Image courtesy of Martin Architectural

Officials in East Hartford have approved a tax break that opens the door for redevelopment of one of the community’s long-vacant properties.

Development partnership Jasko Development and Zelman Real Estate hope to build 360 apartments on the former Showcase Cinemas property, which has been vacant for 15 years.

To help get the development off the ground, local officials approved a $15 million million property tax abatement this week, according to the Hartford Courant.

The deal sets taxes initially at $750,000 per year for 27 years, instead of the $1.3 million the property would normally generate. The assessment will gradually rise to the full rate until 2052.

Jasko and Zelman were the only bidders on the property, which the town had bought for $3 million in 2019. Local officials have also already demolished the buildings on-site.