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A Manhattan-based affordable housing developer is angling for a 20-year tax break from the city of Waterbury to support its purchase and $17 million rehabilitation of a 276-unit apartment complex in the city’s North End.
Laurel Estates Preservation LLC, in April, signed a purchase-and-sale agreement with Cooper Village Limited Partnership, the current owner of the Laurel Estates complex at 173 Bucks Hill Road, according to documents shared with Waterbury’s Board of Aldermen.
The proposed buyer is an affiliate of L+M Development Partners, a 40-year-old company that, on its website, describes itself as “a leading innovator in developing quality affordable, mixed-income and market-rate housing.”
Aldermen, on Tuesday, will consider a tax abatement that would hold the first year of property taxes at $846,246, with future increases tied to rises in federal Section 8 rental subsidies.
Attempts to reach an L+M representative were not immediately successful Friday.
In return for the tax break, the developer agrees to spend at least $17 million renovating the complex’s 68 buildings and grounds. The agreement sets a completion date of Dec. 31, 2026, but allows an extension up to April 30, 2027.
The work will include removal of hazardous materials, including asbestos and lead paint; refurbished kitchens and bathrooms; new flooring and fixtures; and accessibility upgrades. All windows will be replaced and roof drainage repaired, among other upgrades.
The complex’s buildings date back to 1952. Its current owner purchased the property for $5.47 million in 1982, according to city assessor records.
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