A Historic Case Study: Capitol Lofts Hartford, CT 19.07.2016 ¢ ...

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Transcript of A Historic Case Study: Capitol Lofts Hartford, CT 19.07.2016 ¢ ...

  • A Historic Case Study: Capitol Lofts Hartford, CT

    Roberto Arista, Principal, Dakota Partners

  • 390 Capitol Ave Hartford, CT

  • The Hartford Office Supply Company

  • A Bird’s Eye View

  • Project Summary

    • 140,000 SF historic rehabilitation of an 100+ year old building

    • 112 loft-style one and two bedroom apartments with oversized windows, exposed brick walls and 14– 17 feet ceiling heights

    • Total development costs - $36.5 million

  • Partners

    • The State of Connecticut (DOH & DECD)

    • The City of Hartford

    • The Capital Region Development Authority (CRDA)

    • Bank of America

    • Freddie Mac

    • Alden Capital Partners

    • Hartford Preservation Alliance

    • Hartford Redevelopment Agency

  • Sources SOURCE AMOUNT

    Permanent Loan $ 5,300,000

    CRDA Loan $ 7,000,000

    CHAMP $ 5,000,000

    City of Hartford $ 3,335,000

    Brownfield $ 1,300,000

    Federal LIHTC $ 2,150,000

    Federal HTC $ 6,000,000

    State HTC (Building 1 + Building 2)

    $ 5,675,000

    Developer Equity $ 740,000

    TOTAL $ 36,500,000

  • Financing Issues and Challenges

    • State Limit on HTC – Program reduced max amount from $5 million to $4.5 million

    • Market vs. Affordable Unit Mix – CRDA funding required no more than 20% affordable

  • SHPO Issues and Challenges

    • Bridge

    • Terra Cotta Parapet Tiles

    • Crawl Space Insulation

    • Wood Floors in Corridors

  • Construction Issues and Challenges

    • Environmental Remediation

    • Structural

    • Masonry

    • Stairwells

  • Capitol Lofts Welcoming Tenants 12/2016