A Historic Case Study: Capitol Lofts Hartford, CT Roberto Arista, - - PowerPoint PPT Presentation

a historic case study capitol lofts hartford ct
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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, 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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A Historic Case Study: Capitol Lofts Hartford, CT

Roberto Arista, Principal, Dakota Partners

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390 Capitol Ave Hartford, CT

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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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Capitol Lofts Welcoming Tenants 12/2016