Hatch Building Sold for $25,000
By Robin Vinci | Editor at April 28, 2024 | 6:15 pm | Print
Another long standing vacant downtown building has been sold.
Mayor Erin Stewart announced Wednesday that Opportunity Real Estate Equites, LLC has offered to purchase the Hatch Building at 24 Washington Street for $25,000. This is the same group that purchased the old New Britain Herald building.
“They know they are going to have to put a few million into fixing it,” said Stewart.
It will be a full historic rehabilitation with office space. They will use the existing parking on site and across the street in the parking garage.
“I’m really excited to partner with them again on this,” said Stewart. “They were great partners with the New Britain Herald building.”
The group put in a dialysis center at the old Herald location and still has some space to rent.
“I can only imagine what they want to do with this property,” said Stewart.
The cost to rehabilitate the building is expected to be around $1.2 million.
The Council referred the project to the subcommittee of planning zoning and housing.
Opportunity Real Estate Equites, LLC agreed to a clause that the property will automatically revert back to the City of New Britain if it does not obtain a Certificate of Occupancy within twelve months of the date that all City permits are issued; but in no event longer than two years from the purchase.
The City recently sold an abandoned building at 57 Court Street for $1. Chrysalis Center of Hartford is looking to transform that abandoned building into 24 one-bedroom housing units for a $6 million project.
The building in New Britain will include four veteran apartments.
“We are selling it to them for one dollar knowing they will make a significant impact in the City and they are not asking for any tax breaks,” said Stewart. “The amount of money we can generate off of taxes in the first year alone will surplus the $40,000 we would sell it. Not too many people say I want to be a community partner with the City and pay taxes. That was very appealing to us.”
Stewart said the City has done a lot of advertising and people are talking about all New Britain has to offer because of CTFastrak.
The City is in the process of speaking with interested developers for the old New Britain Police Department at 125 Columbus Boulevard. It took applications last month.
Last year the Berkowitz Building, on the corner of Main and Broad Streets was sold to Douglas Bromfield of Capital Restoration Inc., of Hartford. The firm intends to turn the structure and several surrounding parcels into a development complex containing retail and housing.
