After the financing from Lex-Laz West Hartford, LLC closes on Friday, construction of the new multi-family complex will begin in late June.
By Ronni Newton
West Hartford’s largest construction project in recent history is slated to begin later this month after funding closed on Friday for One Park Road, a $ 70 million redevelopment of the Sisters of Saint Joseph of ChambÃ©ry property on the southwest corner from Park Road and Prospect Avenue.
Developers Lex-Laz, LLC and Corridor Ventures announced on Friday that the financial shutdown had taken place. has been completed and construction mobilization begins next week, with the project planned to be completed by summer 2023.
“I’m very happy to hear of the closure today,” Mayor Shari Cantor told We-Ha.com on Friday. âThis is a very important project for Park Road, the city and the region. I am grateful for the significant investment made by Lex-Laz and Corridor Ventures and look forward to making this long-awaited project a reality. “
A Park Road will have 292 residential units, a mix of one-bedroom, two-bedroom and studio apartments, at least 10% of which will be designated as affordable housing for residents earning less than 80% for at least 20 years. the median income per area.
“The redesigned property will bring much-needed apartment buildings to West Hartford’s Park Road business district while maintaining much of the green space and preserving the sisters’ history and ensuring their homes and neighborhood presence for years to come,” said the developers in the announcement of the closing.
West Hartford City Council, which approved several variants of proposals to remodel the Sisters of Saint Joseph’s historic estate, also took a historic step by voting last summer to give developers a tax break that developers sought after ultimately unable to obtain historical tax credits through the National Park Service.
It has now been almost nine years since the sisters of Saint Joseph of Chambery, who have lived on the 22-acre property since 1898, found they lacked a safety net and needed to downsize. They decided to look for development proposals for an “adaptive reuse of the land” that would preserve its historical elements and secure a place to live for at least some of the sisters.
The chapel is an element of the original estate that is being preserved and will remain a standout facility used as a recreational space – including a fitness center, community hall, yoga room, bike area, work station, and common room for the new community. A pool and a pool house will also be built in the courtyard area.
The sisters of Saint Joseph become owners of the “West Wing”, a residential complex with 36 bedrooms on the property, which also includes other facilities for their use, “a peaceful, contemplative courtyard between buildings for quiet reflection” and they are allowed to do so live as long as you want.
“Our fellowship of the Sisters of Saint Joseph of Chambery is grateful that after ten years of hard work with Lex-Laz and the restoration and refurbishment of our home, we are moving forward,” said Sister Barbara Mullen, Provincial Superior, in a statement.
“One Park Road will preserve the beauty of the existing building, provide a home for our current sisters, preserve open space and the cemetery, and be of benefit to West Hartford and the Park Road neighborhood,” added Mullen.
Laz-Lex West Hartford, LLC directors include Marty Kenny, founder and director of Lexington Partners, and Alan Lazowski of Laz Investments. Corridor Ventures, based in Avon, CT, is led by Dan Joseph and Hagan Brown, who are the company’s primary investors. Joseph and Brown are also directors of LaSalle Road Partners, which own several properties in the West Hartford Center.
“Laz and I both believe the One Park redevelopment is one of the most transformative projects in West Hartford since Blue Back Square,” said Kenny. “It will be an economic opportunity for the Park Road Business District and provide a meaningful link for further revitalization of Hartford’s Parkville District to the east of the property.”
“One Park Road will provide much-needed housing for young professionals and empty nests looking to downsize,” said Lazowski. “The residents will provide important new customers for the restaurants, shops and the Playhouse on Park Road and contribute to the vitality and liveliness of the district.”
“Corridor Ventures is excited and proud to invest in One Park Road and West Hartford,” said Joseph.
“West Hartford is one of the most prosperous communities in the Northeast, and Park Road is one of the most thriving and vibrant neighborhoods in the city,” added Brown. “We look forward to supporting Lexington and Laz with this endeavor and hope to work together on further opportunities in the future.”
Hartford-based InnoConn Construction Management is the general contractor for the project and Philadelphia-based Barton Partners is the architect of the project.
According to Friday’s announcement, âFunding from major lender Liberty Bank, along with People’s Bank of Holyoke, MA, has been complemented by the approval and placement of the largest Connecticut C-PACE loan in the program’s history. The C-PACE loan is from CT Green Bank, backed by Castle Green Finance. C-PACE offers project development access to affordable, long-term financing for qualified clean energy and energy efficiency upgrades that reduce energy costs. “
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