February 14, 2007
By DANIEL E. GOREN, Courant Staff Writer
The city council Tuesday approved a $12 million, 15-year tax abatement deal for the developer of Front Street, the retail, residential and entertainment district that would link Adriaen's Landing to the rest of downtown Hartford.
The deal puts developer Bradley Nitkin on track to start construction on the site by autumn, he said.
The $46.5 million development is expected to bring a minimum of 115 apartments and 60,000 square feet of retail space, possibly including an ESPN or music venue, to about half of the 6-acre plot across Columbus Boulevard from the Connecticut Convention Center.
The retail and residential portion of the project is primarily funded by $21 million in state funds, $7 million in loans or grants from the city and $18.5 million of the developer's money.
Nitkin said his group will also use about $13.5 million in additional state money to build a state-owned parking garage on the site.
The construction could take 18 months to two years, Nitkin said.
As part of the tax deal, the city would not assess taxes during the first three years of the operation, then phase in taxes over the following 12 years.
Reprinted with permission of the Hartford Courant.
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