Creation of New Mixed-Income Mixed-Tenure Community
Beacon/Corcoran Jennison LLC, Owner
Developed and owned by Beacon/Corcoran Jennison LLC, a joint venture between The Beacon Companies and the Corcoran Jennison Companies, Monterey Place involved the phased demolition of 428 public housing units on 35 acres of land as part of the Department of Housing and Urban Development’s HOPE VI program. Located in New Haven Connecticut adjacent to Yale University, this $80M development created rental apartments for three income tiers, for-sale housing units, the creation of a new community center in coordination with the renovation/expansion of an adjacent public school, the development of a linear park as well as the creation of new public streets/sidewalks. Project financing included federal grant/loan funds, UDAG and capital funds from the Cit of New Haven, syndication of Federal 9% and 4% Low Income Housing Tax Credits, Federal Home Loan Bank funds as well as private debt.
When completed in 2003, the project was awarded the American Institute of Architects Professional Interest Area award for Community Design. Kevin Maguire served as Development Director for the project.