Hartford inks lease deal for $21.5M Albany Ave., Woodland St. development

Hartford inks lease deal for $21.5M Albany Ave., Woodland St. development

Hartford’s city council has agreed to lease city property to a local developer proposing to build a $21.5-million mixed-use development in a key corner of the Upper Albany neighborhood. 7 Summits CEO Rohan Freeman in an interview said the deal gives his group control of the 2-acre property, and leverage to finalize more than $10 million worth of “soft commitments” from several potential public and private funders. 7 Summits, the lone bidder to redevelop the property, formerly home to a gas station, still needs the planning and zoning commission to approve its site plan before it moves closer to breaking ground on the four-story, 80,000-square-foot development it hopes to complete in 2021. The timing of possible city approvals, Freeman said, will determine whether the eight-month construction project begins this fall or next spring.

https://www.hartfordbusiness.com/article/hartford-inks-lease-deal-for-215m-albany-ave-woodland-st-development?utm_source=Newsletter&utm_medium=email&utm_content=LAZ+Furloughs+300+%7C+CT+Hospital+Losses+Mount&utm_campaign=HBJ+Today+052820

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