Print

CityPlace I Land Deal Backed By Hartford City Council

By Kenneth R. Gosselin

February 28, 2012

The sale of city-owned land where downtown Hartford’s CityPlace I tower is located was backed by the city council late Monday, clearing the way for the sale of the tower.

The sale of CityPlace I was expected by the end of last year. But the buyers, a Newton, Mass.-based real estate investment trust, also wanted to buy the 1.2 acres under the 38-story tower, the tallest in Connecticut.

The council, in a unanimous vote, agreed to sell the land for $2.5 million to CommonWealth REIT.

According to councilman Ken Kennedy, the council believed the deal to be a good one, given the price, the money that would come into city coffers and the future tax revenue.

“From the city’s perspective, it looked to be a fairly decent proposal,” Kennedy said. “The property looked to be fairly priced.”

The sale of the tower is expected to be completed in March.