Springside Middletown will be one of the largest apartment complexes in Middlesex County when construction is finished, but that’s not why this project is being deemed “historic.” Following the May 16 groundbreaking on the planned 414-unit apartment complex off Newfield Street near the Cromwell line, Bob Dale, a principal of the real estate development firm PB Development, said the project is unique for several reasons. The developer’s active partnership with the city and its community groups also led to a notable tax abatement negotiation with the city, where the developer committed $1 million of the project costs as a set-aside, earmarked for minority contractors to bid work on the project. Marshall said the project is estimated to create $1.5 billion in total economic impact. “The one thing that I keep saying over and over again is this is a huge win for Middletown — it’s a cash- positive deal.” Construction is already in full swing, and has been going on for about a month. Both the first and second phases are estimated to take about 27 months to complete.
https://www.stamfordadvocate.com/news/article/414-unit-housing-complex-add-1-5b-middletown-ct-18117115.php