The Simon Konover Company held a ribbon cutting event to celebrate the revitalization and rebranding of the former Corbin Heights and Pinnacle Heights Extension housing communities located in New Britain, Connecticut.
“This event celebrates the essence of the public-private partnership, and we acknowledge a talented community of professionals who have worked tirelessly over many years to bring this revitalization dream to a reality,” said James Wakim, President and Chief Operating Officer of The Simon Konover Company in his opening remarks. “Welcome home.”
At the ground breaking event, The Simon Konover Company introduced the rebranded communities, which going forward will be known as Industria Commons and Brytania Square, respectively. Erin Stewart, Mayor of the City of New Britain, welcomed dignitaries and guests and congratulated all who contributed to the transformation of the housing communities.
“I want to recognize the former mayors, both Democrat and Republican, who helped shape this project over the last 15 years and helped bring it to fruition,” said Mayor Stewart. “Welcome home to the City of New Britain.”
Donald DeFronzo, Commissioner of the Connecticut Department of Administrative Services, was on hand to celebrate the event. As a state legislator, DeFronzo 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. In his remarks, Commissioner DeFronzo recognized the long term commitment of local residents and their significant contribution to the transformation of the neighborhood.
Commissioner Evonne Klein of the Connecticut Department of Housing, Eric Chatman, President of the Connecticut Housing Finance Authority, Karen Przypyszny of National Equity Fund, and John Cookley of TD Bank also spoke at the event. Resident Council member Jesus Esparra spoke on behalf of the residents.
In a prepared statement, Joe Hagan, president and CEO of National Equity Fund, said, “Both Industria Commons and Brytania Square set a new standard for how to preserve and upgrade Connecticut’s state-supported housing portfolio.”
National Equity Fund is the Low Income Housing Tax Credit syndicator for the revitalizations and an affiliate of the Local Initiatives Support Corporation (LISC).
“With great partners like The Simon Konover Company, CHFA and Connecticut Department of Housing extraordinary things can happen,” commented Mr. Hagan.
The Simon Konover Company acquired the Corbin Heights and Pinnacle Heights Extension housing communities in late May 2012, years after successfully winning an RFP bid for these revitalization projects. The properties were previously owned by CPS Properties, Inc., a subsidiary of the Connecticut Housing Finance Authority (CHFA).
The $80+ million dollar project included the renovation and demolition of the World War II era housing and the construction of 301 new modern homes. The event was held at the new Community Center at Industria Commons.
The project was financed in part by Low Income Housing Tax Credit proceeds administered by Connecticut Housing Finance Authority (CHFA). National Equity Fund served as the tax credit syndicator, with equity investors JP Morgan Chase and TD Bank for the former Corbin Heights and the former Pinnacle Heights Extension projects respectively. Additional financing was provided through CHFA and Connecticut’s Department of Economic and Community Development.
Haynes Construction of Seymour served as the general contractor for the Corbin Heights project. D’Amato Builders of Norwich was the general contractor for Pinnacle Heights Extension. Paul B. Bailey Architect, LLC provided architectural services. Konover Residential Corporation provides property management services for the housing community.