkville neighborhood

Photo | CoStar 237-245 Hamilton St. in Hartford.
By Michael Puffer

Developer Carlos Mouta’s vision for a $72.8 million transformative apartment and retail development in Hartford's Parkville neighborhood may soon get a $3.5 million boost from the Capital Region Development Authority.

Mouta is seeking a $3.5 million CRDA loan to clean lead paint, asbestos and other hazardous materials and pollutants from the building and property at 237-245 Hamilton St.

The proposal was introduced to the CRDA’s Housing & Neighborhood Committee Friday. It needs approval from the full CRDA board.

Mouta said he plans to build 189 apartments in the 236,000-square-foot building. He is also planning 80,000-square feet of mixed-use space for startup businesses, along with amenities such as “Zoom rooms,” a gym, a beer garden and a small grocery store.

“It’s going to be a great addition to that area,” Mouta said. “I am responsible for about 250 [apartment] units in that area.”

Photo | Michael Puffer
Developer Carlos Mouta on the third floor of a former factory in the Parkville neighborhood that he plans to renovate.

Mouta grew up part of a working-class family of five in a Cape-style house on Kibbe Street, a short distance away from the Hamilton Street building he bought three years ago. He said he feels a sense of obligation to the neighborhood, and that this is a project that needs to happen for the area's success. 

Mouta has renovated several large properties in the area. Among his creations is the popular Parkville Market. 

Mouta said he is working to confirm $24 million in historic tax credit backing from state and federal historic preservation offices.

Once that is confirmed, Mouta said, he can continue work to secure $10 million in funding from opportunity zone investors and another $20 million to $30 million in traditional bank loans.

Mouta said he plans to use CRDA funds to clear hazardous materials at the property over a period of three to four months. That work would start as he is securing other sources of funding.

Mouta said he hopes to begin construction in early spring.

Portions of the development could be ready for occupancy in 18 months, with the balance of the project completed in 24 to 30 months after launch, Mouta said.

“It’s a significant project and it’s critical long-term to the success of the Parkville area because it’s such a dominating structure,” said Michael Friemuth, executive director of the CRDA.

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