A Boston-based multifamily developer is advancing plans for up to 356 apartments at a vacant Avon office park, where construction of the second of four planned phases recently launched at a site adjacent to the town center.
Beacon Communities recently filed plans with the town for a third, 100-unit phase at 20 Security Drive and is designing a fourth and final phase of 60 to 80 units. The first three phases are anticipated to cost a combined $139.8 million, according to the developer.
Those projects would follow the 176 apartments already under development through the first two phases, which are being built by Haynes Construction, of Seymour. The Architectural Team designed these phases.
Beacon CEO Dara Kovel, on Thursday, said project financing incorporates state and federal resources along with a local tax agreement.
“We are very excited about the alignment with the state and town and our own mission of delivering high-caliber housing to people who need it,” Kovel said.
Kovel said the development aims to bring more than 350 housing units to a quality community with good schools, at a location across from a new Whole Foods and connected to the Farmington Canal Heritage Trail.
Beacon announced Wednesday the launch of its “Avon Village” phase, a conversion of the vacant office building at 20 Security Drive into 76 affordable apartments.
That project follows the launch earlier this year of construction on The Homes at Avon Park, a 100-unit mixed-income apartment building on the same property.
Construction of The Homes at Avon Park is expected to continue through 2027, while the office building redevelopment is expected to be completed in 2028. Kovel said Thursday construction of the entire community could be complete in 2029 or 2030.
Avon Village will include 55 one-bedroom, seven two-bedroom, five three-bedroom and nine four-bedroom apartments, according to Beacon. Sixteen units will be reserved for households earning no more than 50% of area median income, while the remaining 60 will be restricted to households earning no more than 60% of area median income.
The project will also include eight fully accessible apartments and two units designed for residents with hearing or visual impairments.
The first phase includes 85 income-restricted apartments and 15 market-rate units. Twenty-two apartments will receive rental assistance through the Connecticut Department of Developmental Services.
Planned amenities include a fitness center, walking trails, gardens, a multi-use lawn, outdoor courtyard and terrace, dog run and connections to the Farmington Canal Heritage Trail.
Avon Village is being financed with federal Low-Income Housing Tax Credits, Connecticut Housing Finance Authority tax-exempt bonds and Opportunity Funds and Connecticut Department of Housing financing. M&T Bank is providing private construction debt and equity.
Avon is supporting the redevelopment through a 20-year payment-in-lieu-of-taxes agreement.
