Spinnaker Opens The 55 Elm Club After $67M Conversion

Hartford, Connecticut, October 9, 2025

News Summary

Norwalk-based developer Spinnaker has opened The 55 Elm Club, a renovated century-old office complex on Hartford’s south side of Bushnell Park after a reported $67 million conversion. The two-building project preserves Renaissance Revival details—grand Doric columns, original radiators and high ceilings—while introducing roughly 127–160 modern apartments, amenities including a fitness center, co-working spaces, a speakeasy lounge, and commercial retail and restaurant areas. Leasing began in phases with the annex nearly full; about 20% of units are reserved as affordable. Financing combined construction loans, developer equity and historic tax credits, and city and state officials attended opening tours.

Hartford landmark reopened as apartments after $67 million conversion

A century‑old office complex on the south side of Bushnell Park has been converted into apartments in a project that cost about $67 million. The developer opened the doors to dignitaries and city leaders on a Wednesday, showing off newly finished units and common areas in the complex now called The 55 Elm Club.

Key facts up front

The Norwalk‑based developer completed the project, which reworked a Renaissance Revival main building and a four‑story annex into housing. The two‑building complex totals about 234,000 square feet and sits directly across from Bushnell Park. Officials including the state governor and the city mayor attended the opening and toured model apartments and amenity spaces.

What visitors saw at the opening

Guests toured dramatic units with ceilings as high as 20 feet, an ornate lobby lined with Doric columns, and a large, chandeliered room reserved for a future restaurant and public events. The property includes a dozen co‑working spaces, a billiards room, a speakeasy‑style lounge in the basement, two podcast rooms carved from a vault, and a fitness center. Some apartments keep original ribbed radiators as a historical detail, while heating and cooling in units are handled by wall‑mounted systems.

Size, layout and count of units

Reporting on unit counts varies: the conversion is described in different places as producing about 160 apartments, as well as counts of 127, 128 total units in the main building with an additional 32 units in the annex (known as The Vault). Leasing began earlier in the annex, which the developer says is nearly fully occupied, while leasing in the main building started later and some top‑floor units were still being finished at the time of the opening.

Rents and affordability

Advertised rents for The Vault list studios around $1,440 per month for about 460 square feet, and one‑bedrooms around $1,620 for roughly 550 square feet. At The 55 Elm Club, studios range from 468 to 626 square feet with starting rents near $1,750; one‑bedrooms span 484 to 1,021 square feet from about $1,620; and two‑bedrooms range from 1,064 to 1,490 square feet with starting rents near $2,695. Rents do not include some additional building service fees such as trash or cable. About 20 percent of the total apartments are reserved at below‑market rents for households with low and moderate incomes.

History and architecture

The main building was built in the mid‑1920s in a Renaissance Revival style, with an exterior intended to recall a 15th‑century Florentine palace. It originally housed an insurance company and later served as state offices. The conversion sought to preserve many historic features while adapting the structure for modern apartments and amenities.

Costs, financing and delays

The conversion used a mix of financing: a construction loan of about $31.5 million from a regional bank, a $9.4 million loan through another lender and a certified development corporation, deferred developer fees of roughly $3 million, and about $10 million in equity from the developer. Public financing through the city’s development authority supported the project with bridge and permanent loans totaling several million dollars. The project also benefited from historic tax credit financing. Work was delayed by at least a year in part because of an explosion and electrical fire under Elm Street in late 2024 and by structural surprises found during renovation. The developer reported that added oversight tied to state and federal historic funding also increased the time and cost of the work.

Developer plans and neighborhood impact

The developer owns adjacent parking lots and has plans for additional buildings nearby, with approvals and potential financing in place to build more apartments on those lots. Officials called the project the first major development in a neighborhood plan intended to better connect the park, the state capitol and downtown with nearby neighborhoods. Local business and development leaders said adding housing near the park is meant to help address regional housing shortages and make it easier for employers to recruit and retain workers.

Retail, restaurant and community uses

The project includes a planned restaurant space of about 6,000 square feet off the main lobby, a 5,000 square foot retail space on the annex first floor, and a 3,400 square foot basement area that could be used for recreational retail. Leasing agents said they are pursuing food and beverage tenants, and one potential use for the annex courtyard would be a brewery or outdoor dining.

