13m mixed use project planned for former New Britain bank complex
February 17th, 2021
Hartford Business Journal, February 17 - Matt Pilon
New Britain developer Avner Krohn plans to raze and rebuild two prominently located but vacant buildings along the city’s Main Street corridor.
Krohn, principal of Jasko Development, last week secured a tax assessment modification agreement from the New Britain Common Council for the two connected buildings at 267 and 277 Main St. -- one of which housed the former Burritt Interfinancial Bancorporation that was shut down by bank regulators in the early 1990s.
Krohn envisions razing both properties and building an 83,000-square-foot, five-story building that would contain approximately 90 apartment units and 6,000-square-feet of ground-floor retail space.
In an interview Tuesday, Krohn said planning is still in the early stages, but estimated that the project would represent an investment north of $13 million.
He said apartment leasing has been strong in New Britain of late, which gives him confidence about tackling the sizable project.
”It’s definitely a large-scale project, but based on the market and what we’re seeing, we think we can lease it,” Krohn said.
He’s had his eye on the Burritt complex for some time, and has followed several changes in ownership in recent years.
“I could never really figure out how to convert the existing structures,” he said. “The Burritt building was built as a bank, so as a conversion we would be able to get very few apartments into the building.”
Demolition and new construction makes more sense because it allows Jasko to expand and reconfigure the space, which also needs extensive asbestos remediation.
Krohn, a Long Island native who has been developing in New Britain for 15 years and wrapped up work on an apartment conversion project at the nearby Andrews building last summer, believes the Burritt project would be the first example of new, ground-up multifamily development in the city in decades.
“If everything goes as hoped...we will start demolition in the summer and we hope to be able to roll right into the project from there,” he said.
Construction is expected to take 12 to 14 months.
