Real estate investment company Northland Investment Corp. is negotiating $100 million of construction financing for a 1 million sq. ft. mixed-use development in Hartford, Connecticut’s CBD, to be called Town Square. The project is designed to transform the Hartford Civic Center Mall’s four-acre site into a useful mix of high-end residential, retail and commercial uses. He adds that once Town Square is completed, Northland's greater Hartford portfolio will grow to $400 million.
"We are very excited to be a part of the 'Six Pillars of Progress,' spearheaded by Governor Rowland," says Lawrence Gottesdiener, Northland’s chairman and CEO. "An integral part of the plan to renew the city's urban life, Town Square will combine the preeminent residential tower in Connecticut — thus filling the pressing need for upscale rental housing in the downtown area — with first-class retail and commercial space."
The Town Square development is one part of a state-sponsored, $1.7 billion revitalization program, the "Six Pillars of Progress," currently taking place in the City of Hartford. Together, Northland and its partners, Aetna Life Insurance Co. and the state of Connecticut, have committed $51.5 million in equity. Ground will be broken on the $151.5 million project in late 2003, and all material approvals and permits have been cleared.
The Residences at Town Square will include 262 luxury apartments that feature full-sized washers and dryers, an indoor swimming pool, state-of-the-art health club, media room, private parking and concierge services.