The Capital Region Development Authority is considering a $6.5 million loan toward a $45.35 million conversion of two antique state office buildings on Hartford’s Trinity Street into 108 apartments and a restaurant. The CRDA’s Housing and Neighborhood Committee, meeting Thursday, gave its blessing to the loan request from a development team of Philadelphia-based Pennrose and The Cloud Co., of Hartford. Plans call for 108 apartments, mixing studios, one-bedroom and two-bedroom units. For now, the development team is hunting down financing to see if the project is viable. CRDA Executive Director Michael Freimuth told board members he believes they have until August to complete due diligence and commit to a purchase. They are still about $5 million to $6 million short of their budget target, but Thursday’s approval will be an important step to closing on other funding sources, Freimuth said.
https://www.hartfordbusiness.com/article/65m-crda-loan-sought-for-4535m-renovation-of-two-historic-state-office-buildings-on-trinity