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With its new owners planning to refinance the building’s debt this fall, Hartford officials won’t auction off the troubled Millennium hotel-to-apartment conversion in the city’s downtown.

The joint venture owners – Waterbury landlord Axela Group and major downtown landlord Shelbourne Global Solutions – owe nearly $900,000 in back taxes on the property that accumulated under previous ownership.

The city had previously planned on taking title to the building and selling it at auction Monday to recover the money.

But now, according to the Hartford Business Review, the city is pulling the building at 50 Morgan St. off the list of properties to be auctioned. The anticipated refinancing will also let the ownership group, which bought the Millennium in 2021 for $22 million, to finish conversion work that stalled two years ago due to ballooning construction costs.