Construction on the new multi-family complex will begin by the end of June after the financing by Lex-Laz West Hartford, LLC closes on Friday.
By Ronni Newton
West Hartford’s largest construction project in recent history is set to begin later this month after funding closes on Friday for One Park Road, a $ 70 million redevelopment of the Sisters of Saint Joseph property from Chambery to the southwest corner of Park Road and Prospect Street.
The developers, Lex-Laz, LLC and Corridor Ventures, announced Friday that the financial shutdown has taken place. completed and construction mobilization will begin next week, with plans to complete the project by summer 2023.
“I am very happy to hear of the closure today,” Mayor Shari Cantor told We-Ha.com on Friday. “This is a very important project for Park Road, the city and the region. I am grateful for the significant investment from Lex -Laz and Corridor Ventures, and I look forward to seeing this long-awaited project come to fruition.
One Park Road will feature 292 apartments, a mix of one-bedroom, two-bedroom and studio apartments, of which at least 10% will be designated as affordable housing for at least 20 years, for residents earning less than 80%. of the region’s median income.
“The reinvented property will bring much-needed multi-family homes to the Park Road business district in West Hartford, while retaining much of the green space and preserving the history of the sisters and ensuring their homes and presence in the neighborhood for many years to come. many years to come, ”the developers said in the closure announcement.
West Hartford City Council, which approved several incarnations of proposals to transform the historic Sisters of Saint Joseph property, also made a landmark move by granting a tax break to developers in a vote last summer, which the developers applied after eventually being unable to get historic tax credits through the National Park Service.
It has now been almost nine years since the Sisters of Saint Joseph of Chambéry, who have occupied the 22-acre property since 1898, determined that they lacked a safety net and needed to downsize. They decided to seek development proposals for an “adaptive reuse of the property” which would preserve its historical elements and ensure a place of life for at least some of the sisters.
The chapel is a feature of the original property that will be preserved and will remain an important feature used as a amenity space, including a fitness center, community hall, yoga room, cycling area, post work area and lounge space for the new community. A swimming pool and a pool house will also be built in the courtyard.
The Sisters of St. Joseph will own the “West Wing,” a 36-room condominium complex on the property that also includes other facilities for their use, “a peaceful and contemplative courtyard between the buildings for quiet reflection. And they will be allowed to live there as long as they want.
“Our community of the Sisters of Saint-Joseph of Chambéry is grateful that after ten years of hard work, we are moving forward with Lex-Laz and the restoration and redevelopment of our house,” said Sister Barbara Mullen, provincial, in a statement. .
“One Park Road will preserve the beauty of the existing building, provide a home for our current sisters, preserve the open spaces and the cemetery, and benefit West Hartford and the Park Road area,” Mullen added.
Executives at Laz-Lex West Hartford, LLC include Marty Kenny, Founder and Director of Lexington Partners and Alan Lazowski of Laz Investments. Corridor Ventures of Avon, CT, is led by Dan Joseph and Hagan Brown, who are the entity’s principal investors. Joseph and Brown are also the directors of LaSalle Road Partners, which owns several properties in West Hartford Center.
“Laz and I both believe the One Park redevelopment is one of West Hartford’s most transformative projects since Blue Back Square,” Kenny said. “It will be an economic boost to the Park Road business district and provide a significant link for a further revitalization of Hartford’s Parkville neighborhood to the immediate east of the property.”
“One Park Road will provide much needed housing for young professionals and empty nesters looking to downsize,” Lazowski said. “The residents will provide important new customers for the restaurants, businesses and the Park Road Playhouse and add to the vitality and vibrancy of the neighborhood. “
“Corridor Ventures is delighted and proud to invest in One Park Road and West Hartford,” said Joseph.
“West Hartford is one of the North East’s most prosperous communities, and Park Road is one of the city’s most promising and vibrant areas,” Brown added. “We are delighted to join Lexington and Laz in this business and look forward to collaborating on other opportunities in the future. “
InnoConn Construction Management of Hartford is the general contractor for the project and Barton Partners of Philadelphia is the official architect of the project.
According to Friday’s announcement, “Financial support from the main lender Liberty Bank and the Holyoke, MA-based People’s Bank has been complemented by the approval and placement of the largest Connecticut C-PACE loan in program history. . The C-PACE loan is from CT Green Bank facilitated by Castle Green Finance. C-PACE provides the developed project with access to affordable, long-term funding for qualifying clean energy and energy efficiency improvements that reduce energy costs.
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