Property of the Month: City seeking proposals from developers/investors for 33,000 s/f building at 521 Main St., Hartford

Hartford, CT Developers and Investors are invited to submit proposals on a rare opportunity to acquire a unique property at one of Hartford’s most prominent locations:  521 Main St. Directly across from Hartford’s historic City Hall and within an easy walk of Hartford’s many cultural attractions and public parks, this four-story, 33,000 s/f former office building is currently vacant on the upper floors and 100% occupied on the retail level. The half-acre site also overlooks the capital city’s iconic Bushnell Park. The progressive regulations for downtown development in Hartford’s new 2016 Zoning Code allow for a wide variety of uses without any minimum parking requirements and available density bonuses.

521 Main Street - Hartford, CT

Hartford’s downtown has experienced a residential renaissance over the past five years, with a number of former office buildings being converted into residential units. These conversion projects have all exceeded pro-formas in terms of absorption rates and stabilization timetables, demonstrating a pent-up demand for downtown living among both young professionals and “empty nesters” moving from Hartford’s suburbs. The most recent such project, the former Hartford Office Supply building at 390 Capital Ave., will be celebrating the grand opening of its 112 new apartments in spring 2017, with stabilization expected by mid-year.

Another exciting development for Hartford’s downtown has been the expansion of higher education institutions in the neighborhood, including the University of Connecticut’s Hartford Campus, Trinity College, Capital Community College, and St. Joseph’s College of Pharmacy.

UConn, which is relocating its Greater Hartford Campus this year to a new complex centered on the classic Hartford Times building on Prospect St., one block from 521 Main St., is constructing three new buildings to accommodate the 2300 students and 300 faculty members currently housed at its West Hartford campus. When the newly constructed campus opens its doors in fall 2017, these students and teachers will add to the growing foot traffic in the area, already growing as a result of the recent development of the Front St. entertainment and restaurant district immediately to the East of the new UConn campus. The Hartford Public Library, located across the street from 521 Main St., will also house 12,000 s/f of UConn classrooms, a library collection, and study areas. Finally, a new Barnes & Noble bookstore will be a cornerstone of the new campus.

UConn’s new Hartford campus will offer a range of undergraduate/graduate degree programs ranging from engineering and science to music and Fine Arts. UConn has also expanded its business school from four floors to six at nearby Constitution Plaza, where Trinity College will also be establishing a downtown center in 2017 for a number of its programs.

Located a half-mile away, across Bushnell Park, is Hartford’s Union Station, serviced by Amtrak.  In addition to current rail service and access to CTFastrak’s regional bus rapid transit system, commuter rail service from New York City to Springfield, Mass. will be re-established beginning in early 2018 with the opening of the Hartford Line, which will extend the Metro North Railroad’s New Haven line to Hartford and beyond. Service will be every 45 minutes during peak periods greatly enhancing the current rail service in the corridor and enabling more convenient travel to New York City and other locations serviced by the rail from Hartford.

We’ve offered just a brief overview of the exciting developments happening around 521 Main St. We invite developers and investors to learn more by downloading the Bid package at www.hartford.gov/rfps-rfqs and attending our pre-bid walk through at the property on February 10^th. Specific inquiries can also be directed to Elisa Hobbs, senior project manager, at 860.757.9082 or hobbe001@hartford.gov.