On September 21, there was a Phase 1 Ribbon Cutting and Phase 2 Groundbreaking at the Lofts at Ponemah Mill. The new facility is currently 97% occupied, and by the time this newsletter comes out, the 116 units of the first phase of the redevelopment will be completely filled. That’s the ribbon cutting portion. The facility had its financial closing on July 12th for the second phase (121 units), the construction of which is already 48% complete at this time! The owners expect the lease up to be equally as rapid due to the location, the magnificent facility, and its amenities. Combine the Ponemah Mill redevelopment and the new Hills at River View Apartments (300+ units) just a bit further up on CT RT 97, Taftville is turning out to be a great location for an entirely new generation of workers.
The tenants that are locating at these two large residential facilities are generally designed for studio, 1-bedroom, and 2-bedroom apartments. The prime targets for residents are single individuals, couples or some single parents with a child. To date, there are less than 30 children residing within the two facilities. Approximately 40% of the occupants work at either EB or the Subase showing the regional nature of housing.
Other indications of improving condition of Taftville is the increase in the number of calls related to locating businesses and investors considering the area. Recently, the Coordinating Committee (made up of the City’s enforcement officials, the offices of the NPU, Assessor, and NCDC have met with several entities looking for locations in Taftville.