The Renaissance City Development Association (RCDA) the city’s development arm, brokered an agreement in 2023 that included selling 6.28 acres split among three parcels to RJ Development + Advisors, LLC for $500,000. RJ Development, which built The Beam, a 203-unit apartment complex on Howard Street, pitched building two 250-unit apartment complexes on Nameaug and Walbach streets, and constructing a 1,200-space parking garage at 26 East St. Wednesday’s deal was finalized less than two months after the City Council on Sept. 16 approved nearly $6.5 million in tax breaks over 20 years to RJ Development, which would cover about half the $13 million in estimated pre-construction costs. In exchange, the city will receive approximately $18 million in tax revenue over the life of the agreement. Felix Reyes, the city’s director of planning and economic development, said Friday large-scale development projects move in cycles tied to larger market and real estate forces.
https://www.theday.com/local-news/20241103/sale-of-the-last-city-owned-fort-trumbull-parcels-to-developer-finalized/