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November 12, 2024

Construction starting on $27M affordable housing project in New Haven

Contributed The Monarch in New Haven
By Hanna Snyder Gambini

City officials on Tuesday marked the start of construction on The Monarch, an affordable multifamily development in New Haven’s West River neighborhood.

Being developed by Honeycomb Real Estate Partners, the 64-unit building will be located at the site of the former New England Linen company, at 149 and 169 Derby Ave.

The industrial laundry facility dates back to 1900 and was known as Monarch Cleaners. 

The $27 million project is being funded in part by a 4% federal low-income tax credit through the Connecticut Housing Finance Authority, a $500,000 brownfields grant from the Connecticut Department of Economic and Community Development, and $500,000 from American Rescue Plan Act money.

The old building was razed, and the 1.77-acre site was remediated and will soon be home to a mix of one-, two- and three-bedroom apartments. Most units, 47, will rent at 60% of the area median income, with 13 units at 50% AMI and four units at 80%.
 
This project is one of the latest multifamily housing developments on vacant or abandoned sites throughout the city. Since 2020, more than 2,000 new housing units have been built in the Elm City and an additional 3,500 new units are currently in the pipeline, of which an estimated 40% are affordable.


 

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