Thursday, January 26, 2012
RIBBON CUTTING CEREMONY CELEBRATES COMPLETION OF FOUR INNOVATIVE TOWNHOMES AT SEASIDE VILLAGE IN NIANTIC, CONN.
New townhomes revitalize local Niantic community
Niantic, Conn. (January 26, 2012) - New Boston Fund's Urban Strategy America Fund team was joined today by Reggie Tucker, a representative from the Connecticut Treasurer's office, and Niantic Deputy First Selectman Mark Nickerson, to unveil the first four completed townhomes in Phase II of construction at Seaside Village (formerly 38 Hope Street) with a ribbon cutting ceremony. Phase II will include 80 new townhomes and condominiums, 20 of which will be affordable.
The new townhomes are beautifully designed with first floor master suites and spacious open floor plans with rich details like hardwood floors and granite countertops. All are low maintenance, affordably priced and within walking distance to charming downtown Niantic and Long Island Sound.
"We are thrilled to unveil the first four newly constructed townhomes in Phase II of this vibrant residential community," said Gary Hofstetter, Senior Vice President, New Boston Fund, the developers of the property. "Through our partnership with state and local forces, we have not only created affordable and beautiful apartments for local community members, but also provided jobs and stimulated the local economy."
Seaside Village is being developed by New Boston's Urban Strategy America Fund, a triple-bottom line fund that executes on the promise of generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.
After the 80 townhomes and condominiums in Phase II construction are complete, the community will be comprised of 133 total units, 30 percent of which will be affordable, priced below fair market value for eligible buyers at between 60 and 80 percent of AMI (area median income).
Seaside Village offers a maintenance-free lifestyle that features beautiful exterior landscaping and parking while also within easy walking distance of shops, restaurants, a scenic pond and the beach. Coldwell Banker Residential Brokerage is the exclusive listing agent for the project. For more information on Seaside Village at 38 Hope Street, please contact Carolyn Morrison of Coldwell Banker Residential Brokerage at 860-739-7400 or Carolyn.Morrison@ColdwellBankerMoves.com. For additional background on the homes at Seaside Village and Niantic's charming way of life, please visit the Seaside Village website at www.seasideniantic.com.
About the USA Fund
The Urban Strategy America ('USA') Fund is a New Boston real estate investment fund that executes on the promise of a triple bottom line- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability. www.usa-fund.com
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. New Boston Fund: People, Values, Returns. www.newbostonfund.com
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