More new rental units are coming to downtown Hartford. 95-101 and 111 Pearl Street are just the latest to be planned. Even more good news is that the New York developers doing the job continue to be enthusiastic about growth in Hartford noting that the current downtown rental vacancy rate of 5 percent is not likely to increase, even with additional apartments being added.
Complicated financing is the norm for downtown rental development with rents not currently high enough for these types of projects to be done without taxpayer subsidies offered by the Capital Region Development Authority. Additional financing will likely include bank loans, equity investments from the developers, as well as state brownfield funding to clean up lead, asbestos and mold, and historic tax credits.