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Downtown Meriden project lands $6 million in state loans
Dan Brechlin | Record-Journal

 

MERIDEN — A downtown housing and commercial development received a financial boost Friday when the state Bond Commission voted to support a $6 million loan to help construct the four-story building.


The proposed 24 Colony St. development will have 64 housing units, including 56 that are considered affordable housing. There will also be about 11,000 square feet of commercial space.

 

The development is estimated to cost $22.865 million. In addition to the $6 million loan, there will be other funding sources. A total of $12.74 million will come from federal low-income housing tax credits, $3.67 million from the Connecticut Housing Finance Authority, $158,000 from energy rebates, and $297,000 from a deferred developer fee.

 

Branford-based Westmount Management, doing business as Colony Residences LLC, is the project developer. The company is working closely with the Meriden Housing Authority, as about 25 percent of the housing units will be replacement units for Mills Memorial Apartments. MHA Executive Director Robert Cappelletti and Westmount Management Director Rick Ross could not be reached for comment Friday.

 

City and MHA officials have long targeted Mills for demolition. Officials plan to scatter the 140 replacement housing units throughout downtown.

 

The housing and office space project is part of the city’s overall transit-oriented development mission. With improved rail service expected in 2016 and a new train station, the Department of Transportation also agreed to fund a 273-space parking garage on the 24 Colony St. site. The garage is estimated to cost $8,342,875.

 

City officials hope work will start in late summer or early fall. Construction is likely to take 18 to 24 months.

 

The Meriden development was one of eight housing development projects to receive grants or loans through the state Bond Commission on Friday. The 24 Colony St. development received more than any other project, obtaining $6 million of the full $25.18 million approved.