Hartford, CT – The Corporation for Independent Living (CIL), a nonprofit real estate developer, has announced its intention to sell its property at 75 Charter Oak Ave in Hartford, known locally as Atlantic Works. Atlantic Works is currently home to 25 primarily nonprofit organizations and the Connecticut Nonprofit Center, which is operated by The CT Community Nonprofit Alliance (The Alliance).
CIL’s decision to list the property was influenced by shifting market conditions, post-COVID uncertainty, and changes in the commercial real estate market for office space leading to depreciation. The nonprofit acquired the property in 2013 with a vision to create an affordable, campus-like community of nonprofits with shared conference rooms, technology, and other common resources; delivering operational efficiencies and cost savings that would be hard to match in comparison to traditional commercial office rentals.
“The Foundation has been a supporter of the collective vision that is the Nonprofit Center for many years. None of us could have predicted the continued impact that COVID-19 would have on local economic conditions and our nonprofit community,” said Hartford Foundation for Public Giving President Jay Williams. “We will continue to partner with all of the stakeholders at the Center to mitigate these negative effects on nonprofits and the essential services they provide to their clients.”