A roughly 250,000-square-foot former General Electric factory on New Britain’s East Side is on track to be converted to nearly 150 apartments. WinnDevelopment is looking to secure state low-income housing tax credits for the project, and the city this summer amended its redevelopment district master plan. The plan is for a mix of one-, two- and three-bedroom units. WinnDevelopment has provided no cost figures, but city officials estimate the project will be in the $50 million to $60 million range. If the state tax credits are approved, WinnDevelopment would buy the property from Ellis Street Holdings LLC and begin a large-scale renovation. New Britain is giving the company a 20-year phase-in of annual taxes. WinnDevelopment would pay about $50,000 in the first year of operations, and that rate would rise each year to reach $120,000 after 20 years.
https://www.courant.com/news/connecticut/hc-news-connecticut-factory-conversion-20211023-3qpd6wkczfamzazultflselg5q-story.html