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The troubled Constitution Plaza office development is losing another tenant: the state’s financial regulator.
Connecticut Banking Commissioner Jorge Perez announced Wednesday morning that the state Department of Banking is moving from its current location at 260 Constitution Plaza to a new office space located on the 16th floor of 280 Trumbull St. in Hartford.
The massive six-building complex sprawls across 7 acres, two whole city blocks and 670,626 square feet of office space at the foot of the Founders Bridge between East Hartford and downtown Hartford.
Last month, a judge gave the green light for foreclosure proceedings to begin, and the property has been in receivership for more than a year. A new ownership group made up of bond investors is expected to take up ownership next month, but the magnitude of the property’s struggles may defy redevelopment, experts told the Hartford Courant.
Not covered by the foreclosure: the Spectra Plaza office-to-apartments conversion, the vacant, former Travelers Education Center and the empty pit where WFSB’s studios once stood.
Potential future uses mooted for Constitution Plaza include a practice facility for the Connecticut Sun WNBA team, should it move to Hartford from the Mohegan Sun casino.
In the Department of Banking’s case, its move out of offices it’s occupied for 30 years was the result of a “a public and competitive RFP process” that Constitution Plaza simply lost, the department said.
“The Department’s move represents a transition to an office that better meets the needs of a modern workforce, while remaining part of the Hartford community,” Perez said in a statement. “As the financial services landscape changes, the impacts are felt across industries. The new space is designed to foster better collaboration within the Department so we may continue to serve the residents of Connecticut and provide common sense regulation.”
The Department is scheduled to move on Monday, Nov. 24, and will continue to operate normally, except for in-person appointments. The department is scheduled to reopen to the public for on-site meetings on Nov. 25.
