February 5, 2019
Deal Watch Today

More apts. set for Colt Gateway

Photo | Contributed
Photo | Contributed
CG Management Co. plans to convert the former Greater Hartford Academy of the Arts High School, 160-172 Huyshope Ave., into apartments.

The owner of the Colt Gateway office-residential-commercial complex plans to convert a vacant school-building on its grounds into 26 new apartments.

Larry Dooley, CEO of CG Management Co., said work will soon get underway converting the one-time home of a Capital Regional Education Council's Greater Hartford Academy of the Arts High School, 160-172 Huyshope Ave., into apartments.

The studio, one- and two-bedroom units will average 787 square feet in size and rent from $1,350 to $1,940 monthly, Dooley said.

CG Management envisions financing the project with a $2.2 million private loan, augmented with a second mortgage of $1.5 million through the Capital Regional Development Authority (CRDA). CRDA has been a linchpin financier of hundreds of existing or pending apartment units redeveloped in or near downtown by other private developers.

Pending completion of all financing, renovation-construction likely will get underway sometime in the third or fourth quarters of 2019, with completion set by fall of 2020, Dooley said.

Colt Gateway currently has 129 apartments, with all fully occupied, he said.

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