Image courtesy of CBRE

The future of a 12.69-acre parcel next to downtown Hartford is getting clearer after RMS Cos. said it could build over 1,000 apartments on the site.

RMS Cos. CEO Randy Salvatore filed conceptual plans with the Capitol Region Development Authority showing a multi-phase conversion of the single-block lot at 275 Windsor St., once the home of a graduate degree program run by Troy, New York-based Rensselaer Polytechnic Institute, into 1,254 apartments across five buildings, plus a little under 1,000 parking spots.

RPI had engaged CBRE to sell the property earlier this year. The asking price was unclear, but city property records say the parcel is assessed at $4.45 million.

Salvatore is seeking CRDA permission to convert $13.6 million in state bond financing the authority had provided for a stymied, 228-unit apartment building next to Dunkin Donuts Park baseball stadium into financing for the first, 269-unit phase of development at 275 Windsor St. That 228-unit building became caught up in Middleton developer Centerplan’s legal challenges to being kicked off the public-private project in 2019.

Salvatore also sought to boost the CRDA’s assistance package to $16 million based on the new apartment building’s larger size and construction cost escalation. The committee voted to support Salvatore’s requests, according to the Stamford Advocate, although the project still needs further CRDA board approval.

The CRDA funds add to a property tax break approved by the city over the summer. The measure fixes 275 Windsor St. property taxes at $82,050.50 for five years, then progressively phase in tax increases over a 20-year period to a final amount determined once a development proposal is finalized. However, it also obligates Salvatore to give women- and minority-owned businesses a specific share of work on the project and to set aside 20 percent of any future homes on the property as affordable housing at rents accessible to people making between 50 percent and 120 percent of area median income, plus contribute to support neighborhood services.