Context and next steps

The conversion reduces downtown office space while adding housing options and preserving a landmark building. The developer plans to start work on adjacent buildings as financing and approvals align, and officials view the completed project as an early example of how older office buildings can be repurposed to meet modern housing needs.

FAQ

What is The 55 Elm Club?

The 55 Elm Club is the name given to a converted historic office complex across from Bushnell Park, now operating as apartments with shared amenities and retail space.

How many apartments are in the project?

Reported unit counts vary. The site includes a seven‑story main building and a four‑story annex. Sources describe totals ranging from about 127–160 units, with the annex reported to contain 32 units and the main building reported in some accounts as having 128 apartments.

How much did the conversion cost?

The reported project cost is approximately $67 million.

What kind of financing supported the project?

Financing combined private equity, construction and permanent loans from private banks, deferred fees, and public loans from the regional development authority, along with historic tax credits.

Are any apartments reserved for lower incomes?

Yes. About 20 percent of the apartments are reserved at below‑market rents for low‑ and moderate‑income households.

What amenities are included?

Amenities include co‑working spaces, a billiards room, a speakeasy‑style lounge, podcast rooms, a fitness center, laundry facilities, and a large event/restaurant space near the main lobby.

Are retail or restaurant spaces available?

Yes. A roughly 6,000‑square‑foot restaurant space is set off the main lobby; the annex has a 5,000‑square‑foot retail space and an outdoor courtyard suitable for dining or a brewery tenant.

{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What is The 55 Elm Club?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The 55 Elm Club is a converted historic office complex across from Bushnell Park, now operating as apartments with shared amenities and retail space.”
}
},
{
“@type”: “Question”,
“name”: “How many apartments are in the project?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Reported unit counts vary. The site includes a seven‑story main building and a four‑story annex. Sources describe totals ranging from about 127–160 units, with the annex reported to contain 32 units and the main building reported in some accounts as having 128 apartments.”
}
},
{
“@type”: “Question”,
“name”: “How much did the conversion cost?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The reported project cost is approximately $67 million.”
}
},
{
“@type”: “Question”,
“name”: “What kind of financing supported the project?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Financing combined private equity, construction and permanent loans from private banks, deferred fees, and public loans from the regional development authority, along with historic tax credits.”
}
},
{
“@type”: “Question”,
“name”: “Are any apartments reserved for lower incomes?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Yes. About 20 percent of the apartments are reserved at below‑market rents for low‑ and moderate‑income households.”
}
},
{
“@type”: “Question”,
“name”: “What amenities are included?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Amenities include co‑working spaces, a billiards room, a speakeasy‑style lounge, podcast rooms, a fitness center, laundry facilities, and a large event/restaurant space near the main lobby.”
}
},
{
“@type”: “Question”,
“name”: “Are retail or restaurant spaces available?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Yes. A roughly 6,000‑square‑foot restaurant space is set off the main lobby; the annex has a 5,000‑square‑foot retail space and an outdoor courtyard suitable for dining or a brewery tenant.”
}
}
]
}

Quick reference: Key features

Deeper Dive: News & Info About This Topic

Additional Resources

• FOX61: Hartford welcomes new housing — The 55 Elm Club
• Wikipedia: Hartford, Connecticut
• Hartford Courant: CT $67M project was a long and winding road
• Google Search: 55 Elm St Hartford 55 Elm Club conversion
• Hartford Business Journal: Spinnaker nears finish of $67M office-to-housing conversion
• Google Scholar: adaptive reuse office to residential Hartford
• CT Insider: Connecticut commercial apartment conversions
• Encyclopedia Britannica: historic preservation adaptive reuse
• Hartford Business Journal: Leasing underway at Bushnell South development
• Google News: Bushnell South Hartford apartments

Author: Construction CA News

CALIFORNIA STAFF WRITER The CALIFORNIA STAFF WRITER represents the experienced team at constructioncanews.com, your go-to source for actionable local news and information in California and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Rose Parade, Coachella, Comic-Con, and the California State Fair. Our coverage extends to key organizations like the California Building Industry Association and Associated General Contractors of California, plus leading businesses in technology and entertainment that power the local economy such as Apple and Alphabet. As part of the broader network, including constructionnynews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic landscape across multiple states.