By Corina Stef
A joint venture between RBH Group and Goldman Sachs Urban Investment Group has acquired a long-vacant commercial building in downtown Hartford, Conn., for $20 million. The partnership joined forces with Hartford’s Community Solutions Inc., The Prudential Social Investment Group and the City of Hartford to redevelop the existing space into the Teachers Corner Hartford, an innovative mixed-use project.
Located at 370 Asylum St., the building will be redeveloped to include 60 studios, one- and two-bedroom apartments. Thirty percent of the units will be affordable, while the other 70 percent will be market rate, pre-marketed to local teachers and offering housing to individuals who wish to work and reside in a central urban location. Amenities will include space for educational opportunities and cultural performances, as well as 6,000 square feet of restaurant and retail space.
The asset is situated in a highly transited area, with the Hartford Amtrak Station and Greyhound Bus terminal providing tenants and residents easy and fast access throughout the entire Northeast area. Neighborhood amenities include restaurants, hotels, parks, art galleries and entertainment options.
Hunton & Williams LLP Partner Laurie Grasso and Associate Douglas Hoffmann represented RBH Group in the transaction. The project follows the success of RBH’s Teachers Village project in Newark, N.J.
“Teachers Corner Hartford represents a unique public-private partnership that will transform an underutilized urban area into a vibrant and important hub of activity,” Grasso said in a prepared statement.
Image courtesy of RBH Group