First phase of transit-oriented redevelopment delivers 60 mixed-income apartments and ground-floor retail space to downtown Naugatuck 

Pennrose, The Cloud Company, and the Borough of Naugatuck celebrated the ribbon cutting of Platform at Naugatuck, the first phase of a multi-phase redevelopment transforming a vacant, 7-acre site on Old Firehouse Road into a vibrant mixed-income, mixed-use, and transit-oriented community. The development delivers 60 brand-new apartments, approximately 3,000 square feet of ground-floor commercial space, and an array of resident amenities in downtown Naugatuck. 

Speakers at the ribbon cutting included: Karmen Cheung, Regional Vice President, Pennrose, LLC; Governor Ned Lamont of the State of Connecticut; Congresswoman Rosa DeLauro, U.S. Representative for Connecticut’s 3rd Congressional District; N. Warren “Pete” Hess, III, Mayor of the Borough of Naugatuck; Sanford Cloud Jr., Chairman & CEO of The Cloud Company, LLC; Senator Joan V. Hartley of Connecticut’s 15th Senate District; Senator Jorge Cabrera of Connecticut’s 17th Senate District; Representative Seth Bronko of Connecticut’s 70th House District; Representative Arnold Jensen of Connecticut’s 131st House District; Seila Mosquera-Bruno, Commissioner of the Connecticut Department of Housing; Matt Pugliese, Deputy Commissioner of the Connecticut Department of Economic & Community Development; Elisa Velardo, Commissioner of the Connecticut Department of Developmental Services; Nandini Natarajan, CEO/Executive Director of the Connecticut Housing Finance Authority; David Kooris, Executive Director of the Connecticut Municipal Development Authority; and Charlie Adams, President of Development at Pennrose, LLC.

Platform at Naugatuck is designed to serve a broad range of households, with one- and two-bedroom apartments available to residents earning 30%, 50%, and 80% of the Area Median Income (AMI), alongside market-rate options. The new apartments will feature spacious floor plans, modern fully equipped kitchens, large closets, ceramic-tiled baths, and individually controlled heating and cooling. Residents will also have access to indoor and outdoor amenity spaces, including a resident lounge, fitness center, and roof deck.

Platform at Naugatuck also includes approximately 3,000 square feet of ground-floor commercial space, created to support local businesses, increase foot traffic, and contribute to a lively neighborhood streetscape.

"After years of sitting as a vacant lot, this site has been transformed into high-quality, affordable homes for Naugatuck families, and today we welcome them home," said Karmen Cheung, Regional Vice President at Pennrose. "This development is the first step in a larger plan to reimagine downtown, and as the next two phases take shape, Platform at Naugatuck will grow into a true neighborhood, with 180 homes, local shops, and a public green where residents and neighbors can gather. Thank you to all our partners for helping us bring this vision to life."

Once complete, the three-phase redevelopment will create 180 new mixed-income apartments across three 60-unit buildings and more than 7,000 square feet of commercial space. The full vision includes a new public green space, featuring a market plaza, central lawn, and gardens to foster community gathering and shared local experiences. 

Platform at Naugatuck is a cornerstone of the Borough’s broader effort to revitalize downtown Naugatuck. The Connecticut Department of Transportation is simultaneously constructing a new, state-of-the-art train station at the heart of the site to replace the Water Street station. Expected to open in summer 2027, the relocated transit hub will provide residents with easy access to the expanded Metro-North line and serve as a connector between downtown Naugatuck and the east side of the Naugatuck River Greenway. 

Financing for the project includes Federal Low-Income Housing Tax Credits (LIHTC) purchased by TD Bank and syndicated by Red Stone Equity Partners. Construction loans are provided by M&T Bank and Ion Bank, and a Permanent Loan is provided by Connecticut Housing Finance Agency. Additional state funding sources include Connecticut Housing Finance Agency Opportunity Funds, Department of Housing FLEX Funds, and Department of Developmental Services Funds. Other funding sources include Affordable Housing Program funds from the Federal Home Loan Bank of Boston and the Federal Home Loan Bank of New York. 

With regional headquarters in Boston, Pennrose is committed to delivering high-quality, affordable housing across New England. Pennrose recently celebrated the grand openings of Tandem in Providence, Rhode Island, and Forge in Lenox, Massachusetts, as well as the groundbreaking of 238 Pittsfield Road in Lenox.