With an official construction kickoff Tuesday in Middletown, Springside moved closer to becoming one of the largest new apartment complexes in central Connecticut: Plans call for 414 units. Middletown negotiated two unusual provisions when it granted tax breaks to developers PB Development and Harbor Group International. The companies agreed to earmark $1 million of the construction budget for minority-owned contractors, and also pledged to provide $100,000 in local business gift cards to tenants in the 414 apartments. The developers recruited Marshall to run the set-aside program, and he said Tuesday that Springside is more than housing. The first phase of Springside should take 27 months to complete, and will produce 240 units, Dale said. The second phase will build another 174. Dale said he would like to begin construction on phase two sometime during phase one, but said that could be held off depending on market conditions. The cost of the first phase has been estimated at $83 million. Dale on Tuesday said the cost of the entire project will be over $100 million, but cited construction inflation as one reason he wouldn’t give a more precise figure.
Middletown housing complex ‘breaks ground’ with offering private money for minority contractors