Montville, CT – Oxoboxo Lofts, a new community located in the Uncasville area of Montville and bordered by the Thames River, moved one step closer to welcoming residents by securing all financing and approvals to close on the project.
The property will feature affordable, workforce, and market-rate housing with a mix of income restrictions including 25%, 50% and 60% of the Area Median Income. Local residents who qualify will be eligible to participate in a lottery drawing. An adaptive reuse project, Oxoboxo Lofts will transform an historic turn of the century mill and approximately 100,000sf of industrial space into 72 studio, one- and two- bedroom apartment homes.
“Closing on this project has been a long and complicated process and we’re thankful to all our project partners for their contributions to make it happen, specifically Bank of America, N.A (construction lender); Banc of America CDC Special Holding Company, Inc. (investor); Eversource Energy (investor), MHIC (investor); BlueHub Capital (investor); Lower Roxbury Community Corporation (investor); Maggiore Construction, Inc. (general partner and general contractor); and Vesta Corporation (property manager),” said Dakota principal and president, Roberto Arista.
The project has been awarded federal and state historic tax credits and low-income housing tax credits to support the restoration and conversion of the former mill. Extensive building improvements planned for the existing historic structures include new windows, roofs and HVAC systems. Additionally, the smokestack will be restored to remain a distinctive landmark in the community.
All rehabilitation will be completed under the guidelines of the CT State Historic Preservation Office and the Department of the Interior. Amenities will include a community clubhouse, fitness center, basketball court, playground and on-site management and resident services.
