News & Views
Groundbreaking of Riverfront Development in Torrington, Connecticut
Revitalization of former Torin site enhances downtown with 60-unit residential building and 1,200 sf of retail space
Pennrose, The Cloud Company, and the City of Torrington celebrated the groundbreaking of Riverfront, a mixed-use, mixed-income residential community replacing the former Torrington Manufacturing Company (Torin) site along the Naugatuck River on Franklin Street in downtown Torrington. The community is slated for completion in the summer of 2022.
Riverfront will include a mix of one-, two- and three-bedroom units available for a range of incomes. Of the total 60 apartments, approximately 75% will be reserved for households earning up to 70% of the area median income (AMI) and the remaining will be rented at market rate. Residents will have access to a variety of high-quality, on-site amenities, such as a roof top deck, outdoor playground and seating areas, fitness center, community lounge, resident storage, and full-time management and maintenance staff. With a focus on energy efficiency, the building will be designed to meet Passive House and Energy Star standards and utilize best practices for on-site stormwater management and roof-mounted solar photovoltaic systems.
“We are proud of the partnership that we established with Pennrose, The Cloud Company, and our state and federal agencies to bring this healthy, modern housing to a former industrial site that had been underutilized for decades,” said Mayor Elinor Carbone, City of Torrington. “What was once a blighted, contaminated site has been remediated and restored to a clean healthy condition, paving the way for new housing that will provide a higher quality of life for our residents. This is the type of investment that we needed to make to become an attractive community for young professionals. Its location along the river, in the heart of our city, will provide a safe comfortable environment for residents of all ages and bring vibrancy to downtown.”
Speakers at the groundbreaking included Ned Lamont, Governor, State of Connecticut; Elinor Carbone, Mayor of City of Torrington; Charlie Adams, Regional Vice President, Pennrose, LLC; Sanford Cloud, Jr., Chairman & CEO, The Cloud Company, LLC; Michelle L. Cook, Deputy Speaker, CT House of Representatives, District 65; Maria Horn, Representative, CT House of Representatives, District 64; Seila Mosquera-Bruno, Commissioner, CT Department of Housing; Nandini Natarajan, ECO, Connecticut Housing Finance Authority; Alexandra Daum, Deputy Commissioner, CT Dept. of Economic and Community Development; Timothy I. Henkel, Principal and Senior Vice President, Pennrose, LLC.
“Riverfront is designed to activate the vibrant, pedestrian-friendly downtown while also creating affordable housing tailored to meet the diverse needs of the local neighborhood,” said Charlie Adams, regional vice president at Pennrose. “We look forward to continuing the City of Torrington’s work to enhance the downtown area with walkability and amenities for the community to enjoy.”
In addition to the residential units, Riverfront will include 1,200 square feet of ground floor retail adjacent to the city’s newly completed Franklin Street Plaza improvements. The retail space will include additional outdoor seating available for customers on the retail plaza that connects to a newly constructed extension to the Naugatuck Greenway as part of the development. Designed as a ten-foot wide paved multi-use trail, the Naugatuck Greenway will be available for public use and serve to further active this riverfront district.
“We are thrilled to work with the City of Torrington to bring new energy to a site that has been vacant for more than ten years,” said Sanford Cloud, Jr., Chairman & CEO of The Cloud Company. “The individuals and families who make their new homes here will provide a boost the city’s downtown.”
Financing for the project includes tax credit equity from Redstone Equity (allocated by CHFA), a construction loan from Citibank, FLEX funds from Connecticut Department of Housing (DOH), permanent loan from Torrington Savings Bank, Federal Home Loan Bank of Boston (FHLB-B) AHP funds, Federal Home Loan Bank of New York (FHLB-NY) AHP funds, services funding from Connecticut Department of Development Services (DDS), rental subsidies from the Torrington Housing Authority/HUD, and Eversource Energy Rebates.
Project partners include The Cloud Company, Haynes Construction, DeMarco Management Corporation, The Arc of Litchfield County (LARC), WRT, QA+M Architecture, and Bohler Engineering.
Pennrose is active throughout the New England region, with high-quality mixed-use communities in Connecticut and Massachusetts. In Connecticut, Pennrose and The Cloud Company are also working with the Housing Authority of the City of Hartford on Village at Park River, the transformative redevelopment of a 40-acre former public housing site into a brand new mixed-use community.