
May 31, 2002 |
2002-R-0533 | |
CONSTITUTION PLAZA RENOVATION | ||
By: John Moran, Research Analyst | ||
You asked if there is any state financial assistance committed to the renovation of downtown Hartford's Constitution Plaza.
No state money is committed for the work at Constitution Plaza, a major office-building complex. Richard D. Cohen, chief executive of New York City-based Capital Properties, is co-owner and redeveloper of the plaza. The state Department of Economic and Community Development and two quasi-public authorities charged with economic development, the Connecticut Development Authority and the Capital City Economic Development Authority, all indicate Capital Properties is doing the renovation solely with private financing. The work, now underway, may cost up to $ 50 million.
The state selected Cohen as the developer of the entertainment, retail, and housing portions of the state-sponsored Adriaen's Landing project, which is being built just south of Constitution Plaza along the Connecticut River. The redevelopment of Constitution Plaza and the Adriaen's Landing project are adjacent to each other but are not financially tied together.
As part of the Adriaen's Landing project, Cohen will receive state subsidies for specific parts of the overall project, including up to $ 12 million to develop 200 luxury apartments on Prospect Street (a second phase of housing development could involve an additional subsidy).
JM: eh