Hartford, CT (June 25, 2024)– On June 24, 2024, Vesta Corporation and Sheldon Oak Central celebrated the groundbreaking of MLK Apartments, a 155-unit affordable housing redevelopment in the Sheldon/Charter Oak neighborhood. The ceremony marked the culmination of a multi-year effort to provide a significant investment in the quality of housing for current and future residents of the community and neighborhood. This redevelopment will provide a transformative upgrade to the community, offering new, modern, and accessible apartments for current and future residents.
Bernadine Silvers, Sheldon Oak Central Board member and long-time neighborhood activist said, “We are so happy and proud that Sheldon Oak’s partnership with Vesta is bearing fruit, a beautiful 155-unit MLK Apartments that will attract new families to our neighborhood and ensure that our long-time residents, particularly our seniors who raised families here, can afford to remain”
The $65 million redevelopment includes a complete teardown and rebuild of a 60-year-old public housing-style complex that Sheldon Oak Central had owned and operated since 1996. The 64 units are being replaced with 70 one-bedroom, 63 two-bedroom, and 22 three-bedroom apartments along with a fitness center and community room. The new complex will feature townhouse-style buildings and a fully handicapped-accessible building with an elevator, making it more inclusive for residents with disabilities.
“We are thrilled to partner with Sheldon Oak Central to help bring the reimagined MLK Apartments to life. After years of planning and collaboration with local, state, and federal stakeholders, we’re confident that this project will be a source of pride for the community and a transformative upgrade for current and future residents,” said Aaron Greenblatt, Executive Vice President & Counsel, Vesta Corporation.
Financing for the renovation includes funds from Connecticut Housing Finance Authority, Connecticut Department of Housing, Connecticut Department of Economic and Community Development, and National Equity Fund. Project-Based Section 8 rental subsidies will be provided by HUD and the City of Hartford.
LaRosa Building Group is serving as the general contractor, while Crosskey Architects is leading the architectural design efforts.
The MLK Apartments project is expected to be completed in 18 months.
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About Vesta Corporation:
Vesta specializes in the creation and operation of well-managed and high quality affordable rental housing communities. As a developer, manager, and long-term owner of affordable housing, Vesta creates success through innovative financing, nimble decision-making, and the strength of its experienced team of highly skilled and dedicated professionals. Vesta currently owns and/or operates 52 affordable housing communities, with over 7,900 apartment homes in Connecticut, Maryland, New Jersey, New York, Ohio, Texas, and the District of Columbia.
About Sheldon Oak Central:
Sheldon Oak Central (SOC) was founded by four Hartford churches to create one of the first low-income housing cooperatives in Connecticut. Governed by a Board consisting mainly of community residents, SOC has developed or co-developed 828 rental and single-family homeownership units in the City of Hartford and continues to own and operate multi-family affordable housing complexes and resident resource centers in three Hartford neighborhoods. In all its projects, SOC collaborates with residents, neighborhood groups, and other stakeholders to ensure an inclusive planning process.
Author: Jaime Larkin
Brand Coordinator for Vesta