TIVERTON – A 59-unit mixed-income residential complex was unveiled recently during a grand opening celebration held by the builders and the property management company.
The Armory Revival Co., a firm known for restoring historic buildings, and Peabody Properties, the company that will be managing the building, joined Gov. Daniel J. McKee to celebrate the opening of Solara at 3 Mill St.
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Of these 59 apartments, 47 are designated as affordable housing, priced for households earning between 60% and 80% of the area median income. The 59 apartments include a mix of studio, one-bedroom and two-bedroom units, the developers said.
Solara, which is currently leasing units through www.livesolarari.com, is the 17th community managed by Peabody Properties in Rhode Island and is situated across the street from its sister community Bourne Mill Apartments, also managed by Peabody Properties. The two buildings will share some amenities, including a fitness center, laundry facilities and a walking trail, according to Peabody Properties.
On-site amenities at Solara include a community room with billiards, lounge and caterer’s kitchen, a library, fitness center, electric car-charging stations, on-site covered parking, bicycle storage, landscaped courtyard with seasonal gardens, a scenic pond setting, and professional management with 24-hour emergency maintenance.
The project drew upon $1.6 million in state funding, and the building was designed to be the most energy efficient and sustainable large multifamily apartment building in the state, according to the Armory Revival Co. and Peabody Properties.
The funding came from the state’s Development of Affordable Homes grant program, designated specifically for the development of housing for households earning at or below 80% of the area median income. The grant program draws its financing from a variety of housing programs, including Low Income Housing Tax Credits, tax-exempt bond financing, American Rescue Plan Act Production Funds, HOME Program Investment Funds and Housing Trust Funds.
Other officials, including R.I. Department of Housing Interim Secretary Daniel Connors and R.I. Housing and Mortgage Finance Corp. Executive Director Carol Ventura, also attended the grand opening.
Solara was designed to be a net zero emissions project, using “passive house standards,” making this the most energy efficient and sustainable large multifamily apartment building in the state.
“It uses first-of-its-kind technologies and building practices to prove sustainable practices,” according to a statement from the Armory Revival Co. and Peabody Properties.
In addition to drawing from the Development of Affordable Homes grant program, the new apartment complex has utilized more than $11 million from the state’s share of federal 9% Low-Income Housing Tax Credits, which are allocated and distributed to states each year on a per-capita basis.
“Rhode Island remains committed to increasing affordable housing options and growing our housing stock at every level,” McKee said. “This project represents continued momentum in achieving that goal.”
Connors, the interim secretary of housing, called the project an example of “thoughtful redevelopment” that will foster vibrant, interconnected communities.
“Solara is a much-needed step in our efforts to tackle Rhode Island’s housing shortage in Tiverton,” Connors said. “Together, we are laying the groundwork for enduring growth and prosperity in our state to keep Rhode Islanders at home.”
In addition to the Armory Revival Co. and Peabody Properties, the development team of Solara includes Barbara Sokoloff Associates, as a development consultant; the Providence Revolving Fund, as a predevelopment lender; Bourne Net Zero LLC, as owner and mortgager; The Architectural Team Inc., as architect; New Ecology Inc., a sustainability consultant; Stand Corp., a general contractor; Citizens Bank, a construction lender; and RBC Community Investments LLC, a tax credit syndicator.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
