Image courtesy of Beacon Communities
Boston affordable housing developer Beacon Communities says it’s started the first phase of converting an office park in Avon into housing.
The Homes at Avon Park project, at 20 Security Drive, will see a new, 100-unit building of one- and two-bedroom apartments built. Eighty-five of those units will be affordable to households at 25%, 50%, and 80% Area Median Income and 15 will be market-rate. Twenty-two apartments will receive operating subsidies through the Connecticut Department of Developmental Services Rental Assistance Program, with Oak Hill serving as the supportive services provider.
Amenities will include a community room and kitchen, fitness and wellness spaces, walking trails, a multi-use lawn, gardens, an outdoor courtyard and terrace and a dog run.
“Transforming an underutilized office park into a vibrant mixed-income community in the Town of Avon addresses Connecticut’s housing needs and is aligned with State housing goals,” Dara Kovel, CEO, Beacon Communities, said in a statement. “The town has been a committed partner in bringing this project to life along with the State Department of Housing and CHFA. We’re grateful for their support with this major expansion of housing options in this high opportunity community where affordability is a real challenge.”
The Homes at Avon Park is located a quarter mile from the heart of downtown Avon, immediately adjacent to the Historic Farmington Canal Bike Trail and across from the recent commercial development anchored by Whole Foods.
The financing package includes federal low-income housing tax credits, soft financing from the Connecticut Department of Housing and the Connecticut Housing Finance Authority (CHFA), and a 20-year PILOT tax agreement with the town of Avon. Construction financing was provided by Bank of America and CHFA, and permanent financing will be provided by CHFA. Bank of America is also providing tax credit equity.
Phase Two of the project, to be known as Avon Village, will rehabilitate a vacant office building on-site into 76 apartments and is scheduled to start construction in 2026.
