By Laura Dolce
June 01, 2010 1:26 PM
KENNEBUNK – Avesta Housing has secured its financing and is moving ahead with its plans to turn the old Park Street School into low-income senior housing.
Deb Keller, Avesta's director of development, said Tuesday that Avesta had received a "Notice to Proceed" from MaineHousing indicating the project had received funding.
"We were approved under the Low Income Housing Tax Credit Program," Keller said, noting that Avesta had also received $1 million from the USDA Rural Development fund.
Keller said Avesta now planned to ramp up the design and development process at Park Street School and hoped to hire a construction manager shortly.
"Next, we'll continue the site plan approval process," she said. "Hopefully we'll get Planning Board approval by the summer/fall. We're hoping to start construction by the end of the year."
Town Manager Barry Tibbetts said he was happy to see the Park Street project one step closer to completion.
"It's taken a long time to get to this point," he said, adding that the selectmen had first started looking at uses for the building three years ago.
Once it is complete, Park Street will join Avesta's other complex, Cousens School Apartments, and the newer Bethesda Housing in offering low-income housing in town, Tibbetts said.
"Having a third one is really great," he said.
Keller said the construction on the project is expected to take around one year to complete.
"It will be done, hopefully, by the end of 2011," she said.