The Hartford Courant

November 1, 2005

SOC Group, LLC, an affiliated organization of the non-profit developer Sheldon Oak Central and CEI Investment Corp. (Carabetta), proposes to purchase the 1450 Main Street site from the City.

As lead developer, Sheldon Oak Central will create a mixed-use residential and retail development that will contribute to the revitalization of the surrounding blocks by introducing much-needed retail stores to the neighborhood, as well as 57 units of attractive amenity-rich and secure family housing in a pedestrian-friendly neighborhood.

The development team includes Mackenzie Architects of Burlington, Vermont; the retail developer Rutenberg Equity Management; Hartford architectural and environmental engineering firm URS; and housing development consultant Brad Schide, LLC.

The site is adjacent to the South Arsenal Neighborhood Association Apartments (SANA), the 256-unit complex that is owned and managed by SOC Group II LP. In early 2005, SOC Group completed a $34 million rehabilitation project, financed by Low Income Housing Tax Credits, federal and state grants and a commercial mortgage.

Our proposal includes 18,000 square feet of retail, which will accommodate between one and four stores and a bank branch. Our retail development partner, Rutenberg Equity Management, is negotiating with a number of drugstore chains - including Walgreen's, as well as Subway, Dunkin Donuts, Rainbow Stores and Webster Bank.

Sheldon Oak Central proposes also to construct family apartments on the eastern (back) portion of the parcel. Working with Carabetta, Sheldon Oak Central will assemble a package of public and private funding, including Low Income Housing Tax Credits, a CHFA mortgage, HOME/State Housing Trust Fund monies and a sponsor's loan. Estimated cost to complete the residential development, including site remediation, is $15 million.

We have generated interest from major retailers as the result of demographic, marketing data and traffic pattern information that we supplied to Rutenberg Equity Management. At present, there are no coffee shops, restaurants or banks in the neighborhood, and the community has identified those services as high priorities.

The production of affordable rental housing is a high priority in the Consolidated Plan as well. The Value Tech market study we commissioned in February 2005 reported that (with the exception of SANA and Mary Shepard Place) much of the housing stock in Clay-Arsenal is obsolete and deteriorated and there is very strong demand for safe and attractive amenity-rich family housing, particularly larger family units.

This proposal is the result of extensive consultative planning and substantial due diligence. We have worked on this plan for nearly two years-consulting with the Clay Arsenal Neighborhood Revitalization Zone, the SANA Revitalization Committee, the SANA residents' association and the City, beginning when we responded to a previous City RFP in 2003.

We have consulted with Hartford Economic Development Commission about the retail complex north of SANA, and are working with the Commission and other neighborhood stakeholders to ensure that our development complements Main and Pavilion and other proposed projects in Clay Arsenal.

DATELINE, April 15, 2006-The Corporation for Supportive Housing (CSH) has awarded a MetLife