Simon_Konover

Ground Breaking Scheduled for Corbin Heights Revitalization Project

Event Scheduled for 10:00 a.m. July 19, 2012

New Britain, CT – July 16, 2012 –The Simon Konover Company will host a ground breaking event to celebrate the revitalization of the Corbin Heights and Pinnacle Heights Extension housing communities located in New Britain, Connecticut. The event will be held at 10:00 a.m. on July 19, 2012 at 344 Governor Street in New Britain.

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).

“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,” stated James Wakim, President and Chief Operating Officer of The Simon Konover Company.

At the ground breaking event, Tim O’Brien, Mayor of the City of New Britain, will welcome dignitaries and guests. Representatives of the State of Connecticut, Connecticut Housing Finance Authority, National Equity Fund, and other stakeholders will participate in the celebration.

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.


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