A joint venture between Jonathan Rose Companies, Inc. and Malkin Holdings has begun construction on the third phase of Metro Green in Stamford, CT. The green housing development is located one block from the Stamford Train Station. Metro Green III will be an 11-story high-rise apartment building with a mix of studio, one and two bedroom units. Fifty-eight of the 131 units will be rented at competitive market rates while seventy three of the apartments will be restricted to reduced-income households with incomes ranging from 50 to 60 percent of Area Median Income. A completion date of June 2017 has been set for the project.
Metro Green III is the third and final phase of a 231 unit mixed income development completed over the past 10 years by the partnership. Financing for the $52 million Metro Green III development was arranged through a mix of public and private sources, including Housing Trust Funds from the State of Connecticut Department of Housing, HOME funds from the U.S. Department of HUD, and low-income housing tax credits allocated by the Connecticut Housing Finance Authority and purchased by J.P. Morgan Chase through First Sterling Financial.
