FOR IMMEDIATE RELEASE:
October 13, 2017
MEDIA ADVISORY: COLUMBUS COMMONS GROUNDBREAKING
$58 million mixed-use development is downtown New Britain’s first Transit Oriented Development;stepsfrom CTFastrak
WHAT: Mayor Erin Stewart, Xenolith Partners, Dakota Partners, officials from various state agencies,and local officials will hold a groundbreaking ceremony for the first phase of ColumbusCommons—a $58 million mixed-use Transit Oriented Development project in downtown NewBritain.
WHEN: Tuesday, October 17, 2017 – 11 a.m.
WHERE: 125 Columbus Boulevard, New Britain, CT
WHO: Mayor Erin E. Stewart
Governor Dannel Malloy
Roberto Arista, owner; Dakota Partners
Terri Belkas-Mitchell, owner; Xenolith Partners
Tim Sullivan, Deputy Commissioner; DECD
James Redeker, Commissioner; DOT
Members of the City Plan Commission
BACKGROUND: In 2016, the City of New Britain designated Xenolith Partners and Dakota Partners as the developer of 125 Columbus Boulevard, the former site of the New Britain Police Department. The developer plans to createColumbus Commons, a two-phased, mixed-use development that will include two, five story L-shaped mixed used buildings with approximately 160 residential units, an interior courtyard, and retail and/or office space onthe first floor. The expected total cost for both phases of the project is $58 million.
The location of the development is steps from New Britain’s downtown CTFastrak station and is one of theCity’s first major Transit Oriented Development projects.
The first phase of Columbus Commons was awarded a $1.6 million Low Income Tax Credit allocation by theConnecticut Housing Finance Agency (CHFA) in June 2017. Bank of America will provide the constructionloan, permanent loan, and also invest in the tax credits, generating approximately $16 million in equity for theproject. Furthermore, the Department of Economic and Community Development (DECD) has alreadyinvested $2.7 million in Brownfield funds to assist with the demolition and environmental cleanup of the site inpreparation for the project.
“We are extremely excited to see this major project come to fruition,” said Mayor Stewart. “ColumbusCommons will be the catalyst for a new wave of development and energy in our downtown area. Havingadditional housing options in the heart of our City will open up opportunities for additional restaurants,services, and other developments. This project is the start of an exciting new era for downtown New Britain.”
“Xenolith Partners and Dakota Partners are pleased to be a part of the downtown New Britain renaissance byexpanding rental opportunities and cultivating commerce in a sustainable, transit-oriented development,” saidthe principals of the development team.
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