Pennrose has closed on financing for the 1.25-acre parcel and started construction on the 3-story 1920s era historic Mary D. Stone school building. The redevelopment plan includes the renovation of the historic school, demolition of later built wings, and construction of a new addition. The completed structure will include amenity space and community rooms available to the Town for meetings and events. Construction is slated to begin in July 2020.
The development will include 55 total units comprised of studio, one-bedroom, and two-bedroom apartments. Eighty percent of the units will be for seniors at or below 60% of the area median income (AMI). The additional 20% of units will be at market rate rents. Community amenities include a community room, meeting room, and laundry rooms. As part of the development plan, Pennrose has contributed $25,000 to the Town for new equipment for the playground which will remain behind the building and owned by the Town for resident’s continued use. Pennrose will also be adding landscaping and benches to enhance the area.
“Since being selected for the project, Pennrose has worked closely with the Town of Auburn to progress the design and financing plan,” said Charlie Adams, Regional Vice President at Pennrose. “We see great opportunities here to create some intergenerational experiences for our residents and the community. This is an exciting step in the first of two pivotal projects for the community.”
Massachusetts, like most of the U.S. has a shortage of rental homes affordable and available to low-income renters. In the state, only 62 affordable and available rental homes exist for every 100 moderately low-income renter households (at or below 50% area median income).
