Michaels Celebrates Meridens Downtown Transformation With 11 Crown Ribbon Cutting Ceremony
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The previous Meriden Record Journal Building was updated to a high-end, affordable community for new residents and former homeless families.
Meriden, Oct. 22., 2020 – Today, The Michaels Organization, Connecticut Housing Finance Authority and several city leaders and officials commemorated a new chapter in Meriden’s downtown transformation with an official grand opening of 11 Crown, the city’s newest affordable housing development. This ceremonial ribbon cutting event welcomed residents and community leaders to celebrate this significant day in the neighborhood’s progression.
“Today’s ribbon cutting event at 11 Crown is a great milestone for Meriden’s redevelopment,” said Mayor Kevin M. Scarpati. “These apartments make for a strong addition to our community and will hopefully attract new commercial expansion throughout our downtown. I’d like to welcome all of our new residents at 11 Crown Street to our wonderfully diverse and ever growing community.”
The newly constructed, $31 million 11 Crown community, built on the former Meriden Record Journal Building, features 81 total units including a 63-unit multifamily building and 18 townhouses. This high-end, affordable property consists of 22 special needs homes designed specifically for chronically homeless families.
Fifty percent of the community is already leased with 22 formerly homeless families being guaranteed apartments. There will be a mix of 1, 2 and 3 bedroom units and targeted supportive services for the formerly homeless residents. Other services like financial literacy, health screenings and children’s programs will also be available and residents will have access to on-site management, a community room and other amenities.
“The City of Meriden continues to grow and thrive and 11 Crown Apartments is an excellent example of this,” said Joseph Feest, City of Meriden Director of Economic Development. “11 Crown is a great addition to the community and another step in our long term goal of revitalizing an up and coming area, which we hope will attract more people and businesses alike to take part in this growth and development around our beautiful downtown green.”
11 Crown is the first in Michaels’ development portfolio to obtain a Passive House Certification. Passive building comprises a set of design principles used to attain a quantifiable and rigorous level of energy efficiency within a specific quantifiable comfort level. This strategy carefully models and balances a comprehensive set of factors including heat emissions from appliances and occupants to keep the building at comfortable and consistent indoor temperatures throughout the heating and cooling seasons.
“We are grateful for the city’s support of this development, which is an important part of the overall transformation of downtown Meriden,” said Andrew Davenport, Vice President of Development at Michaels.
Major financing for 11 Crown includes $1.8 million in tax credit equity, $17 million from NEF, $5.4 million in a first mortgage from Webster Bank and $6 million from the Connecticut Department of Housing.
“Webster is proud to be the lead bank for this project, which re-purposes and revitalizes a key building block in Meriden’s exciting downtown transformation,” said Robin Gallagher, senior vice president, commercial real estate at Webster Bank. “This development will provide affordable, commuter-friendly rental housing options for individuals and families and is built using sustainable design and energy practices.”
Other members of the development team include Kenneth Bronson Architects and Haynes Construction. Michaels Management will manage the property.
About The Michaels Organization: The Michaels Organization is a national leader in residential real estate offering full-service capabilities in development, property management, construction, and finance. Serving 145,000 residents in more than 400 communities nationwide, Michaels is committed to crafting housing solutions that jumpstart education, civic engagement and neighborhood prosperity and to creating Communities That Lift Lives.
About the Connecticut Housing Finance Authority: Since 1969, CHFA has grown from a small quasi-public organization with $5 million dollars to lend for first-time homebuyer mortgages to an organization that lends more than $500 million dollars each year for affordable housing. All 169 Connecticut towns have benefited from CHFA financing.
CHFA leverages its financial strength in partnership with public and private investors. The result is that nearly 145,000 Connecticut residents have purchased their first homes with a CHFA below-market interest rate mortgage, allowing them to begin building their financial futures. Additionally, CHFA's investments have built or renovated the more than 55,000 affordable multifamily apartments that hundreds of thousands of state residents call home.
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