777 Main Street - Hartford, CT

Hartford, CT The transformation of 777 Main Street from commercial to residential use has earned it the 2015 Blue Ribbon Award from Commercial Real Estate Women, (CREW) while the conversion of the former Sonesta Hotel has earned historical restoration recognition.

“We are proud that CREW has recognized our efforts converting the vacant office tower into a “green” mixed-use and mixed-income community that creates all of its power on site with renewable energy while providing needed housing”, said Bruce Becker, developer, and architect for the project. “Our goal was to reimagine the building to meet current community needs and revive it as a catalyst for downtown revitalization.”  This Blue Ribbon Award is the organization’s highest distinction and given to the redevelopment of the best new multifamily and the best sustainable design project.

The 26-story building was originally built in the 1960s as the home of Hartford National Bank and Trust. It last served as Bank of America’s headquarters. The building sat dormant for seven years until it was renovated into 285 studio, one and two bedroom apartments and opened for lease in the spring of 2015. The building is designed to meet LEED Platinum green building standards and produces its own heat, hot water, and electricity via a fuel cell without any combustion of fossil fuels. The 777 Main project is the largest of the Capital Region Development Authority’s (CRDA) housing investments with $17.7million in loan and equity. As of today, it is 84% leased.

Spectra Boutique Apartments, another CRDA – supported conversion of a historical property, has received the Connecticut Trust for Historic Preservation’s Award of Merit for Best Urban Renewal Project.  Jeff Ravetz of Girona Ventures and his partner, Joseph Klaynberg of Wonderworks Construction & Development purchased the commercial building at Five Constitution Plaza in January of 2011 for redevelopment after being shuttered for more than 20 years.  What was originally the Hotel America, built in 1964 is now a 190 luxury apartment home community.

“The great bones of Hotel America, now Spectra, were already there. We just had to shine them up,” said Jeff Ravetz of Girona Ventures. “We think Hartford is a lot like Hotel America. We look forward to the building and the city continuing to exceed our expectations. The restoration of this building has been one of the most gratifying projects in which we have ever been involved due to the pride that it has touched in so many people connected to Hartford’s history.”

The modernization retained much of the original historic details of the hotel, specifically the unique brass room numbers and window mullions as well as the marble floor and wall tiling. Spectra began leasing in May of 2015 and it is at 97% occupancy.

As evidenced by Spectra and 777 Main, working with developers to convert unique historical properties into a product supply that satisfies a demand has proven to be a sound investment decision by CRDA.           

“Given the fact that the infrastructures of the buildings were solid as well as the historic significance of the edifice, it made sense to support the conversion of the properties into needed housing for the city,” said Michael Freimuth, CRDA’s executive director. “The impressive absorption rate at both properties in a relatively short amount of time is a great example of reenergizing the city core through the repurposing of fallow commercial assets.”

Other CRDA-funded restoration projects include The Grand Apartments at 201 Ann Uccello Street, 179 Allyn, 40 Elm Street, 36 Lewis Street, Capewell and 360 Capital Avenue.