PRESS RELEASE

For Immediate Release

May 14, 2024

Contact: Emma Balaguer / emma@libertysquaregroup.com

Beacon Communities Hosts Groundbreaking at State and Chapel in New Haven

Underused Historic Buildings to be Transformed into Mixed-use Community

New Haven, CT – Beacon Communities broke ground on a mixed-use development, creating 76 new apartments in the heart of New Haven’s Historic Ninth Square District on Friday. This groundbreaking ceremony featured a speaking program that included New Haven Mayor Justin Elicker, Connecticut Commissioner of Housing Seila Mosquera-Bruno, Connecticut Finance Authority CEO Nandini Natarajan, and Beacon Communities CEO Dara Kovel.

Beacon’s adaptive reuse of historic late nineteenth and early twentieth-century buildings, along with a new adjacent building will bring much-needed affordable housing to New Haven while preserving the scale and fabric of the prominent street corner. Beacon will convert an underutilized parking lot on State Street and vacant upper-floor spaces along Chapel Street into a mix of studio, one-, and two-bedroom apartments. Upon completion, the community will contain 76 new apartment homes while maintaining the ground-floor commercial spaces. Sixty of the apartments will be affordable to households with incomes at or below 30%, 50%, or 60% AMI. Sixteen of the apartments will serve households who are currently or at risk of experiencing homelessness.

The mixed-use property, located steps away from the New Haven State Street Transit Station and bus routes, is within walking distance of restaurants, retail, pharmacies, and schools. The revitalized ground level space on Chapel Street will continue to enliven the block, establishing more connectivity and economic opportunity for residents and businesses in New Haven and beyond.

“As the housing crisis continues to burden residents across Connecticut, investing in affordable homes is critical. This project will deliver 60 affordable apartments to New Haven, as well as supportive housing for people experiencing homelessness. I am proud to fight for federal tax credits that support pivotal projects like this one and will continue to support initiatives to make housing in Connecticut more affordable for everyone,” said U.S. Senator Richard Blumenthal.

“We are grateful to our partners at the city, state and federal level for their support of this complex, impactful and transformative project,” said Dara Kovel, CEO of Beacon Communities.   “Beacon has invested so much in New Haven and is excited to expand affordable housing in downtown New Haven and write the next chapter on our work in Ninth Square.”

The groundbreaking ceremony represents a continuation of Beacon’s activity in New Haven. In 2019, the affordable housing developer purchased and redeveloped the adjacent Ninth Square property, a 335-unit, mixed-use complex now home to the New Haven Pride Center, Elm City Games, Bark and Vine, Jazzy’s, Barcade, and more. Beacon also recently redeveloped Edith Johnson Towers in New Haven, CT, bringing major facade and amenity upgrades to a community that is home to 95 affordable apartments.

“In New Haven, we’re committed to inclusive growth and ensuring there is affordable housing for individuals and families of all incomes. A development of this scale in the downtown area with nearly 80 percent of the units being affordable housing is incredibly rare, and the City of New Haven is proud to be a partner in this effort,” said New Haven Mayor Justin Elicker.  “The State and Chapel project will transform this street corner from an underutilized parking lot and underutilized upper-floor office spaces into a fully occupied and vibrant housing complex that’s integrated into the heart of our city. You really can’t ask for a better project, and I want to thank Beacon Communities and the many other partners that have worked so hard to make this a reality for our residents.”

The project is financed via a combination of Low-Income Housing Tax Credits, federal and state historic tax credits, and private and public soft debt, including funding awards from the Connecticut Housing Finance Authority, the City of New Haven, and the Connecticut Department of Housing (“DOH”). Rental subsidy on a portion of units was awarded through Elm City Communities and DOH.

“Rehabilitating historic structures while adding new construction is a critical component of housing development,” said Connecticut Commissioner of Housing, Seila Mosquera-Bruno. “Projects like these that leverage private funding to create affordable housing near transportation and walkable to everything are key to creating sustainable communities and are an example of our ongoing work across the state. Transit-oriented development has been a key aspect of this Administration’s vision, and we are happy that our contribution can bring that vision to reality.”

###

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