Project Description: The proposed development will convert an approximately 350,000 SF vacant office building into a mixed use residential tower consisting of 285 residential units and 35,000 SF of retail space at the street level. Of the total housing units, 80% would be market rate and 20% would be affordable. Affordable units will include 19 studios and 40 one bedroom units. The developer is seeking a tax fixing assessment from the City to assist with this development.
Current Status: The developer is seeking financing from HUD, DECD and CRDA.
Budget to Date: $80 million (estimate); Sources include: $37.6 Million-HUD; $17.7 Million-CRDA; $3.9 Million-DECD; $18.9 Million -Historic tax credits (State and Federal)
3 Constitution Plaza
Project Description: The proposed development is for a mixed-use residential housing development consisting of approximately 200 units. The developer is seeking a tax fixing assessment agreement and financial assistance from the City for this development.
Budget to Date: $55,486,161
Current Status: AI Engineers is currently arranging financing for this development. Application submitted to DECD in December 2012 for funding consideration.
5 Constitution Plaza (former Sonesta Hotel)
Project Description: The proposed development is for a mixed-use residential housing development consisting of 150 units
Budget to Date: $20,000,000 (Equity: $4,000,000; Government Assistance: $2,000,000; Bank Debt: $14,000,000)
Current Status: Wonder Works is in the early planning stage of redeveloping the former Sonesta Hotel into retail commercial space and 200 apartments. Developer retained the services of a mortgage broker in January 2013 to seek funding for this development
Project Description: Samuel Colt’s industrial project spans 260 acres and over 600,000 square feet. The renovation of Colt Firearms Complex is a massive development with the potential to positively impact the surrounding community and compliment other economic development projects in the city. This mixed-use project will have complementing commercial, retail, museum components and 149 residential units. Currently over 500 employees are employed at this complex.
Current Status: 79 additional residential units under construction.
Budget to Date: $120 million project (City contribution - $5.3 million; State contribution - $ 8 million)
Project Description: This project will redevelop 68,000 square feet of retail space and approximately 100,000 square feet of residential space at Front Street and Columbus Blvd
Current Status: Spotlight Theatre opened mid-November 2012 and construction at Infinity Music Hall is underway. Within the year Capital Grille will open in Front Street as well. The 2nd phase which will commence in late 2013 will include 115 new apartments. Financing is in place to begin residential construction of the units later this year.
Budget to Date: $30 Million
Project Description: CIL Affordable Housing, Inc. constructing 16 zero-lot line 2 & 3-bedroom homeownership units at 40 Popieluszko Court and 110 Wyllys Street - two vacant parcels at the former Capewell Factory site. All HOME-assisted units will be sold to homebuyers with household incomes ? 80% AMI. Second phase of construction to commence in fiscal year 2013-2014 and will include eight additional townhomes.
Current Status: Two buildings complete with two units sold and three units under deposit. Two buildings with eight units under construction.
Budget to Date: $5.4M (Federal $2.0M; State $804K; Private Financing $2.6M)
South Marshall Street Homeownership
Project Description: Habitat constructing 16 three-bedroom townhomes within 4 buildings. All units will be Energy Star Certified, handicap adaptable and sold to first-time homebuyers with incomes ? 80% AMI. Buyers will complete 50 hours of homeownership training and invest 150 hours of “sweat equity.”
Current Status: Two buildings complete with eight units sold. Two buildings underway with eight sales anticipated by Fall 2013.
Budget to Date: $4.1M – Federal $1.8M; Private Financing $1.8M
Dutch Point Townhomes
Project Description: The Townhomes – the Dutch Point Colony revitalization project’s final stage, will be a mixed-income condominium community comprised of 58 Energy-Star Certified units. Twenty seven will be affordable units.
Current Status: Second of four homeownership phases underway – twenty three units built with nineteen sold, one model, one under deposit and two available.
Budget to Date: $16.5M – Federal $2.4M; State $3.7M; Private Financing $10.4M
Project Description : The property located at 95-101 Pearl Street consists of a commercial building with approximately 100,000 SF of former office space. The preferred developer, Lewis/Pearl Ventures, LLC, intends to redevelop the property into restaurant or retail on the 1st floor with office/commercial space on the 2nd through 6th floors and 66 market rate residences on the remaining floors consisting of a mix of studios, 1 and 2 bedroom units. Construction is anticipated to commence in 2014. The developer is seeking to purchase the property and enter into a tax fixing assessment agreement with the City.
Current Status: The City was awarded $500,000 in state funds in April 2013 to conduct environmental testing and remediation at the site. The City is working with CHFA to sell all of the following properties to the selected developer: 100 Trumbull Street; 95-101 Pearl and 111 Pearl. In the process of finalizing: Land Disposition Agreement (LDA), Purchase and Sale Agreement and access agreement with the partnership/development team.