Mixed-Use Project Touted As Catalyst For Areas Of West Hartford

WEST HARTFORD, CT — Gov. Ned Lamont joined local and state officials Tuesday for a ceremonial beam signing for 540 New Park, Trout Brook Realty Advisors' planned $20 million mixed-use, mixed-income residential and retail development.

"These investments are what help to contribute to economic growth in our cities and towns," Lamont said. "We must do everything we can at the state level to support our incredibly high quality of life, and by investing in these kinds of developments with easy access to retail and public transit, we make our towns stronger and even more attractive to families and businesses."

The project is being financed with federal Low-Income Housing Tax Credits from the Connecticut Finance Housing Authority and "additional subordinate financing" from the Connecticut Department of Housing. People's United Bank is the tax credit investor.

Trout Brook Realty Advisors, the West Hartford Housing Authority's development arm, will oversee the project in partnership with Washington D.C.-based NHT Communities.

The 540 New Park site is the former 2-acre Acme Auto Parts location and is equidistant from the Flatbush and Elmwood CTfastrak stations in West Hartford. The previously existing vacant warehouse on site was demolished in an effort to remediate a old brownfield site and "repurpose" it for "housing that will energize the neighborhood," according to Lamont.

"West Hartford is committed to providing a wide range of housing options for our residents, with 540 New Park just the latest example of a new, quality product that is financially accessible to our hardest working residents," West Hartford Mayor Shari Cantor said. "Five Forty New Park also takes a long vacant property in one of West Hartford’s most vibrant areas and helps continue the resurgence of the New Park corridor."

Robert Wienner, President of Trout Brook Realty Advisors said 540 New Park will serve as an "economic catalyst for the area," by providing new customers for area restaurants, stores and businesses while also encouraging further investment and development in the Elmwood section of West Hartford.

"The development of 540 New Park demonstrates the town of West Hartford’s and the State of Connecticut’s commitment to quality affordable housing,” said Clare Doyle Dowd, who chairs the West Hartford Housing Authority. "Coupling thoughtful transit-oriented affordable housing development with exceptional design is a win-win for our region."

The development will feature 52 housing units — 27 two-bedroom apartments and 25 one-bedroom dwellings in a mix of market-rate and "work force housing," targeting "young, working professionals in their 20s and 30s," officials said.

Development plans also include a commercial space on the first floor of the building.

Forty-one work force units will be available to those with incomes 60 percent or lower of "area median income," or, based on 2021 figures, $43,860 for an individual and $62,580 for a family of four.

Eleven units will be market-rate.

Projected monthly rents for work force units could be approximately $1,155 and less for a one-bedroom unit and $1,386 and below for a two-bedroom unit, while projected rents for market rate units could be approximately $1,465 a month for a one-bedroom.

About Trout Brook Realty Advisors, West Hartford Housing Authority and National Housing Trust Communities:

In addition to 540 New Park and 616 New Park, Trout Brook Realty Advisors properties in West Hartford include Elm Grove at 11 Grove Street, Alfred E. Plant at 759 Farmington Avenue, The Goodwin at 189 Newington Road and The Faxon at 1078 New Britain Avenue.