The city had sought $22.3 million from the state's Community Investment Fund to demolish the One Talcott Plaza office and parking garage complex.
The redevelopment project, estimated to cost $200 million, received a planning grant of $250,000.
The new transit center is expected to serve 46 municipalities and vastly improve the bus system in the city, heavily relied on by Hartford residents.
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The government-backed Social Investment Research Council is newly formed to hatch practical insights into social investment market products, and the investors needed to finance them.