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February 3, 2021

Construction set to begin on $20M W-Hartford mixed-use project

Rendering | Amenta Emma Architects Trout Brook Realty Advisors is building a $20-million mixed-use development on New Park Avenue.
By Sean Teehan

Construction of a $20 million mixed-use retail/residential project on West Hartford's New Park Avenue is set to begin this month, with developers projecting a completion date of May, 2022.

Trout Brook Realty Advisors, the nonprofit development arm of the West Hartford Housing Authority, is set to break ground on the transit-oriented development project located on the 2-acre former Acme Auto Parts site nearby two stops on the CTfastrak rapid bus line.

Financing for the project comes from the federal Low Income Housing Tax Credits (LIHTC) via the Connecticut Finance Housing Authority (CHFA) and additional subordinate financing from the Connecticut Department of Housing (DOH). 

“West Hartford is committed to providing a variety of housing options for our residents and 540 New Park is just the latest example of a new, quality product that is financially accessible to our hardest working residents,” West Hartford Mayor Shari Cantor said. 

The 52 residential units will be offered to tenants on a mixed-income basis, according to Trout Brook. Forty one will be available to people whose income is 60% of the area's median income or less -- about $43,000 for individuals, or about $61,000 for a family of four. Eleven units will be offered at market rate.

Rent for one-bedroom units in affordable units will likely be about 1,150 per month, Trout Brook said, and two-bedroom affordable units will probably go for almost $1,400. Market rate one-bedroom units will probably go for just over $1,450 per month. 

The so-called 540 New Park community will complement a neighboring transit-oriented development Trout Brook completed two years ago known as 616 New Park. That $19-million development has 54 fully occupied living units on its three upper floors and ground-level retail space with a bicycle repair and retail store, coffee shop and fitness studio, officials say.

According to plans for 540 New Park, the modern-designed four-story building will include 27 two-bedroom and 25 one-bedroom units. Officials say the development will be marketed toward working-class Millennials. 

Most of the first floor will feature exterior glass meant to showcase activity in retail spaces, a lobby, and fitness and community rooms. Apartments will include high ceilings, large windows and open living-dining-kitchen areas.

An existing vacant 22,000-square-foot warehouse on-site will be razed at 540 New Park Ave. to make room for the apartment building.
 

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1 Comments

Anonymous
February 3, 2021

If the math is correct that is $ 384,600. per unit. Seems like a lot.

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