NAUGATUCK, CONN. — Pennrose and co-developer The Cloud Co., in partnership with the Borough of Naugatuck, have opened the first phase of Platform at Naugatuck, a mixed-income, transit-oriented development about 15 miles northwest of New Haven. According to the Connecticut Housing Finance Authority’s 2024 LIHTC application records, Phase I had a total development cost of approximately $25.1 million. Phase I includes 60 apartments and approximately 3,000 square feet of ground-floor retail space on a long-vacant site along Old Firehouse Road.
The one- and two-bedroom units include a mix of market-rate apartments and affordable units restricted to households earning 30, 50 and 80 percent of area median income. Amenities include a resident lounge, fitness center and roof deck.
At full build-out, the three-phase redevelopment is planned to include 180 mixed-income apartments across three 60-unit buildings and about 7,000 square feet of commercial space. Plans also call for a public green space with a market plaza, central lawn and gardens.
The Connecticut Department of Transportation is simultaneously constructing a new Naugatuck station adjacent to the development to replace the existing Water Street station. The new Metro-North station, which will connect riders to New York City via the New Haven Line, is expected to be completed in August 2027.
Financing for Phase I includes federal Low-Income Housing Tax Credit equity purchased by TD Bank and syndicated by Red Stone Equity Partners. M&T Bank and Ion Bank provided construction financing, while the Connecticut Housing Finance Authority provided permanent financing. Additional sources include CHFA Opportunity Fund financing, Connecticut Department of Housing FLEX funds, Department of Developmental Services funding and Affordable Housing Program funds from the Federal Home Loan banks of Boston and New York.