Dakota Closes on Oxoboxo Lofts
MONTVILLE, CT – Oxoboxo Lofts, a new community located in the Uncasville area of Montville, CT and bordered by the Thames River, moved one step closer to welcoming residents by securing all financing and approvals to close on the project. The 72-home property will feature affordable, workforce, and market-rate housing with a mix of income restrictions including 25%, 50% and 60% of the Area Median Income. Local residents who qualify will be eligible to participate in a lottery drawing.
An adaptive reuse project, Oxoboxo Lofts, will transform an historic turn of the century mill and approximately 100,000 square feet of industrial space into 72 studio, one- and two- bedroom apartment homes. With only 5% of housing considered affordable in Montville, the restoration of the former cotton and textile mill will not only provide much-needed housing options to residents who might otherwise be priced out of the area, but will also preserve the historical structure.
“Closing on this project has been a long and complicated process and we’re thankful to all our project partners for their contributions to make it happen, specifically the Town of Montville, DECD, Bank of America, N.A (Construction Lender); Banc of America CDC Special Holding Company, Inc. (Investor); Eversource Energy (Investor), MHIC (Investor); BlueHub Capital (Investor); Lower Roxbury Community Corporation (Investor); Maggiore Construction, Inc. (General partner and General Contractor); and Vesta Corporation (Property Manager),” said Dakota Principal and President, Roberto Arista. ““Dakota has a long and successful history of delivering safe, vibrant, and attainable housing to neighborhoods in Connecticut. We’re excited to finally execute this project and transform this historic structure into much needed affordable housing and are very thankful for the Town of Montville’s incredible support and patience throughout this process to ensure that this project would happen.”
The project has been awarded federal and state historic tax credits and low-income housing tax credits to support the restoration and conversion of the former mill. Extensive building improvements planned for the existing historic structures include new windows, roofs and HVAC systems. Additionally, the iconic smokestack that acts as a beacon for the Thames River will be restored and remain a distinctive landmark in the community.
All rehabilitation will be completed under the guidelines of the CT State Historic Preservation Office and the Department of the Interior. Upon completion, the community will boast a variety of amenities for future residents including a community clubhouse, fitness center, basketball court, playground and on-site management and resident services. The proximity to Interstate 395 and local amenities including shopping, dining and entertainment makes the centrally located community convenient for ease of living.
ABOUT DAKOTA PARTNERS
As a real estate developer and builder, Dakota Partners develops affordable, workforce, and market-rate housing communities across New England, New York and the mid-Atlantic states. According to Affordable Housing Finance, Dakota ranks 34th on their list of the largest affordable housing developers in the United States. At the core of every project is Dakota’s mission to create housing that matters – to residents, the community, and the environment.