Image courtesy of Pennrose
A pair of developers have begun construction of a mixed-income residential community at the former Torrington Manufacturing Co. site on the Naugatuck River.
The partnership between Pennrose and The Cloud Co. will include 60 apartments, 75 percent of which will be set aside for households with a maximum 70 percent of the area median income.
Known as Riverfront, the project will is designed with Passive House building principles. Resident amenities include a roof deck, lounge and outdoor seating.
“What was once a blighted, contaminated site has been remediated and restored to a clean healthy condition, paving the way for new housing that will provide a higher quality of life for our residents,” Torrington Mayor Elinor Carbone said in a statement. “This is the type of investment that we needed to make to become an attractive community for young professionals. Its location along the river, in the heart of our city, will provide a safe comfortable environment for residents of all ages and bring vibrancy to downtown.”
Gov. Ned Lamont joined developers at a groundbreaking ceremony at the Franklin Street site last week. Completion of the project is scheduled for summer 2022.
The project includes 1,200 square feet of ground floor retail space next to the city’s new Franklin Street Plaza and an extension of the Naugatuck Greenway in the form of a paved multi-use trail.
Financing for the project includes tax credit equity from Redstone Equity, a construction loan from Citibank, FLEX funds from Connecticut Department of Housing, permanent loan from Torrington Savings Bank, Federal Home Loan Bank of Boston AHP funds, Federal Home Loan Bank of New York AHP funds, services funding from Connecticut Department of Development Services (DDS), rental subsidies from the Torrington Housing Authority/HUD and Eversource Energy Rebates.
The project team includes Haynes Construction, DeMarco Management Corporation, The Arc of Litchfield County (LARC), WRT, QA+M Architecture and Bohler Engineering.
Pennrose’s Connecticut projects include the Village at Park River, a partnership with The Cloud Co. and the Hartford Housing Authority on redevelopment of a 40-acre former public housing site into a mixed-use community.
