In Progress: Capewell lofts

[The Voice of Reason]

http://touch.courant.com/#section/2305/article/p2p-81485503/

 

 

The capewell factory has been approved, and it has some funding.

 

apparently not the full 26 million though.

 

this is not stopping CIL from jumping in on their 3.8 million of site remediation.

 

Pretty cool that this project is seeing some improvements. honestly its such a critical property.

 

 

 

 

"About a third of the building — slated for 72 apartments, plus about 5,500 square feet of office or retail space — has been cleared of debris and contamination"

 

72 apartments is not alot, but once they are done i suspect something will come of the remaining property.  heck they have the townhomes still happening too.

 

 

 

 

[HartfordTycoon]

I'm encouraged that CIL has demonstrated that they are comitted to getting this done. The fact that they are spending money and moving forward shows tht they are confident that the project will get done.

[The Voice of Reason]

yeah its a very strong move.

 

and as a not for profit, i mean a loss is a loss but its not like a for profit company

 

if they spend this 3-4 million and do nothing more and eventually sell the building to another developer.... at least it will be cleaned up and ready for development right?

I mean with this work happening, it guarantees that even if this fails, the next guy has 1/10th the headaches

[Suzanne Hopgood]

The environmental remediation was started because it needs to be done regardless of what ultimately happens to the building. Last week both the Bond Commission and CRDA approved the restructured funding for Capewell and the financing is due to close in December. There's a very tight time schedule to complete to meet funding deadlines. There is much excitement about the Capewell.

[HartfordTycoon]

Thanks for the update, Suzanne. It would really be fantastic to get this project completed. We have our fingers crossed!

[The Voice of Reason]

I mirror HT on both accounts.  its great to have you join us here and thanks for the update.

 

I wonder if you can maybe share info about the huge plot of land behind Capewell and possible plans.  In the past I think there were two interested Hotels... any chance we can revive those proposals and extend the convention district to the South a bit over the Whitehead?

[The Voice of Reason]

They have officially plugged the financing hole

 

this project is moving forward

 

http://touch.courant.com/#section/2225/article/p2p-83745322/

 

there is a rendering in some article I saw..

 

another nice step forward for the city and its fringe areas

 

This project hass been on and off for over a decade so its an amazing win to have it get be in development and fully funded.

 

 

the residents here will bring more life to South Downtown (which is adding a new resturant in the Linden)  They will also feed into Downtown through Front Street and also this starts to draw a connection to Coltsville which is also moving forward.  still huge swaths of parking though and shelters/parole board etc...

 

 

[The Voice of Reason]

http://www.courant.com/real-estate/property-line/hc-capewell-factory-housing-groundbreaking-20150722-story.html

 

ground breaking for the full project now that financing is all wrapped up etc...

this is a nice project.  very cool that CIL is doing it also.  lets hope they dont squander the rest of that land for super low density crap in the long run

72 more apartments underway

 

[Jim Cooper]

Hartford seems like it is trying to grow. I just wish that they'll do more housing for families

[The Voice of Reason]

Jim,

there are tens of thousands of family size units in Hartford.  as an old manufacturing city thats really what most of the housing stock is.  

these downtown apartments are bringing middle class folks back to the city, if families want to move back, they have plenty of options.

as example.  I own a 3 family building a short walk from the city center thats in the Frog Hollow area.  each unit is its own floor, and each is 1750 Square feet. with 3 bedrooms, a dining room a huge living room and 1.5 baths.  certainly large enough for a family of 4 

the area was 100% section 8  just seven years ago, its now nicely mixed.  I think this trend will continue as the CBD grows in population and people become more comfortable in the city.  I coul;d easily see a family buying one of the thousands of buildings like mine, living on the top floor and renting the rest out to other families 

Asylum hills has more 2 families and some single families even.

 

[Butters]

On 8/18/2015 at 10:22 PM, The Voice of Reason said:

the area was 100% section 8  just seven years ago, its now nicely mixed.  I think this trend will continue as the CBD grows in population and people become more comfortable in the city.  I coul;d easily see a family buying one of the thousands of buildings like mine, living on the top floor and renting the rest out to other families

 

That sounds like a good idea actually. When prices are low and families start moving in that's a good time to buy. How are these developments coming along anyway?

[The Voice of Reason]

I am bullish on the whole area, and with the larger developments getting some state funds, they seem to be on a good path and only continuing to happen. 

The 35 million development near my little building is proceeding, so that makes me happy.  

I think the next big test for the market will be when the Hardrock and apartments break ground this spring.

 

I feel like there is now kind of a gap between completed buildings and whatever the next phase will be.  All the first wave buildings are pretty much open now and as far as I know leasing quite well.

The only thing I can think of immediately that's still in the works and a ways off from leasing is the Hartford office supply building on Capitol.

I suspect that the other buildings will all be leased up before this one opens.