Hartford Multifamily Market

Hartford, Connecticut, is experiencing growth and development in its central business district. New projects, including a convention center, hotels, retail and apartments, are being developed to convert the Hartford CBD from a transit city into a residential urban area. Strong demand and high presales have encouraged this trend of building new luxury residences in the CBD and affordable upscale townhouse developments just outside the CBD.

Developers are looking to attract professional tenants that are a mix of empty-nesters and singles who work in the city and will be able to enjoy all that Hartford has to offer.

The Capital City Economic Development Authority (CCEDA) is developing Adriaen’s Landing, a 33-acre mixed-use development in downtown Hartford. The site will feature the 50,000-square-foot Connecticut Convention Center, the 22-story Hartford Marriott Downtown, the more-than-100,000-square-foot Center for Science & Exploration, the $25 million pedestrian-oriented Riverfront revitalization project on the Connecticut River and an entertainment/retail/residential district. Completion is set for 2005. The residential component of Adriaen’s Landing will contain 200 market-rate apartments in two low-rise buildings. Richard Cohen of Capital Properties is developing housing and retail space across from the convention center as part of Adriaen’s Landing

Capewell Housing Limited LLC is developing The Capewell. The development will contain 92 one-, two- and three-bedroom flats and lofts. Pre-construction prices start at $100,000. The project is located near Adriaen's Landing on Charter Oak.

Richard Weaver-Bey of Greater Hartford Realty Management Corporation is developing Mortson Putnam Heights, a townhouse and condominium community just outside of the Hartford CBD; 36 of the 40 units are already sold.

Marty Kenny of Trumbull on the Park LLC is developing Trumbull on the Park, a 100-unit luxury apartment community across from Bushnell Park in the $38.5 million Trumbull Centre development on Trumbull Street. A newly constructed nine-story building will include 88 units and a central courtyard that links to the historic Lewis Street buildings, which will house an additional 12 units. The development will feature 8,000 square feet of retail and restaurant space and a 600-car pre-cast parking garage.

Northland Investments is redeveloping the former Hartford Civic Center — now called Hartford 21. The project will contain retail and 262 residential apartments. Completion is slated for mid-2006.

As a result of the growth these developments will bring to Hartford, the areas of Bushnell Park, the West End and other nearby communities are the places to watch for future change and growth.

“It appears that Hartford will be an appealing city, offering a cultural and vibrant ambience that will indeed be more affordable than cities like New York and Boston,” says Lauri Every, senior advisor for Wethersfield, Connecticut-based Sperry Van Ness/Every & Associates. Located at the midpoint between New York City and Boston, Hartford offers more affordable living than the two big cities, according to Every. Rental rates for the new luxury apartments range from $1,100 to $2,500 per month.

With low vacancy rates, the Hartford market is in high demand and is predicted to continue growing. “I think the market will to continue to grow as more development is finished, creating a greater demand for urban living as these luxury residences with mixed uses continue to develop,” says Every.

Northeast Real Estate Business would like to thank Dean Pagani, director of marketing and communications, Capital City Economic Development Authority, for contributing to this article.

©2004 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.

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