Printer Friendly Version - New Elderly Housing Project Underway in Old Saybrook

Construction on the new Saye Brook Village South residential units on Sheffield Street began in late February 2016. By the end of 2017, Saye Brook Village will add 15 new units. Photo By Becky Coffey/Harbor News

At a March 24 groundbreaking ceremony, elected officials, state agency representatives, and representatives of the Elderly Housing Development Corporation of Old Saybrook (EHDCOS) celebrated the start of a project that will add 15 new housing units to the Saye Brooke Village elderly housing complex on Sheffield Street.

“We have been in the planning stages for this project for over nine years and it’s so rewarding to see our vision become a reality,” said EHDCOS Board President Diane Arnold.

“I’d also like to recognize Millennium Realty [executives] Bruce Whitaker and Frank Stellato for working so hard in submitting the applications to our funding sources, and coordinating this entire process. It took several tries, but we were very grateful to be awarded funding this past year from the State of Connecticut Department of Housing through its Affordable Housing Innovations Program,” she continued.

The new building, to be known as Saye Brook Village South, will include a mix of residential units for both low and moderate income elderly residents.

The construction project which started last month is scheduled to take nine months to complete. The project should be complete and ready for occupancy before the end of 2017.

Project funding includes a $2 million state grant approved in February 2016 by the State Bonding Commission, a $500,000 direct subsidy from the Federal Home Loan Bank, and a $935,000 mortgage from Essex Savings Bank.

Stellato of Millenium Realty Group is serving as the Saye Brook Village South’s project’s development consultant and construction manager. In this role, Millenium was responsible for the closing on the loans and grants and for procuring and managing multiple contractor trades on behalf of the EHDCOS, the non-profit owners.

On the Sheffield Street site, there are currently 36 residential units in Saye Brook Village East, the buildings dedicated for low-income residents, and 14 units in Saye Brook Village West that are for elderly residents of moderate income. To qualify for a moderate-income unit, individual residents must have a maximum annual income of $50,284. Those eligible to live in the low-income units as a single person cannot have an annual income in excess of $35,000.

“Over the past several years, we [EHDCOS] have renovated and upgraded our existing 50 units and we’re pleased to bring the number of units on our campus to 65 in total,” said Arnold in remarks she offered at the groundbreaking ceremony.

In February 2016, when the state approved the project’s $2 million grant, there were about 100 names on the Saye Brook Village’s waiting list. As of last week, the list had already grown to 150 names, so while the addition of 15 new residential units is a milestone to celebrate, the event also highlights the great unmet need for more housing options for elderly residents of low- and moderate income.