Boston-based multifamily developer Beacon Communities has begun construction on the first phase of a redevelopment that will convert an underutilized Avon office park into 176 apartments.
Beacon announced the launch of construction at 20 Security Drive, adjacent to the downtown, this week. The plan is to create a mixed-income community of “high-quality housing, resident amenities and supportive services,” according to Beacon.
The development’s first phase is a new, 100-unit building of one- and two-bedroom apartments, 85 of which will be set aside at affordable rates for households earning 25% to 80% of area median income. The remainder will be market rate.
The Connecticut Department of Developmental Services rental assistance program is subsidizing supportive services at 22 apartments through provider Oak Hill. The Connecticut Housing Finance Authority is also involved in the deal.
“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,” Beacon Communities CEO Dara Kovel said.
The Homes at Avon Park is located a quarter mile from downtown Avon, immediately adjacent to the Farmington Canal Bike Trail and across from a recent commercial development anchored by Whole Foods. 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.
The redevelopment is supported by a combination of public and private resources, including federal Low-Income Housing Tax Credits, financing from the Connecticut Department of Housing and the CHFA, along with a 20-year tax agreement with Avon. Construction financing is 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, known as Avon Village, will rehabilitate a vacant office building on-site into 76 apartments and is scheduled to start construction in 2026.
