Hartford, CT – June 16, 2015
Public and private officials joined residents to celebrate the completion of the 179 Allyn Street mixed-use redevelopment with a ribbon cutting ceremony. The dedication took place Tuesday, June 23rd at 11:00 a.m.
“We are pleased to bring new housing options to the city’s downtown,” says Roberto Arista, principal at Dakota Partners, Inc., the Waltham, MA developer of the project. “With support from both the public and private sectors, we have created attractive and modern apartments for those seeking a vibrant city lifestyle.”
The historically-sensitive redevelopment includes 63 apartments and 10,000 square feet of ground floor commercial space, currently occupied by the Black Bear Saloon and NV Night Club. Apartments feature 12-foot ceilings, spacious floor plans and modern kitchens and bathrooms. Other community amenities include a resident lounge, fitness center, laundry facilities, and on-site property management by HallKeen Management.
The 179 Allyn Street redevelopment was made possible through funding support from the Capital Region Development Authority (CRDA). “The speed at which these apartments were leased confirms our assumptions that there is a demand for housing in the City’s downtown area”, states Michael Freimuth, CRDA’s executive director. “We are glad developers such as Dakota Partners see the potential in Hartford and the value in repurposing an existing property that embodies so much of Hartford’s history”. Dakota Partners received a $6.5 million loan from CRDA towards the project. Total development costs were approximately $15.1 million.
Bank of America, a partner on several of Dakota’s projects, also provided financing. “This building is the type of workforce housing that will help revitalize downtown Hartford,” states Kevin Cunningham, Connecticut president, Bank of America. “By offering busy professionals an opportunity to live closer to where they work, developments like 179 Allyn Street can have a positive impact on the local economy.”
179 Allyn Street is the first project for Dakota Partners in downtown Hartford. The developer is also in the planning stages for a $35 million makeover of the former Hartford Office Supply building at Capitol Avenue and Flower Street.
About Dakota Partners
Dakota Partners is a Massachusetts-based real estate developer and builder, specializing in affordable housing. Committed to improving the lives of the people who live in their communities, Dakota Partners integrates a high level of design, green-building technologies and traditional craftsmanship to create vibrant and desirable projects. Dakota works closely with cities and towns to effectively respond to the unique needs of each community, ensuring a successful project for both residents and the community at large.
Dakota Partners, Inc.
(781) 899-4002, ext. 15
Terryl Mitchell Smith