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Boston-based WinnCompanies plans to buy and renovate the 84-unit Bedford Gardens affordable housing complex in Hartford, with costs estimated at $21.3 million.
The affordable housing investor plans to buy the 10-building complex along Bedford Street, then spend about $90,000 per unit on “pretty comprehensive” upgrades, WinnCompanies Senior Project Director Matthew Robayna recently told members of the Capital Region Development Authority’s Housing and Neighborhood Committee.
The Capital Region Development Authority Board of Directors approved $8.5 million in loans to three Hartford redevelopments Thursday, with the bulk of the money going to projects in the city’s Parkville neighborhood.
Developer Carlos Mouta is at the head of two projects receiving $7.5 million in financing.
The board approved a $4 million loan toward a $4.6 million expansion of Parkville Market, $500,000 of which will convert to a grant once construction is completed.
A $21 million effort to remodel a onetime Hartford carriage shop on Allyn Street into 66 apartments faced construction overruns and delays, pushing up costs and delaying the start of rental incomes.
As a result, owner Paul Khakshouri is seeking to refinance his loans, including a roughly $6.6 million loan with the Capital Region Development Authority. The CRDA board is scheduled to vote on the proposal next week.
CRDA Executive Director Michael Freimuth said federal historic preservation demands for the 103-109 Allyn St. project were steeper than anticipated.
A former downtown Hartford hotel that closed and shifted to apartment rentals last year because of the COVID-19 pandemic could be getting a $1 million facelift.