East Hartford approves $6.5M for demolition in Founders Plaza, fewer apartments likely to be built

A newly executed agreement between the town and the developers of the Founders Plaza property near the bank of the Connecticut River transfers $6.5 million in state funding for demolition of the former Bank of America building. The new agreement, approved by the Town Council at a special meeting Monday, also reduced the minimum number of apartments expected to be built and the timeframe for construction of the first phase. The original plan, unveiled last summer after Lexington Partners, the lead developer, bought the property for $4 million, called for 1,000 units to be built along with 300,000 square feet of commercial space, a pedestrian bridge over the river to Hartford, and a transportation center. The developers have since set aside the bridge and transportation center to focus on the housing for the $840 million project, which originally included $125 million to $150 million in public improvements.


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