NEW HAVEN, CT – November 12, 2024 – Real estate developers Vesta Corporation and Honeycomb Real Estate Partners are proud to announce the groundbreaking of The Monarch Apartment Homes, a significant new affordable housing development located in the West River neighborhood of New Haven, CT. The ceremony took place on Tuesday, November 12, 2024, at 11:30 AM at 149 Derby Avenue.
The Monarch will feature 64 affordable apartments, marking a strategic effort to provide essential quality housing for the residents of New Haven. This momentous occasion was celebrated by state and city officials, funding partners, and the dedicated development teams who are committed to the success of this initiative.
“At Honeycomb, we believe everyone deserves access to quality, affordable housing,” said Lewis Brown, Managing Partner at Honeycomb Real Estate Partners. “The Monarch represents an important step forward in our mission to provide sustainable, accessible living spaces that enhance the West River neighborhood and enrich the lives of its residents.”
The nearly $30 million project has garnered support from multiple funding sources, including the Connecticut Housing Finance Authority, the Connecticut Department of Housing, the Connecticut Department of Economic and Community Development, the City of New Haven, and PNC Bank.
“We are thrilled to break ground on The Monarch, a project that stands as a testament to the power of partnership and community effort,” stated Joshua Greenblatt, Executive Vice President with Vesta Corporation. “This redevelopment is not just about building homes, but also about fostering a vibrant, supportive environment for the residents of New Haven.”
Innoconn Construction Management is the general contractor overseeing the project, with architectural planning provided by Crosskey Architects.
This groundbreaking ceremony marks a hopeful milestone in addressing the ongoing need for affordable housing options within the community and symbolizes the commitment of both Vesta Corporation and Honeycomb Real Estate Partners to enhance the quality of life for local residents.
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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 54 affordable housing communities, with over 8,300 apartment homes in Connecticut, Maryland, New Jersey, New York, Ohio, Texas, and the District of Columbia.
About Honeycomb Real Estate Partners
Honeycomb Real Estate Partners creates exceptional, sustainable living experiences that are tailored to the needs of individuals, families, and the community, we build greater access to housing, employment opportunities, a shared pride of place, broader tax bases, and vehicles for purposeful investment. Honeycomb is dedicated to the double bottom line in every one of our properties, developments, and partnerships – as we produce solid, responsible financial results, we also achieve equally important measurable social outcomes.
Author: Jaime Larkin
Brand Coordinator for Vesta