News: Connecticut

Berlin and Newport Realty Group make progress on Steele Center

Berlin, CT According to mayor Mark Kaczynski, Newport Realty Group LLC and its affiliates have purchased 861 Farmington Ave. and 903 Farmington Ave. from the town.  Newport Realty is the firm that was chosen by the town to develop four town-owned parcels adjacent to the Berlin Train Station.  

Newport Realty will be renovating the building at 861 Farmington Ave. to create one first floor commercial unit and one second floor apartment. The existing façade and historic attributes of the 861 Farmington Ave. building will be retained. 903 Farmington Ave. will initially be developed with a brand new 21,000 s/f mixed-use building with retail and restaurant space on the first floor and 16 apartments above. Work began on the 861 Farmington Ave. restoration project in August and work on the new construction at 903 Farmington Ave. will begin in the fall. Steele Center @ Farmington Ave. is a three-phase transit-oriented development project that will ultimately include 76 market-rate apartments and 19,000 s/f of medical office, restaurant and retail space. The mayor also announced that the town has signed the contract with Guerrera Construction Co. of Oxford to build Steele Blvd. in order to connect Farmington Ave. to the Berlin Train Station to support the Steele Center redevelopment as well as facilitate future development in the Train Station area. The boulevard project is funded by the town and by multiple grants from the state. 

Commenting on these developments, mayor Kaczynski said, “The Steele Center project will bring new residents and businesses to Berlin and more ‘feet on the street’ to support our stores and restaurants on Farmington Ave. Many challenges have been overcome to bring these projects to the development stage and I thank Newport Realty, the state of Connecticut, town boards and commissions and town staff that have all worked diligently to make this project a reality.”

Newport Realty Group is a real estate development, management and brokerage firm located in Plantsville, Connecticut. Principals are Mark Lovley and Tony Valenti.

A groundbreaking will be scheduled later to celebrate the kick off of this important Transit-Oriented Development project.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Quick Hits
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary