$43M New Haven affordable housing renovation to proceed
COSTAR
The Brewery Square Apartments in New Haven, at 1 Brewery Square.
A development partnership has announced a new $43 million affordable housing acquisition and renovation in Brewery Square, in the Fair Haven neighborhood of New Haven.
Community Preservation Partners and Beacon Communities will collaborate on the purchase and upgrading of Brewery Square Apartments, a two-building development with 104 units. The historic complex was originally constructed in 1896 as the Quinnipiac Brewery Co., and then converted to housing in the 1980s after being vacant for several decades.
It’s currently managed by Shoreline Partners and owned by a subsidiary of the Massachusetts-based Cambridge Development Corp.
The renovation will transition 84 of the 104 units into the Low-Income Housing Tax Credit program, with affordability levels ranging from 30% to 80% of the area median income, averaging just below 60%. The partnership has been in negotiations with the city of New Haven over the terms of the tax break for several months.
California-based CPP says the planned renovations will invest $112,342 per unit in upgrades, including updated kitchens and bathrooms, new windows, refinished floors, and the installation of advanced security systems.
The site will also feature enhanced landscaping, cobblestone walkways, and the adaptive reuse of the historic gatehouse into a secure indoor bike storage area.
The developer says the renovations are expected to improve the property’s energy performance by more than 15%.
The property’s existing federal Housing Assistance Payments contract, currently set to expire in 2034, will be extended by an additional 20 years.
Financing partners include NewPoint as the construction and permanent lender, KeyBank as the tax credit and EBL investor, Eversource as the state historic tax credit investor, and JPMorgan Chase as the federal historic tax credit investor.
The development includes two efficiency units, 41 one-bedroom units, 55 two-bedroom units, and six, three-bedroom units. CPP says occupancy has consistently exceeded 95%, and residents have played a role in shaping the planned improvements.
Beacon Communities also currently manages Ninth Square Apartments, Edith Johnson Towers and Monterey Place in New Haven, and started construction last year on The Atwater at Ninth Square, which is expected to be completed in 2026.
CPP recently completed the Fairbank Apartments in Fair Haven.
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