The Simon Konover Company News
09/21/10 -- Topping Off Ceremony Held at Dye House Apartments, Manchester
Representatives of the Connecticut Department of Economic and Community (DECD), Connecticut Housing Finance Authority, Connecticut Commission of Culture and Tourism, and the Town of Manchester joined The Simon Konover Company and other invited guests to witness the final beam as it was placed on top of the former Dye House mill building.
Located in the Cheney Brothers National Historic Landmark District, the “Dye House” building is a classic example of timber and brick mill construction of the early 1900’s. The adaptive reuse project will create modern one, two and three-bedroom affordable apartment units while retaining the historic charm of the building’s structure.
Guests had the opportunity to sign the beam before it was hoisted atop the building. The traditional tree and American flag were adhered to the beam, creating a memorable visual for all the participants.
“The successful creation of this project is due to the collective efforts of the community of constituents that have sponsored this project.” said James Wakim, Chief Operating Officer & Executive Vice President for The Simon Konover Company, developer and construction manager on the project.
Wakim drew a correlation between the Cheney Brothers’ notable investment in adequate and affordable housing for all workers and the collaborative investment made to bring the Dye House affordable housing project to fruition. The Dye House will feature 57 unique apartments with high ceilings, exposed brick walls, and large architecturally-detailed windows. 100% of the units will be set aside for income qualified tenants, with qualifying incomes ranging between 60% of the average median income level to as low as 25% of the average median income level.
The project was funded in large part through Low Income Housing Tax Credits (LIHTC) available under the American Recovery and Reinvestment Act. Mr. Tim Bannon, Executive Director of the Connecticut Housing Finance Authority which administered the LIHTC program, noted that this project not only created affordable housing opportunities, but also generated construction jobs and provided economic benefit to the community.
The Connecticut Department of Economic and Community (DECD) provided funding resources through the U.S. Department of Housing and Urban Development’s HOME program. Additional funding was provided through state and federal historic preservation funds, through a close collaboration with Connecticut’s Commission of Culture and Tourism, which administers the program. The project was able to raise over $5 million through the sale of federal and historic tax credits; the National Equity Fund purchased the Federal Historic Tax Credits on behalf of TD Bank and John Hancock acquired the rights to the state historic tax credits.
“This project represents a true public-private partnership. We are pleased to honor our public and private funders, as well as the design and construction team, who have worked so diligently on this project,” said Mr. Wakim.
Mr. Scott Shanley, General Manager of the Town of Manchester, welcomed the guests on behalf of the Manchester Board of Directors. He recognized the Planning and Zoning Commission and the Cheney Brothers National Historic District Commission for their collective work to approve this project.
The event ended with a ceremonial unveiling of a new banner announcing the Cheney Dye House Apartments, which is scheduled for occupancy in the summer of 2011.
Pictured left to right are: James Wakim and Simon Konover of The Simon Konover Company; Timothy Bannon of CHFA, Tony Lyons of National Equity Fund; Helen Muniz and Faith Bessette-Zito of DECD; Arlevia Williams of CHFA; and Jim Carter of Carter Realty.
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