Dignitaries and Stakeholders Celebrate Groundbreaking of The Heights at Darien
July 16 2012 - 4:00PM
Business Wire
Local and State dignitaries and various stakeholders celebrated
the groundbreaking of The Heights at Darien today in Darien,
Connecticut. The 106 units of newly constructed public and
affordable housing will replace 40 existing units at the former
site of Allen O’Neill Homes. The new community will include 23 new
townhomes and a community center. Completion is expected in
2014.
“This project marks another critically important step forward in
keeping Connecticut diverse and vibrant as a community,” Senator
Richard Blumenthal said. “Connecticut thanks Darien – as well as
the developers and state agencies – for their faith and fortitude
in pursuing this promising project and overcoming many challenges.
As a state senator I came to know well the residents of
Allen-O'Neill homes, admiring them for the longstanding dedication
and commitment to Darien, and I am delighted to see this tradition
along with the physical structure renewed and reinvigorated."
“Every family needs a safe, decent, affordable place to call
home, and this project will help make sure that home is available
to more than 100 additional families here in Darien,” Rep. Jim
Himes said. “Thank you to everyone who made this project a reality
– this is a perfect example of the role public-private partnerships
can play in improving our communities.”
The project is being carried out through a unique partnership
between private developers John McClutchy and Arthur Anderson, each
of whom has a long track record in developing and managing
low-income tax credit housing, and the Darien Housing Authority,
the owner of the site. The developers will incorporate sustainable
features throughout the development with a target of a Silver LEED
certification. A community center will be added to the site and
each unit will include a washer and dryer and new Energy Star
appliances.
“Working in partnership with the Housing Authority of the Town
of Darien to bring life back into its obsolete, sixty year-old
Allen-O'Neill housing development has been a rewarding experience
that will result in the creation of modern, residential living
units that will reflect the lifestyle, architecture and character
of the Town of Darien while providing a quality, affordable living
environment for 106 families,” said John McClutchy, of the JHM
Group of Companies. “The Heights at Darien is a prime example of
what can be accomplished when we combine creative solutions with
the willingness to collaborate.”
Construction and permanent financing, as well as low income
housing tax credit equity, was provided by Citi Community Capital,
Citi’s community development lending and investing group.
Additional sources of funding were provided by the Darien Housing
Authority, the Connecticut Department of Economic and Community
Development and the Town of Darien.
“Citi is pleased to be a part of this important project for the
Town of Darien, which will provide a high quality option for 106
Darien households,” said Bill Mills, Citi, North America CEO. “We
are committed to this project, start to finish, and are proud to
deploy responsible capital to worthwhile undertakings like
this.”
Jason Wilber, Vice President of The Richman Group Affordable
Housing Corporation, which provided a $26,187,691 equity investment
in partnership with Citi, said, “Richman is proud to be part of the
team that will rebuild Allen O’Neill Homes as The Heights at
Darien.” Mr. Wilber continued, “The project is an exemplary example
of a transit-oriented in-fill development. The site is within
walking distance to the Metro-North commuter rail and the design
will double the number of housing units while preserving green
space and the area’s suburban feel.”
About Citi Community Capital
Citi Community Capital (CCC) is a premier financial partner with
nationally recognized expertise in financing all types of
affordable housing and community reinvestment projects. CCC's
origination, structuring, asset and risk management staff across
the country provides creative financing solutions designed to meet
their clients' needs. CCC helps community development financial
institutions, real estate developers, national intermediaries and
nonprofit organizations achieve their goals through a broad,
integrated platform of debt and equity offerings. Additional
information may be found at www.citicommunitycapital.com
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
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