-A A +A

Construction begins at Casavant Overlook

Posted by: Mia Watson on 10/4/2018

Last week, affordable housing partners and city officials celebrated the groundbreaking of Casavant Overlook apartments off of East Allen Street in Winooski’s Gateway District. The project is being developed by Green Mountain Development Group and will be managed on-site by Summit Properties. Casavant Overlook will offer 39 mixed-income apartments, 27 of which will be affordable for low-income households. In addition, four of the affordable units will have access to on-site services provided by the Committee on Temporary Shelter (COTS) to support formerly homeless and at-risk households.

“This project reflects the growing understanding that previously homeless households benefit from continued support,” remarked VHFA Executive Director Sarah Carpenter. “The partnership with COTS helps set the stage for their success.”

The $9.9 million project received nearly all of its funding from Vermont Housing Finance Agency (VHFA), including $698,000 in federal housing credits, which were sold to investors to raise an estimated $6.3 million in equity for construction. VHFA also awarded the project a $2.9 million loan. The remainder of the project was funded by private equity.

Located half a mile from downtown Winooski, Casavant Overlook offers convenient access to public transportation. The building will contain a fitness room, community space, and underground parking.

Construction will continue throughout the winter. The building is expected to be completed in September 2019.

Share

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.