CityPlace I Land Deal Backed By Hartford City Council
By Kenneth R. Gosselin
February 28, 2012
The sale of city-owned land where downtown Hartford’s CityPlace I tower is located was backed by the city council late Monday, clearing the way for the sale of the tower.
The sale of CityPlace I was expected by the end of last year. But the buyers, a Newton, Mass.-based real estate investment trust, also wanted to buy the 1.2 acres under the 38-story tower, the tallest in Connecticut.
The council, in a unanimous vote, agreed to sell the land for $2.5 million to CommonWealth REIT.
According to councilman Ken Kennedy, the council believed the deal to be a good one, given the price, the money that would come into city coffers and the future tax revenue.
“From the city’s perspective, it looked to be a fairly decent proposal,” Kennedy said. “The property looked to be fairly priced.”
The sale of the tower is expected to be completed in March.
Reprinted with permission of the Hartford Courant.
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