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Palmer Square Apartments
Charter Oak Communities broke ground in December 2010 for its newest residential community, Palmer Square Apartments. This new housing represents the second step of the multi-phase Vidal Court revitalization. The first phase, Westwood, located on Progress Drive, began leasing in July 2011. Vidal Court is a 216-unit State-assisted development which is being replaced with two on-site redevelopment phases and three off-site projects, totaling over 350 mixed income units.
"COC has developed and manages more below-market and mixed-income housing than any other entity in Stamford," Tufo explained. "COC also has considerable experience with the HOPE VI Program as sponsor of Southwood Square, formerly the Southfield Village public housing development, and as sponsor and developer of the Fairfield Court HOPE VI revitalization. We are enormously proud of the progress we've made over the past decade in creating quality, affordable housing for Stamford residents that are attractive and an asset to their neighborhoods and the entire community."
Newman Architects will serve as project architect for Palmer Square. Newman is the architect of Southwood Square, the three phases of the Fairfield Court HOPE VI Revitalization, and of Westwood. COC acquired a large portion of the Palmer Square site from Stamford Health System (SHS), as well as property located on Merrell Avenue adjacent to Vidal Court. SHS granted these parcels to COC at no charge, in return for a portion of the Vidal Court site, which will be used by SHS to facilitate a major redevelopment of the Stamford Hospital campus following the demolition of Vidal Court.
"This unique and mutually beneficial land exchange exemplifies the synergy between housing and economic development and has been the subject of extensive review and examination by neighborhood leaders, community residents, and elected and appointed City officials," says Courtney A. Nelthropp, chairman, Charter Oak Communities Board of Commissioners. "Residents of Vidal Court and the Vidal Court Resident Association have been involved in the planning of the Vidal Court revitalization since the concept was first discussed and their input has been, and continues to be, helpful and essential."
Palmer Square construction should be completed by June 2012. COC has contracted with Family Centers to provide relocation counseling and direct assistance to all Vidal Court households. Family Centers has opened an office at Vidal Court, and both Family Centers and COC are working closely with Vidal Court residents and the leaders of the Vidal Court Resident Association to make the relocation experience as positive and minimally disruptive as possible.
Forty-six of the 76 units, (60 percent of the total development), will be affordable to households whose income is less than 60 percent of the Area Median (AMI). Of these, 12 will be affordable to households whose income is less than 25 percent of AMI, and 10 will be available to households whose income is less than 50 percent of AMI. Project-based Section 8 vouchers, with a 15-year term, have been allocated for up to 28 of the 46 affordable units, including all units reserved for households with incomes of 50 percent AMI or below. The remaining 23 restricted units without project-based assistance will be affordable to households whose income does not exceed 60 percent of AMI. Thirty units will be rented at market rates and the income of the occupants of these units will not be restricted.
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