Ponemah Mill phase 2 renovation receives financing confirmation
Norwich — The developer of the Ponemah Mill renovation project in Taftville announced Wednesday it has received confirmation of a state-approved financing package for the second phase of construction totaling 121 apartments.
OneKey LLC, the construction management team for The Lofts at Ponemah Mills, announced it has received the commitment letter for a construction mortgage from the Connecticut Housing Finance Authority.
The financing package for the 121-unit second phase includes $6.1 million from the state Department of Housing, $8.6 million from CHFA and $4.16 million in Low-Income Housing Tax Credits. The project involves the renovation of the northern half of the giant Ponemah Mill No. 1 building in the historic Taftville mill complex located on Route 97 on the banks of the Shetucket River.
In addition to the state financing, the project will receive both federal and state historic tax credits. The Norwich City Council approved a 15-year property tax phase-in agreement through its Mill Building Enhancement Program.
New Jersey-based developer OneKey LLC completed the project’s initial, $30 million first phase with 116 apartments in late November.
Development of Phase 2 is expected to start in early spring, OneKey said in a news release Tuesday.
Of the 121 units in the second phase, 74 will be affordable units targeted at families with 50 percent and 60 percent of area median income, and the rest will be offered at market rate rental prices.
The second phase would complete the renovation of the 313,000-square-foot mill building on the north end of the mill complex. Amenities for the project include a sauna/steam room, fitness center, outdoor grilling with fire pit area, community room, game room, theater room, pet area, elevator equipped building with on-site management, and laundry in each unit.
“We have brought online a unique housing solution that pairs history with modern amenities,” OneKey Director of Operations Finbar O’Neill said in the release. “Every detail has been considered, and we look forward to meeting the needs of every generation of residents.”
A designated bus stop for Southeast Area Transit is in front of the project, which is within a half-mile of a neighborhood grocery store, bank, post office, Wequonnoc School, an elementary school, and has easy access to interstate 395.
The development also is part of the Shetucket River Greenway, designated in 2012 by the Connecticut Greenways Council.
For information about the available apartments, contact the Konover Residential Corp. leasing office at (860) 491-8456 or go to www.ponemahmills.com.