Pennrose Properties Tag Archives

Michelle Militello Joins Pennrose to Lead Asset Management

Pennrose announced the addition of Michelle Militello as Vice President of Asset Management. Michelle will focus on maximizing the financial performance and value of the Pennrose portfolio. She will be responsible for analyzing, measuring and reporting on property financial and operating metrics, and will work closely with the property operations team to improve outcomes.

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Pennrose Celebrates Opening of Meriden Commons II

Pennrose and The Cloud Company celebrated the grand opening of Meriden Commons II, the second phase of the transit-oriented Meriden Commons development in downtown Meriden, Connecticut. Developed in partnership with the City of Meriden and the Meriden Housing Authority (MHA), the project follows the grand opening of Meriden Commons I in July 2018 and builds upon city efforts to transform the Meriden Green area with mixed-income housing, retail space, and improved accessibility via multimodal transportation.

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Pennrose Selected as Master Developer by the Virgin Islands Housing Authority

Pennrose was selected as Master Developer by the Virgin Islands Housing Authority (VIHA) for the disaster recovery and redevelopment efforts in St. Thomas. The redevelopment efforts will serve as Pennrose’s first projects in the U.S. Virgin Islands and Caribbean and is planned for approximately 700 units on St. Thomas. Pennrose will partner with Jackson Development Company on the initiative, a developer located in the U.S. Virgin Islands.

After Hurricanes Irma and Maria devastated several Caribbean islands in 2017, HUD allocated $243 million of Community Development Block Grant Disaster Recovery (CDBG-DR) funds to the U.S. Virgin Islands to support long-term recovery efforts, with $32 million targeted for public and affordable housing.

Pennrose Serves as Development Partner for Winning $30 Million HUD Choice Neighborhood Application

The City of Newport News, VA and the Newport News Redevelopment and Housing Authority are the recipients of a $30 million grant from HUD’s FY 2018 Choice Neighborhoods Initiative (CNI) Awards. Pennrose and the Newport News Redevelopment and Housing Authority will replace Ridley Place’s 259 public housing units, as well as create 133 moderate-income housing units and 98 market rate units.

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