PRESS RELEASE

For Immediate Release

Date: June 12, 2024

Contact: Emma Balaguer/ emma@libertysquaregroup.com

Beacon Communities and Local Leaders Celebrate Completion of Baystate Place in Springfield

Renovated Property Preserves Affordability for Mixed-income Residents

Springfield, MA – After two years of extensive renovations, Beacon Communities celebrated the modernization of Baystate Place, a 346-unit mixed-income community in Springfield, last week. Springfield Mayor Domenic J. Sarno, Massachusetts State Representative Carlos Gonzalez, and Springfield City Councilor Maria Perez joined in the celebration and offered remarks along with Baystate Place resident, Toni Rivera, Beacon Communities Senior Development Director Courtney Koslow, and Beacon Communities Regional Vice President Michael Wood.

The property, originally built in 1974, now has revitalized apartments, common areas, and upgraded wellness facilities and management offices. The renovated building features a mix of studio, one-, and two-bedroom apartments, upgraded with brand-new kitchens, bathrooms, flooring, and windows. In addition, accessibility, safety, and security upgrades were made, as well as overall ground improvements, including courtyard renovations and resurfaced parking lots. Almost all apartments are restricted to households earning 30 percent or 60 percent Area Median Income (AMI) or below, making them deeply affordable. Twenty-two units are rented at market rates.

“We are grateful to our partners at the city and state level as well as our amazing team whose hard work and perseverance made this complex project a reality,” Koslow said. “Beacon is proud to preserve and reinvest in this important housing asset and to offer quality housing for residents in an area in desperate need of more affordable housing options.”

“We are thrilled to celebrate the successful completion of the renovation project at Baystate Place.”, said State Representative Carlos Gonzalez. “The renovation of each apartment and community room is a testament to Beacon Properties commitment to improving the quality of life of our families and residents.”

For fifty years, Baystate Place has served low-income residents in Springfield. Located in Springfield`s Memorial Square neighborhood, Baystate Place is within walking distance of public transportation, retail, entertainment, and schools, providing residents with access to social, economic, and educational opportunities.

“Since 2014 until now, the renovations to the building have improved resident morale,” said Toni Rivera, Committee President and resident of Baystate Place. “The improvements to the community room and courtyard are phenomenal!”

The project was financed with federal and state Low Income Housing Tax Credits, Massachusetts Executive Office of Housing and Livable Communities soft loans, City of Springfield HOME funds, Section 8 Project Based Vouchers (PBV), a permanent loan through Citibank and MassDevelopment taxable and tax-exempt bond financing.

The celebration represents a continuation of Beacon’s activity in Springfield, a city with high demand for affordable housing options. In addition to Baystate Place, the affordable housing developer owns adjacent property Cumberland Homes, a 76-unit mixed-use development, Colonial Estates, a 500-unit low-income townhome community in Springfield, and Palmer Green Estates in nearby Palmer, MA, which contains 156 affordable apartments.

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About Beacon Communities LLC

Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market-rate housing and mixed income-housing. Their developments range from new construction, to historic adaptive reuse, to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create well-designed, healthy homes that enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC please visit www.beaconcommunitiesllc.com