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Ground Breaking Held for Corbin Heights Revitalization Project in New Britain

New Britain, CT – July 24, 2012 –The Simon Konover Company held a ground breaking event to celebrate the revitalization of the Corbin Heights and Pinnacle Heights Extension housing communities located in New Britain, Connecticut on July 19, 2012.

James Wakim, President and Chief Operating Officer of The Simon Konover Company, opened the event and welcomed dignitaries and guests.

Mr. Wakim offered that “This ground breaking ceremony celebrates a significant milestone in these long-awaited revitalization projects, and at conclusion, 301 deserving families will be provided with new affordable housing homes.”

Affiliates of The Simon Konover Company (TSKC) acquired the Corbin Heights and Pinnacle Heights Extension housing communities in late May 2012. The properties were previously owned by CPS Properties, Inc., a subsidiary of the Connecticut Housing Finance Authority (CHFA).

Tim O’Brien, Mayor of the City of New Britain, gave credit to the Corbin-Pinnacle Residents Council for “keeping the faith” over the past decade and helping to bring this project to a reality.

Donald DeFronzo, Commissioner of the Connecticut Department of Administrative Services, was on hand to celebrate the event. As state legislators, DeFronzo and O’Brien helped pass special legislation that allowed for bond authorization and implementation of a new planning approach that gave residents a direct voice in the process.

The $80 plus million dollar project calls for sweeping changes that will include the demolition of the World War II era housing and construction of new modern homes. When the multi-phase construction is complete, the former public housing will be converted to 301 rental homes. Construction phasing will allow for the integration and relocation of existing families within the communities.

The project is financed in part by Low Income Housing Tax Credit proceeds administered by Connecticut Housing Finance Authority (CHFA). National Equity Fund is serving as the tax credit syndicator, with equity investors JP Morgan Chase and TD Bank for the Corbin Heights and Pinnacle Heights Extension projects respectively. Additional financing is provided through CHFA and Connecticut’s Department of Economic and Community Development.

Haynes Construction of Seymour is the general contractor for the Corbin Heights project. D’Amato Builders + Advisors, LLC of Norwich is the general contractor for Pinnacle Heights Extension. Paul B. Bailey Architect, LLC is providing architectural services. Konover Residential Corporation provides property management services for the housing community.

About The Simon Konover Company

Started over 50 years ago, The Simon Konover Company is a fully integrated real estate organization nationally-recognized as one of the premier real estate entities operating throughout the Midwest and Eastern United States.

Headquartered in West Hartford, Connecticut, The Simon Konover Company cumulatively employs hundreds of people through its operating companies including Konover Commercial Corporation, Konover Hotel Corporation, Konover Residential Corporation, Simon Konover Development Corporation, SIKON Construction Services, LLC, and Konover South, LLC. The Simon Konover Company and its related-entities own and manage over 9,800 apartment units, 3.5 million square feet of office and industrial space, 2.8 million square feet of retail space, and a portfolio of limited service hotels. For more information, visit www.simonkonover.com.


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