Loans Could Bring Hartford Office Supply Building Closer To Apartment Conversion

HARTFORD, Conn. Long-simmering plans to convert a prominent but long-vacant building in Frog Hollow into apartments could now get a major financing boost.

The conversion of the former Hartford Office Supply Co. building on Capitol Avenue has been approved for $7 million in financing from the Capital Region Development Authority and an additional $5 million from the state Department of Housing's CHAMP program, aimed at increasing affordable housing. The State Bond Commission must now vote on the financing, in the form of loans.

The conversion is estimated to cost $31 million.

Michael W. Freimuth, CRDA's executive director, said the Hartford Office Supply building is outside the authority's core, downtown area where it has concentrated most of its apartment financing efforts.

"We want to start to link or knit our efforts downtown to the neighborhoods," Freimuth said.

The building is considered key to revitalizing a main thoroughfare in the Frog Hollow neighborhood. It isn't yet clear when construction might begin, but Freimuth said it is possible the first rentals could be available at the end of 2016.

Dakota, a developer based in Waltham, Mass., has an option to buy the four-story building. Dakota also is now converting the former Professional Building on Allyn Street into apartments.

Dakota couldn't be reached for comment Friday.

According to CRDA, the financing package also includes a $3 million loan from the city of Hartford, a $5.4 million bank loan and $10 million in state and federal historic credits.

The apartments would be 80 percent market-rate and 20 percent rent-restricted based on income. Monthly rents would range between $900 an $1,250.

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Loans Could Bring Hartford Office Supply Building Closer To Apartment Conversion