Spinnaker Opens The 55 Elm Club After $67M Conversion

Hartford’s 55 Elm Club opens after $67 million conversion of century‑old office complex

A major conversion of a century‑old office complex on the south side of Bushnell Park in Hartford opened its doors this week following a roughly $67 million renovation. The project, rechristened The 55 Elm Club, was celebrated at a Wednesday grand opening attended by state and city leaders and other guests who toured restored public spaces and new apartments.

Top line: what opened and who attended

The two‑building, 234,000‑square‑foot complex includes a seven‑story main Renaissance Revival building and a slightly younger four‑story annex known as The Vault. Dignitaries at the opening included the state’s governor and Hartford’s mayor, who toured units that feature ceilings as high as 20 feet, an ornate foyer lined with Doric columns and a grand chandeliered room set aside for a future restaurant.

What the conversion produced

Reports on the final unit count vary. The conversion has been described in different places as producing roughly 127–160 apartments. One breakdown lists 128 units in the seven‑story main building and 32 units in the four‑story annex. Leasing began last fall in The Vault, which the developer reports is nearly fully occupied. Leasing of units in the main building began this summer, with about half of its units ready for tenants at the time of the opening.

Amenities and design preserved

The conversion preserved many historic touches while adding modern finishes. Highlights include restored classical public spaces, a large Great Hall intended for a restaurant and tenant mingling, a majestic lobby with soaring columns, original ribbed radiators retained as a historical nod, and new apartment finishes such as quartz countertops, stainless steel appliances and pendant kitchen lighting. The project also added a fitness center, billiards room, co‑working spaces, two podcast rooms carved from an old vault, a speakeasy‑style lounge in the basement and extra laundry facilities.

Rents, sizes and availability

Advertised rents vary by building and unit size. Studios advertised in the annex start at about $1,440 for roughly 460 square feet. At The 55 Elm Club main building, studios range from about 468 to 626 square feet with rents starting near $1,750. One‑bedrooms range from about 484 to 1,021 square feet with starting rents near $1,620, and two‑bedrooms run from roughly 1,064 to 1,490 square feet with rents starting near $2,695. Rents do not include some additional service fees such as trash collection or cable.

Project history, surprises and delays

The main building dates to the mid‑1920s, with sources citing both 1925 and 1926 as construction or design years. It was originally built for a major insurance company and later housed state offices, including the state treasurer and the attorney general. The developer reported many construction surprises tied to the building’s past uses and to unexpected structural issues. Extra oversight required to secure state and federal historic preservation funding added time and cost to the work. An electrical explosion and fire under Elm Street late in 2024 also limited power to the property and contributed to delays.

Financing and public support

The conversion relied on a mix of private equity, construction loans and public development loans. Reported financing includes a $31.5 million construction loan from one bank, a roughly $9.4 million loan from another source, $3 million in deferred developer fees, and about $10 million in equity from the developer. A regional development authority provided bridge and permanent loans during the deal; reported figures for that authority’s support vary across accounts and include totals in the range of several million dollars. The authority also approved loans for follow‑on phases around the site.

Affordable units and community impact

About 20 percent of the apartments are set aside at below‑market rents for tenants with low and moderate incomes. Local development leaders said the conversion is a first major project for the Bushnell South neighborhood and will help reconnect the park to downtown, replace surface parking with housing and address regional workforce housing needs. The developer said more housing and related projects are planned on adjacent parking lots, where land was purchased recently for future buildings.

What comes next

The developer plans additional residential construction on nearby parcels, with approvals and financing in place for follow‑on phases that could add nearly 240 apartments in the Bushnell South area according to some reports. Work on those adjacent projects is expected to begin next year, subject to final financing and permitting.

Why this matters

The conversion converts office space to housing in a central downtown block, creates new street‑level retail and restaurant opportunities, preserves historic architecture and adds a mix of market‑rate and below‑market homes. Local leaders view the project as a model for future downtown redevelopments aimed at bringing more people back to the city and strengthening links between the park, the State Capitol and surrounding neighborhoods.

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