Project in this CT city would tackle key challenge to growth: parking

HARTFORD — A $29 million redevelopment at a high-profile corner in the city’s Parkville neighborhood — a project that includes a 400-space parking garage that could ease the parking crunch at the Parkville Market and other area businesses — cleared a key funding hurdle this week.

Developer Carlos Mouta has proposed the garage as part of a larger development of 57 apartments that would be built on a parking lot near the corner of Park and Bartholomew streets, diagonally across from the market. Both the parking lot and the market are owned by Mouta.

The $11.6 million garage would be financed partly by a $5.2 million grant from a pool of $24 million of city development funds that is administered by the Capital Region Development Authority. The city intends to reach an agreement to develop the garage, share its revenues, and provide parking for the new apartments, an expanding Parkville Market, the social services nonprofit Hands on Hartford and others.

The housing committee of the quasi-public CRDA approved the arrangement to fund the garage. The committee also backed a total investment of $3.1 million in a low-cost loan and equity for the $17.6 million apartment development. The full board, which will meet Thursday, still must approve the financing, but it won’t have to go the State Bond Commission. The funds being tapped are from the proceeds of loans that have been repaid on previous CRDA projects.

The project is seen as building on efforts to strengthen the Parkville Arts & Innovation District. The apartment portion already has secured a $5.5 million grant from the Connecticut Communities Challenge Grant program. The program aims to help fund revitalization projects that will help spur job growth. Half of the grant funds must go to “distressed” communities.

Mouta, reached after the meeting, said that the additional parking is “vital.”

“The market is 20,000 square feet,” Mouta said. “If you come here, there is no parking.”

Mouta said he has yet to launch a 45,000-square-foot expansion of the market that encompasses three other buildings on the property.

“Where are we going to put the people?” Mouta said. “I’m landlocked. I can’t build it anywhere [on the market property.]

Mouta said he hopes to break ground as soon as possible, but he doesn’t have a firm timeline yet.

The parking garage could rise five stories and would be tucked behind the five-story apartment building — four stories of apartments over storefronts. The rentals would be built close to Bartholomew Avenue and include 17 “affordable” units that are restricted to certain income limits.

Hartford Mayor Luke Bronin, a member of the CRDA board and the housing committee, told the committee the project is part of a broader push to revitalize the neighborhood.

“This is a critical part of that effort, which includes the activization and development of vacant parcels along that Bartholomew corridor, which is really the spine of the heart of Parkville,” Bronin said.

In addition, the committee approved $7 million in funding — a loan and equity investment — for the $27 million conversion of the vacant 15 Lewis St. in downtown Hartford into apartments, and $1.1 million for the $7 million conversion of the upper floors of office space at 31-45 Pratt St. into apartments.

The committee also backed allowing funds already approved for the second phase of North Crossing around Dunkin’ Park — stalled because of the city’s litigation with the former developer — to be used for a new project on the neighboring campus of Rensselaer Polytechnic Institute, if necessary. The campus is adjacent to North Crossing but is not part of it.

North Crossing’s developer, RMS Cos. of Stamford has a contract to purchase the 13-acre campus. A first phase would encompass housing and parking.

The $16.6 million backed this week would include $13.6 million approved for the second phase of North Crossing and another $3 million from a now-defunct plan to convert 200 Constitution Plaza into apartments. The increase reflects rising construction costs in the aftermath of the pandemic, CRDA said.

The full CRDA board must also approve as well as the State Bond Commission.

Kenneth R. Gosselin can be reached at kgosselin@courant.com.