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November 30, 2021

Spinnaker eyes February start to major Hartford office-to-apartment conversion project

HBJ Photo | Joe Cooper The former state office complex at 55 Elm St. is set to be converted into 164 new apartments.
By Michael Puffer

Spinnaker Real Estate Partners could begin physical work transforming a massive former state office building at 55 Elm St. in Hartford by February.

Spinnaker co-partner Matthew Edvardsen said demolition and abatement work in the building could begin in the next 30 to 45 days.

The Norwalk-based developer purchased the century-old, 200,000-square-foot office building in Jan. 2020 for $6.8 million. It also purchased a trio of nearby parking lots at 71 Elm St., 94 Hudson St. and 108-110 Capitol Ave.

The company plans to put 160 apartments in the historic office building and build multifamily buildings in adjacent parking lots.

Spinnaker currently has applications before Hartford’s Planning and Zoning Commission, seeking to create a “campus overlay” of the parcel and subdivide parking associated with the 55 Elm St. building.

This will split the “more complex” financial and ownership of the initial historic rehabilitation phase, better enabling future construction of new buildings planned for adjacent parking lots, Edvardsen said.

“It’s just keeping that hopefully separate ownership and making sure the complexities of a historic tax credit structuring of the 55 Elm deal doesn’t complicate the ability to go vertical on the rest of the parking lots,” Edvardsen said.

The State Historic Preservation Office has approved Spinnaker’s rehabilitation plan for 55 Elm St., as well as an overall development concept for addition of nearby buildings.

The state office maintains purview to review designs for new construction, ensuring the new buildings do not distract from the historic significance of 55 Elm St., Edvardsen said.

The Planning & Zoning Commission introduced Spinnaker’s request last week. Edvardsen said he is hoping to see it approved in January.

The developer already has city land-use approvals for 55 Elm St. but wanted to secure the subdivision to avoid complications with construction of new buildings on the lots, Edvardsen said.

“It’s been a long process putting all the pieces together, but I think we are finally there and hopefully in the next couple of months we see some progress and close all the financing and pull the building permit,” Edvardsen said.

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