University housing project in CT city gets $500K boost. Called a ‘a transformative impact.’

A push to offer housing to students enrolled at the University of Connecticut’s regional campus got another boost Thursday, with a $500,000 donation from Travelers Cos. that will help offset the cost of room and board for qualifying students.

UConn plans to create 50 suites for up to 200 students that now is expected to be ready by the fall semester of 2026. The $28 million Hartford project involves the conversion of an annex in the office building at 242 Trumbull St., a 4-story structure which has its entrance off Pratt Street.

A spacious atrium that allows space for amenities and student gathering was a key selling point for UConn.

Travelers, the property-casualty insurer, is a major employer in downtown Hartford.

A major boost for a residence hall came in early 2023 when UConn surveyed students at the Hartford campus about their interest in housing. Of the 1250 undergraduates at the campus, 430 responded, which the university has characterized, as “an unusually high participation rate.”

Of those responding to the survey, 70% indicated they were interested in housing. But since most live with their parents, more than 50% said housing expenses would have to be at or below $750 a month or $7,500 an academic year to be affordable. As a result, UConn acknowledged that “rent subsidies would therefore be required for some students to be incentivized to take university-provided housing.”

“Thanks to this generous gift from Travelers, more students will have access to our new residence hall, which will have a transformative impact on their education and lives,”  Mark Overmyer-Velázquez, campus dean and chief administrative officer at UConn Hartford, said, in a statement. “The residence hall will serve as a catalyst for learning as well as connecting students to the rich historical, cultural, political, and business resources of our capital city.”

If all suites were occupied, the university would expect the housing to run at $1.5 million annual loss, which the university would be responsible for funding. Philanthropy, naming rights or both could offset some or all of the operating deficit, the university has said.

The project is being developed by a partnership that includes the complex’s Brooklyn, N.Y.-based owner, Shelbourne Global Solutions LLC, downtown Hartford’s largest commercial landlord; LAZ Investments, an arm of parking giant LAZ Parking; and Lexington Partners, a major developer in greater Hartford. Both Lexington and LAZ are longtime development partners and have worked closely with Shelbourne in downtown, including apartment conversions elsewhere on Pratt.

Even though UConn isn’t involved in financing the conversion, there is substantial public funding in the project. In June, the State Bond Commission approved a $10 million, low-cost loan for the project through the quasi-public Capital Region Development Authority. CRDA has helped fill funding gaps in housing projects in and around downtown.

In addition, there is a total of $4.9 million in city and state grants.

“Our relationship with UConn spans decades, and we are proud to be a part of the university’s efforts in expanding its presence in downtown Hartford,” says Andy Bessette, executive vice president and chief administrative officer for Travelers. “UConn’s dedication to excellence in education is why it was one of our inaugural partners when we started our school-to-career pipeline program, Travelers EDGE, 17 years ago. Together, we are helping to build a brighter future for our city and state.”

UConn relocated its greater Hartford campus to Hartford’s Front Street in 2017, and there had been discussions since then about adding student housing. Supporters say the housing would increase foot traffic downtown and help build on Hartford’s aspirations to become more of a college town.

UConn also has expanded into space at the XL Center for clinical labs, an innovation center, health research linked to the UConn Health Center.

Kenneth R. Gosselin can be reached at [email protected].

©2024 Hartford Courant. Visit courant.com. Distributed by Tribune Content Agency, LLC.