A $22 million adaptive reuse project that converted a 100,000-square-foot former cotton mill into a mix of studio, one- and two-bedroom apartments has been completed, and the units are 100% leased, according to the developer.
The 72-unit affordable housing development — called Oxoboxo Lofts — is located at 42 Pink Row, near Interstate 395. A grand-opening ceremony is planned for 11 a.m. Sunday.
The turn-of-the-century textile’s smokestack was restored as part of the project and remains visible as a landmark from the Thames River.
The development adds to the affordable housing stock in Montville, where only 5% of residences are considered affordable.
The development offers housing for residents earning 25%, 50% and 60% of the area median income, along with market-rate units.
“Completing this project has been a long and complicated process,” said Roberto Arista, principal and president of Dakota Partners, the development company. “We’re excited to have finally transformed this historic structure into much needed affordable housing.”
Residents have access to a community clubhouse, fitness center and on-site management services.
The project received federal and state historic tax credits and low-income housing tax credits to fund the restoration. Work included installing new windows, roofs and building systems while preserving the mill’s historic character under guidelines from the Connecticut State Historic Preservation Office and U.S. Department of the Interior.
Funding partners included the Connecticut Department of Housing, Connecticut Housing Finance Authority, Connecticut Department of Economic and Community Development, Bank of America and several community development corporations.
Maggiore Construction Inc. served as general contractor, and Vesta Corp. will manage the property.
