CT Construction Digest Friday April 24, 2020
Developers get $24.5M for apartments at former News-Times site
Alexander Soule
The developers of Brookview Commons in Danbury confirmed receipt of a $24.5 million construction loan from M&T Bank, with the next phase of the complex to total nearly 150 apartments.
Brookview Commons will be built at 333 Main St., owned formerly by the News-Times and Hearst Connecticut Media Group. BRT General Realty and The DiMarco Group are co-developing the apartments, which will include 47 units with two bedrooms and 98 one-bedroom apartments, 18 of those studios. The building will have a pool and workout facility.Danbury-based BRT and Rochester, N.Y.-based DiMarco teamed on an initial phase of the complex next door at 30 Crosby St. that has 115 units, with monthly rents currently listed between $1,240 and $1,825. New York City-based HKS Real Estate Advisors brokered the newest M&T transaction, calling the project in a statement “more than sustainable” despite the economic downturn created by the coronavirus pandemic.
“Considering the strength, reputation and the experience of the borrowers, M&T Bank was very confident in the people standing behind the project,” John Harrington of HKS Real Estate Advisors said in a press release from his firm. “The driving force for getting this closed was a collective decision from both M&T Bank and the developers who were equally confident and in agreement that the project was more than sustainable during the days ahead.”
The commercial real estate advisory firm Marcus & Millichap warned in its study published earlier this month that while luxury apartment owners will see fewer missed rental payments because upper-income tenants may have built-up savings and the ability to work remotely, developers completing new luxury rentals might have difficulty building an immediate tenant roster in the near-term.
“Less people are moving around and actively searching for residences,” stated John Sebree, national director in Marcus & Millichap’s national multi-housing group. “A longer-term headwind could be the slowdown of household creation amid more people moving back in with their families or seeking roommates due to financial burdens. These challenges will dissolve once the economy is returned to full functionality and the health crisis is over, but with no clear timetable it is important for owners to be cognizant of the obstacles they will face.”
Road realignment to cause 2 years of detours in Bridgeport
Jim Shay
BRIDGEPORT - Starting next week, construction work to realign Route 127 (East Main Street) near Beardsley Park, will mean weekday detours for drivers.
The detours associated with safety improvements on the road in the vicinity of Evers Street, are scheduled to begin Monday or early next week. According to the state Department of Transportation, the $4.5 million project is scheduled to be completed on Nov. 30, 2022.
Motorists traveling on East Main Street will be detoured onto Broadbridge Road and Huntington Turnpike.
Traffic control personnel and signing patterns will guide motorists through the detour. Local access to residences and business on Route 127 will still be available.
When school is not in session the detour will take place from 7 a.m. to 5 p.m.
When schools are open, the detour will be from 9 a.m. to 3 p.m.
Traffic may be affected on segments of the following routes:
Route 127 (East Main Street) between Broadbridge Road and Route 730 (Huntington Turnpike)
Route 730 (Huntington Turnpike) between Broadbridge Road and Route 127 (East Main Street)
Long time coming: Project manager selected to get Anna Reynolds School renovation off ground
Erica Drzewiecki
NEWINGTON – It’s been a long time coming, but a project manager has been selected to get the Anna Reynolds School building renovation off the ground.
Alexander Soule
The developers of Brookview Commons in Danbury confirmed receipt of a $24.5 million construction loan from M&T Bank, with the next phase of the complex to total nearly 150 apartments.
Brookview Commons will be built at 333 Main St., owned formerly by the News-Times and Hearst Connecticut Media Group. BRT General Realty and The DiMarco Group are co-developing the apartments, which will include 47 units with two bedrooms and 98 one-bedroom apartments, 18 of those studios. The building will have a pool and workout facility.Danbury-based BRT and Rochester, N.Y.-based DiMarco teamed on an initial phase of the complex next door at 30 Crosby St. that has 115 units, with monthly rents currently listed between $1,240 and $1,825. New York City-based HKS Real Estate Advisors brokered the newest M&T transaction, calling the project in a statement “more than sustainable” despite the economic downturn created by the coronavirus pandemic.
“Considering the strength, reputation and the experience of the borrowers, M&T Bank was very confident in the people standing behind the project,” John Harrington of HKS Real Estate Advisors said in a press release from his firm. “The driving force for getting this closed was a collective decision from both M&T Bank and the developers who were equally confident and in agreement that the project was more than sustainable during the days ahead.”
The commercial real estate advisory firm Marcus & Millichap warned in its study published earlier this month that while luxury apartment owners will see fewer missed rental payments because upper-income tenants may have built-up savings and the ability to work remotely, developers completing new luxury rentals might have difficulty building an immediate tenant roster in the near-term.
“Less people are moving around and actively searching for residences,” stated John Sebree, national director in Marcus & Millichap’s national multi-housing group. “A longer-term headwind could be the slowdown of household creation amid more people moving back in with their families or seeking roommates due to financial burdens. These challenges will dissolve once the economy is returned to full functionality and the health crisis is over, but with no clear timetable it is important for owners to be cognizant of the obstacles they will face.”
Road realignment to cause 2 years of detours in Bridgeport
Jim Shay
BRIDGEPORT - Starting next week, construction work to realign Route 127 (East Main Street) near Beardsley Park, will mean weekday detours for drivers.
The detours associated with safety improvements on the road in the vicinity of Evers Street, are scheduled to begin Monday or early next week. According to the state Department of Transportation, the $4.5 million project is scheduled to be completed on Nov. 30, 2022.
Motorists traveling on East Main Street will be detoured onto Broadbridge Road and Huntington Turnpike.
Traffic control personnel and signing patterns will guide motorists through the detour. Local access to residences and business on Route 127 will still be available.
When school is not in session the detour will take place from 7 a.m. to 5 p.m.
When schools are open, the detour will be from 9 a.m. to 3 p.m.
Traffic may be affected on segments of the following routes:
Route 127 (East Main Street) between Broadbridge Road and Route 730 (Huntington Turnpike)
Route 730 (Huntington Turnpike) between Broadbridge Road and Route 127 (East Main Street)
Long time coming: Project manager selected to get Anna Reynolds School renovation off ground
Erica Drzewiecki
NEWINGTON – It’s been a long time coming, but a project manager has been selected to get the Anna Reynolds School building renovation off the ground.
The project building committee hired Colliers International, which will now be analyzing the building’s needs and formulating a cost for the school’s reconstruction.
School officials have been communicating with the agency via phone and email to continue moving the long-awaited project along, despite prior setbacks.
Newington Town Council has also shown its support, voting unanimously at its most recent meeting to appropriate $50,000 to the committee for the construction manager’s selection.
A grant application for reimbursement of more than half of the project’s cost needs to be submitted on or before June 26, 2020 in order to be considered by the state Bond Commission in the next round of grant awards.
Colliers staff has already begun their assessment of the school facility, taking a comprehensive tour of the building and grounds. A preliminary report on the building’s condition is expected by mid-May, according to Superintendent of Schools Dr. Maureen Brummett.
Repairs made to the roof over the last few months have mitigated issues with leaky ceilings that had been disrupting classroom activities. Now that students are working from home in the district’s online learning system, this isn’t necessarily an issue, but the building is in adequate shape to be occupied.
Anna Reynolds, built in the 1950s, has been in line for a renovation for over a decade. Parents, teachers and students in the school community advocated for the need to renovate at town meetings over the last year, calling upon elected officials to take the next steps.
In addition to a failing roof, the building needs new electrical, plumbing, heating and cooling systems, infrastructure and other work.
Once a firm cost estimate has been determined, a grant application will be submitted to the state and the bonding will go to voters for approval in a referendum. The committee’s goal is to have the referendum take place this coming fall, at the same time as the Presidential Election.
School officials have been communicating with the agency via phone and email to continue moving the long-awaited project along, despite prior setbacks.
Newington Town Council has also shown its support, voting unanimously at its most recent meeting to appropriate $50,000 to the committee for the construction manager’s selection.
A grant application for reimbursement of more than half of the project’s cost needs to be submitted on or before June 26, 2020 in order to be considered by the state Bond Commission in the next round of grant awards.
Colliers staff has already begun their assessment of the school facility, taking a comprehensive tour of the building and grounds. A preliminary report on the building’s condition is expected by mid-May, according to Superintendent of Schools Dr. Maureen Brummett.
Repairs made to the roof over the last few months have mitigated issues with leaky ceilings that had been disrupting classroom activities. Now that students are working from home in the district’s online learning system, this isn’t necessarily an issue, but the building is in adequate shape to be occupied.
Anna Reynolds, built in the 1950s, has been in line for a renovation for over a decade. Parents, teachers and students in the school community advocated for the need to renovate at town meetings over the last year, calling upon elected officials to take the next steps.
In addition to a failing roof, the building needs new electrical, plumbing, heating and cooling systems, infrastructure and other work.
Once a firm cost estimate has been determined, a grant application will be submitted to the state and the bonding will go to voters for approval in a referendum. The committee’s goal is to have the referendum take place this coming fall, at the same time as the Presidential Election.