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A Historic Case Study: Capitol Lofts Hartford, CT Roberto Arista, - - PowerPoint PPT Presentation
A Historic Case Study: Capitol Lofts Hartford, CT Roberto Arista, - - PowerPoint PPT Presentation
A Historic Case Study: Capitol Lofts Hartford, CT Roberto Arista, Principal, Dakota Partners 390 Capitol Ave Hartford, CT The Hartford Office Supply Company A Birds Eye View Project Summary 140,000 SF historic rehabilitation of an
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The Hartford Office Supply Company
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A Bird’s Eye View
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Project Summary
- 140,000 SF historic rehabilitation of an
100+ year old building
- 112 loft-style one and two bedroom
apartments with oversized windows, exposed brick walls and 14– 17 feet ceiling heights
- Total development costs - $36.5 million
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Partners
- The State of Connecticut (DOH & DECD)
- The City of Hartford
- The Capital Region Development Authority
(CRDA)
- Bank of America
- Freddie Mac
- Alden Capital Partners
- Hartford Preservation Alliance
- Hartford Redevelopment Agency
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Sources
SOURCE AMOUNT Permanent Loan $ 5,300,000 CRDA Loan $ 7,000,000 CHAMP $ 5,000,000 City of Hartford $ 3,335,000 Brownfield $ 1,300,000 Federal LIHTC $ 2,150,000 Federal HTC $ 6,000,000 State HTC (Building 1 + Building 2) $ 5,675,000 Developer Equity $ 740,000 TOTAL $ 36,500,000
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Financing Issues and Challenges
- State Limit on HTC – Program
reduced max amount from $5 million to $4.5 million
- Market vs. Affordable Unit Mix –
CRDA funding required no more than 20% affordable
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SHPO Issues and Challenges
- Bridge
- Terra Cotta Parapet Tiles
- Crawl Space Insulation
- Wood Floors in Corridors
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Construction Issues and Challenges
- Environmental
Remediation
- Structural
- Masonry
- Stairwells
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