Pennrose Breaks Ground on Phase I of Naugatuck Redevelopment

Pennrose, The Cloud Company and the Borough of Naugatuck, CT held the groundbreaking of the Parcel B redevelopment, which will transform a vacant, seven-acre lot on Old Firehouse Road into a mixed-income, mixed-use, and transit-oriented community. The first phase, expected to be completed in fall 2026, will include 60 mixed-income apartments with ground-floor retail.

Once complete, the three-phase Parcel B redevelopment will create 180 new mixed-income apartments across three 60-unit buildings and more than 7,000 square feet of commercial space. A key component of the project is the planned public green space, including a market plaza, central lawn and gardens.

Financing for the project includes federal Low-Income Housing Tax Credits (LIHTC) purchased by TD Bank and syndicated by Red Stone Equity Partners. Construction loans are provided by M&T Bank and Ion Bank, and a permanent loan is provided by Connecticut Housing Finance Agency.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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