Council will consider Founders Plaza appeal
Owner says town’s tax assessments made in 2016 were ‘excessive’
EAST HARTFORD – The East Hartford town council will consider settling a tax appeal by the owner of the office tower and land at Founders Plaza, the riverside property that is the focus of a recently announced mixed use development.
The council will discuss the issue Tuesday at 7 p.m. in a closed-door session in town hall, followed by possible public action at the regular meeting scheduled to follow.
Now pending in Hartford Superior Court, the appeal by Merchant 99 111 Founders, LLC contends that the town’s 2016 assessments of 323, 321 and 262 Pitkin St. were “manifestly excessive and could not have been arrived at except by disregarding the provisions of the statutes for determining the valuation of such property.” The 19-story office building and 3.46-acre lot at 323 Pitkin St. are assessed at $16.25 million; the 5.73 acres at 321 Pitkin are assessed at $654,760; and the .26-acre parcel at 262 Pitkin St. is assessed at $53,930, according to assessor’s records.
First Merchants Group of East Windsor bought the property in 2002 for $23.25 million, records show. The owner’s website says the office tower, constructed in 1971, has 244,000 square feet of space and an adjacent parking garage for 348 vehicles.
The town is working with the property owner, the state and an architect to attract mixed use development to the site. The idea is to transform the expanse of parking lots at Founders Plaza into a vibrant residential area with “neighborhood-scale” retail such as a dry cleaners and sandwich shop, town officials have said.
In its court complaint, First Merchants seeks a reduction in the property valuation, refund of overpaid taxes, attorney’s fees and other unspecified costs. Asked if town leaders are considering settling the appeal now to clear the way for the planned development, Mayor Marcia Leclerc and council Chairman Rich Kehoe said the development plans and tax complaint are separate issues. The appeal is just working its way through the process, they said.
The town has received $500,000 from the state to study the condition of the parking garage next to the office tower and possible reuse of adjacent parking lots for development, Leclerc said. Town staff is working with First Merchants and Tecton Architects of Hartford to flesh out the mixed use concept on the site, called East Bank at Founders, and attract a developer. The town’s role in the process, officials have said, will be as a “convener, ” bringing the different players together.
Development could be done in phases, with 400 housing units in the first phase. Major marketing points would be views of the Connecticut River and access to the nearby Founders Bridge and highways.