Two Connecticut-based real estate development firms with national portfolios are teaming up on a proposed 80-unit affordable senior housing complex in Berlin.
O’Riordan Migani Architects of Seymour and Simsbury-based Vesta Corp. have entered into an agreement with the town to purchase the former Knights of Columbus property at 143 Percival Ave., for roughly $500,000 and build the multi-phase project.
The proposed plan calls for two, three-story buildings, each with 40 units and parking. Phase one includes constructing one building, a management office and community room plus parking. Phase two includes the second three-story, 40-unit building.
Phase one is estimated to cost roughly $15 million, funded in part by low-income housing tax credits, along with private and Department of Housing and CHFA funding.
The team expects financing details to take 12 to 24 months, then 12-month construction periods for each phase.
Vesta is an affordable housing developer and property manager with 14 age-restricted communities in its portfolio, including three in Connecticut.
O’Riordan Migani Architects is a boutique design firm with a concentration on affordable senior design and construction projects.
The town is hosting a public information meeting on the proposal Nov. 22 at the Berlin Senior Center at 1 p.m.