Connecticut Awards $27M in Redevelopment Funds, Some for Multifamily
- Sep 02, 2014
Hartford, Conn.—The state of Connecticut, through its Department of Economic and Community Development (DECD), has awarded $27 million in grants and loans for 20 brownfield remediation and redevelopment projects throughout the state. Some of those sites will ultimately be for mixed-used developments, and many will include residential components.
In fact, most of the 20 properties awarded funds for remediation include housing as part of their redevelopment plans, according to Connecticut Department of Housing Commissioner Evonne Klein. That includes not only market-rate units, but also affordable housing.
One example of the 20 is 60 Main Street, a 12-acre mixed-use development that borders Long Island Sound in Bridgeport. The project was awarded a loan in the amount of $2 million to rejuvenate the waterfront parcel. Phase 1 of 60 Main Street, which is currently under construction, will include about 250 new residential units and 20,000 square feet of new retail space, with Perkins Eastman as the designer of the project.
Ultimately, the development may include 1,200 residential units in the Seaside Park/University of Bridgeport neighborhood. A significant portion of the funds awarded for the first phase will be devoted to climate-resilient building initiatives, including raising residential and commercial spaces eight feet above the flood plain.
Overall, awards made under this round of funding may be used for abatement, demolition, site investigation and assessment, groundwater monitoring, installation of institutional controls and professional services fees associated with redevelopment. All of the 20 projects were ranked by a state inter-agency committee based on ranking criteria that included the applicant’s financial need, the feasibility of both the remediation and redevelopment project, and the project’s consistency with responsible growth and livability initiatives.
The funding is part of wider support by Connecticut to support brownfield redevelopment projects. Since FY 2012, the state has invested $62.6 million in 37 projects to remediate contaminated sites in 27 cities and towns statewide. These investments have funded completed or ongoing remediation and redevelopment of 608 acres, which has generated significant additional leverage. For every dollar invested by the state, $3.43 has been or will be invested by non-state partners.