Case Studies
Seaside Village At 38 Hope Street
Niantic, CT
Mixed-Income Residential Development
Property Description
PROPERTY SIZE:
- Phase I – 53 unit condominium/5 acres of land (34 market, 19 affordable)
- Phase II – 80 units (24 Townhomes & 56 Flats) (56 market, 24 affordable)
PROPERTY TYPE: Condominiums: Townhomes/Flats
Opportunity
- New Boston Fund acquired the former Hermitage lighting facility in 2007 and is in the process of transforming the site into a 133 unit condominium project in Niantic, CT consisting of a mix of 1-2 bedroom flats and two-bedroom, two-story townhomes.
- The project will replace an abandoned warehouse with a vibrant community and increase the value of surrounding areas.
- Located in close proximity to the Niantic Bay Waterfront and retail centers, the project will offer 30% workforce housing units.
- The amount of landscaping and construction needed to transform the space has created a significant number of jobs.
Highlights
- Construction began in May 2007, and Phase I was completed in May of 2009, which includes 17 townhomes clustered in three buildings and 36 flats located in one signature three-story building at the front of the property.
- A substantial portion of Phase I units have sold with all remaining units projected to close by the end of 2011.
- In an effort to match buyer demand, the site has been re-permitted to include the development of 80 redesigned units in Phase II which will be developed on a phased basis.
- The first quad (4 connected Townhomes) will be complete by December 2011.
