Public officials and private partners in financing, development and construction recently joined with developer Dakota Partners to celebrate the ribbon cutting for the Laurel Hill community, a development that offers much-needed affordable workforce housing to the predominantly single-family Fairfield County market.
Among the officials participating in the Ribbon Cutting Ceremony were Evonne Klein, Commissioner for Connecticut’s Department of Housing, Karl Kilduff, Executive Director of the Connecticut Housing Finance Authority, Nancy Crown, Senior Vice President with Banc of America’s Community Development Corporation, Michael Rosenberg and Carol Heller, both Senior Vice Presidents with Bank of America, Bill Tinsley, First Selectman with the Town of Brookfield, Jared Rand, Vice President with Stratford Capital Group, and Roberto Arista and Marc Daigle, Principals of Dakota Partners.
Connecticut has been recognized nationally as a leader in the preservation, rehabilitation and creation of affordable housing,” stated Commissioner Evonne Klein, “and Laurel Hill continues that leadership in Fairfield County. This community offers a great housing opportunity for people whether they’re retiring and would like to stay in Brookfield, for young professionals getting launched into the workforce or for folks who are already working in this area and would like to live near to where they work.”
Located on the southern border of Brookfield’s Four Corners, Laurel Hill represents another step forward in the town’s plan to create a pedestrian-friendly, mixed-use neighborhood with walkable services, restaurants and shopping. The residences here will bring new energy and vitality to the area while providing workforce housing opportunities in a great community,” stated Karl Kilduff, Executive Director of the Connecticut Housing Finance Authority. “We congratulate Dakota Partners on its success in seeing the potential in this property and in the Four Corners Revitalization Plan, as well as their determination to see this project through.”
Comprised of three buildings, Laurel Hill offers 72 two bedroom apartments, with monthly rents ranging from $1,325 to $1,395. Apartments feature open concept floor plans, oversized windows, spacious bedrooms with walk-in closets, and modern kitchens with EnergyStar appliances. Community amenities include a resident lounge, laundry facilities and on-site property management by HallKeen Management. Laurel Hill’s proximity to major highways provide residents with convenient access to the many shopping, dining and entertainment options in the area.
We are pleased to so many families have already made Laurel Hill home,” stated Roberto Arista, principal at Dakota Partners.” We are seeing strong demand for these apartments from individuals of all ages and from all walks of life. In addition to their affordability, residents are drawn to Laurel Hill’s amenities, convenient location, and access to Brookfield’s great school system.
Bill Tinsley, First Selectman in Brookfield, cited the opening as an important step in attracting and keeping two very important demographic groups in town. “Laurel Hill represents a desirable and affordable housing option for those just starting their careers and families. In addition, when our senior citizens decide it’s time to downsize, they can do so and still remain in Brookfield.”
Laurel Hill was co-developed in partnership with Banc of America’s Community Development Corporation. The Bank is also providing construction financing. “Dakota Partners has been an exceptional patterns in the development of Laurel Hill, ” said Bill Tommins, Bank of America Southern Connecticut market president. “Through this partnership, we look forward to bringing high quality, affordable workforce housing opportunities into Brookfield and its surrounding communities.
Additional financing was provided by the State of Connecticut’s Competitive Housing Assistance for Multifamily Properties (CHAMP) program and by federal and state housing tax credits administered by the Connecticut Housing Finance Authority. Stratford Capital is the tax credit syndicator for the project. Total development costs were $17.5 million.