Downtown North developer Salvatore eyes next phase of Hartford’s mixed-use neighborhood development

Stamford-based developer RMS Cos. broke ground on DoNo’s first phase last October, and has already completed construction of the 330-space parking garage. In an interview with Hartford Business Journal Monday, RMS CEO and President Randy Salvatore said foundation work has now begun on the $50-million project’s 270 apartment units, which should be completed about a year from now. Salvatore said work on parcel B will be broken down into two phases. The first will be a $52.8 million investment that will lead to the construction of the parking garage and 228 apartment units. RMS has already submitted a $13.6 million funding request for the first phase of parcel B to the Capital Region Development Authority. The rest would be financed by a mortgage ($33.2 million) and equity ($6 million). He said the pandemic hasn’t detracted from his vision to create a vibrant mixed-use neighborhood with 1,000 apartments around the ballpark.

Share This Article: