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**Pennrose and Partners Break Ground on Phase I of Naugatuck Redevelopment**
Pennrose, The Cloud Company, and the Borough of Naugatuck, Connecticut, recently celebrated the groundbreaking of the Parcel B redevelopment project. This initiative will transform a vacant, seven-acre lot on Old Firehouse Road into a vibrant, mixed-income, mixed-use, and transit-oriented community.
The project’s first phase is expected to be completed in fall 2026 and will feature 60 mixed-income residential units along with ground-floor retail space. Once fully complete, the three-phase development will include a total of 180 apartments across three residential buildings, each containing 60 units, and more than 7,000 square feet of commercial space.
A key highlight of the redevelopment is the integration of public green space. Plans include a welcoming market plaza, a central lawn, and thoughtfully designed gardens to enhance the community atmosphere and provide gathering spaces for residents and visitors.
Funding for the project includes federal Low-Income Housing Tax Credits (LIHTC) purchased by TD Bank and syndicated by Red Stone Equity Partners. Construction financing is being provided by M&T Bank and Ion Bank, while the Connecticut Housing Finance Agency is supplying a permanent loan.
The Parcel B redevelopment is poised to bring new life to the center of Naugatuck, aligning economic development with sustainable and inclusive housing goals.
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