Hunton & Williams Represents RBH Group in its $20M Acquisition and Planned Redevelopment of 370 Asylum Street in Hartford, Connecticut

The transaction, which closed on September 29, 2017, will transform and re-purpose a long-vacant commercial building in downtown Hartford, Connecticut, into a vibrant and dynamic mixed-use space. The project, known as Teachers Corner Hartford, will be comprised of luxury market-rate and affordable residential units, pre-marketed to local education professionals, and will feature a suite of amenities including space for educational opportunities and cultural performances, as well as restaurant and retail components.

Hunton & Williams’ legal team was led by New York real estate partner Laurie A. Grasso and associate Douglas Hoffmann. “Teachers Corner Hartford represents a unique public-private partnership that will transform an underutilized urban area into a vibrant and important hub of activity,” said Grasso. “We are happy and honored to have been able to assist Ron Beit and RBH Group in successfully carrying out this important development and in the continued growth of their business.”

Teachers Corner Hartford represents the first transaction in RBH Group’s national rollout of its Teachers Village Concept following the success of the Teachers Village project in Newark, New Jersey—a $150 million, 23-acre mixed-use community in the heart of downtown Newark—where Grasso and Hunton & Williams have handled more than 30 transactions involving 77 lots since it began in 2005. In realizing Teachers Corner Hartford, RBH Group continued its joint venture with the Goldman Sachs Urban Investment Group, and is also partnering with Hartford’s Community Solutions, Inc., and The Prudential Social Investment Group, with funding provided by the City of Hartford and various Connecticut State Agencies.