Update: Sept 5.
City council members postponed a vote Tuesday night that would have given a developer a tax abatement worth about $3.6 million to build a $36 million luxury apartment complex on River Road, according to the Hartford Courant,until after the November referendum.
The Election Day ballot will ask voters to decide on funding a $37 million appropriation which would allow the city to complete a three-year project to build a new pump station and pipeline to
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Common councilors will vote tonight on a proposed seven-year tax abatement for a $36 million luxury apartment complex to be built overlooking the Connecticut River in Middletown.
Martin Smith of Middletown's Waterhouse Development Co. presented plans at last month's economic development committee detailing a five-story 8.8-acred complex at the site of the former Jackson Corrugated Container Corp. at 225 River Road. They were approved unanimously at the Aug. 13 meeting.
The agreement would include capping of building permit fees and water and sewer hook-up charges at $450,000 and supporting a Green Building Tax Credit Application and HUD applications for financing. The tax credit would allow the building to be constructed to a 30 percent less energy than current building code standards.
"During the construction," the EDC minutes state, "the taxes would be frozen for four years to yield the $22,000 current taxes and then ramp up over the balance of the agreement."
According to Waterhouse, the project will consist of three buildings with between 175 and 200 apartments — a mix of studio, one-bedroom and two-bedroom units.
"The architecture is a modern adaptation of the historic brick and masonry mill buildings that are located on many New England waterways. Balconies and large windows will take advantage of the river and harbor view," the Waterhouse proposal reads.
"Waterhouse was attracted to this site because they have seen the success of new upscale apartment projects in downtown New Haven and Hartford, and believe that this Middletown location offers exactly the right combination of close, walkable proximity to a vibrant downtown, beautiful views and wonderful riverfront recreational opportunities, with easy access to Route 9."
The project will allow residents to walk and bike to downtown with give access to river recreation, according to EDC minutes of Aug. 13. The project is anticipated to create "250 jobs, a remediation of land, donation of land to the city and add population to the downtown and transform it by raising the median income from $23,500 to $48,000."
Completion is anticipated in late 2014 to early 2015.
