The Corporation for Independent Living (CIL), a non-profit housing developer, has taken title to the decaying Capewell Horse Nail Co. factory, reports the Hartford Courant. CIL has financing in place for a planned $26 million conversion to apartments in the Sheldon-Charter Oak neighborhood of Hartford.
CIL’s Chief Executive Officer Marty Legault – also a member of CMSC’s Board of Directors – said the property was acquired at no cost from Boxer Properties of Houston. CIL plans to convert the building into 75 mostly studios and one-bedroom apartments. Rents will range from $1,050 for a studio to $1,375 for a one-bedroom unit, to $2,000 for a two-bedroom unit and $2,600 for a three-bedroom unit. The apartments are expected to be ready for occupancy in January 2016.