Hartford, Conn. - Work will get underway this fall on turning the 81-year-old Capital Building into a green mixed-income residence and commercial space. Common Ground is the developer of the project and will be the owner and manager of the property. The building will be renamed the Hollander Foundation Center, for the Stamford business owners who donated the building to Common Ground in 2003. The project will feature 70 rental units, of which 80 percent will be affordable. The building will incorporate water conservation features and energy-efficient lighting. Common Ground plans to build a café and gallery space. The residential units are expected to be ready for occupancy in the first quarter of 2009.
Smart Growth Units Planned in D.C.
San Francisco-based MacFarlane Partners and Washington, D.C. based developer JBG Cos. are partnering for the first time to develop an ambitious commercial real estate portfolio of 93 developments throughout the Greater Washington, D.C., area. The $10 billion joint venture, JBG Urban, will include 13,200 multifamily units (rental units and for-sale condominiums) centered near various transit hubs in the region. The Smart Growth projects will be seeded with $2.6 billion from a variety of sources including investment entities managed by MacFarlane Partners, investors in JBG Investor Funds, JBG’s principals, and the Morgan Stanley Special Situations Fund.