Downtown Hartford properties, including vacant fire house, move closer to redevelopment

The CRDA’s Housing and Neighborhood Committee on Friday approved two loans that will enable New York-based Wonder Works Construction to purchase and renovate city-owned properties at 525 Main St., and 275 Pearl St. The Hartford City Council must approve selling the buildings to Wonder Works. The loans are funded by a municipal revolving fund but the CRDA will administer them. It’s part of an agreement by the CRDA and Hartford to partner on economic development in the city. Historic credits and equity will round out funding for each project. In each project, the city will defer payment of the sale price as well as taxes. The projects will be done in tandem. The developments are expected to take up to two years to complete, Freimuth said.

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