The Michaels Organization, a national leader in residential real estate, has been selected by the Capital Region Development Authority (CRDA) to transform a current surface parking lot in the Bushnell South neighborhood in Hartford, Connecticut. The redevelopment effort along Capitol Avenue will encompass new housing, greenspaces, and commercial and retail space.
“This important neighborhood has so much potential and we are excited to work with the City and the CRDA to transform it into an area where people can live, work, shop, and play,” said Jay Russo, Michaels’ Vice President of Development.
The $130 million development will sit on a now mostly-unused 3-acre parking lot, east of the renovated State Office building and nearby the Bushnell Center for the Performing Arts. It will include 360 rental units in two buildings atop 2,500 square feet of retail space. Development plans also include 15 townhomes, on-site parking, and additional parking in a nearby parking garage.
The new development will help transform Bushnell South as a bustling residential and commercial area, connecting both sides of the neighborhood currently being divided by the vacant parking lots, and marking Bushnell Park as the center of the city.
Michaels was awarded the development project through a competitive bidding process, and was ultimately selected for their strong understanding of public financing and urban development strategies.
“The Bushnell South plan is critical for not only the State Capital and the city, but also for the neighborhood”, said Mike Freimuth, CRDA’s Executive Director. “Having a national developer such as Michaels investing in the project demonstrates that all of the development that has occurred over the last 10 years has led towards Hartford realizing its full potential as a major city. CRDA is looking forward to working with Michaels. It has experience with public private urban development projects and understands the unique strategies, problems and consequences that come with such projects.”
Throughout the development process, Michaels plans to work closely with surrounding neighborhoods and the various stakeholders.
In addition to Michaels, the development team includes the Hartford-based architectural firm Amenta Emma. Michaels Management will serve as the property manager.
