BERLIN, Conn. (July 24, 2013) – A once dormant factory in the Kensington section of Berlin has been turned into modern condominiums known as The Lofts at Sherwood Falls, thanks in part to CL&P. The company delivered the final $1.2 million installment of $2.7 million in State Historic Tax Credits to CIL Development to support the project.
“CL&P is pleased to partner with CIL, the Town of Berlin and the state legislature in turning this abandoned factory into new housing that will benefit the Kensington community,” said CL&P President Bill Herdegen. “We are committed to helping develop strong communities and this conversion will help make Kensington a better place to live.”
Located in the former Sherwood Tool Factory at 10 Main Street in Kensington, the recently completed condominium project includes 71 loft style units. The mill building dates back to 1893 and was used for manufacturing until 2004.
“CIL has done a remarkable job of restoring the historic character of the Sherwood Tool Factory while repurposing the building into high quality residential units," said Berlin Mayor Adam Salina. "I commend CIL for completing this landmark project that will be an asset for Berlin for many years to come.”
“I would like to thank CIL, CL&P and Mayor Salina for preserving the historic character of the Sherwood Tool Factory,” said State Representative Joseph Aresimowicz. “This once abandoned mill that goes back to our town’s roots as a hub of industry and manufacturing has been transformed into a vital complex that many Berlin families will be proud to call ‘home.' The General Assembly remains committed to funding important tax credits, like the Historic Structures Tax Credit, that make important economic development projects like Sherwood Mill a reality.”
The state tax credit programs were created by legislative initiatives and have become a significant asset for the development of low-income and supportive housing in Connecticut. By participating in these programs, CL&P has also supported the development of affordable housing units, shelter for victims of domestic violence, energy efficient buildings and the rehabilitation of blighted industrial space along Stamford’s waterfront. Since 2002, CL&P has contributed more than $62 million to state housing organizations through Connecticut's tax credit programs.