SCG Development and its co-development partner, Choice Housing Opportunities for Intergenerational and Community Endeavors (“CHOICE”), are pleased to announce the Grand Opening of the Coyle School Residences located at 59 Summer Street in Taunton, Massachusetts and 18 miles northeast of Providence, Rhode Island.
Situated on approximately seven acres, the Monsignor James Coyle High School, also known as Taunton Catholic Middle School, was originally constructed in 1933 as a gothic Revival-style brick high school. The development of the Property consists of two components: the historic rehabilitation and adaptive re-use of the existing 50,500 square foot Coyle High School into 32 apartment units, and new construction of a 20,650 square foot three-story, wood-framed structure consisting of 18 apartment units to be built behind the auditorium of the existing Coyle High School building. The rehabilitation of the Coyle High School will preserve the historic details of the building, in accordance with National Park Service (NPS) guidelines for historic renovation.
Forty five of the fifty apartment units will be governed by a Housing Tax Credit LURA which will limit rental to households earning between 30% and 60% of the area median. The remaining five apartment units will be unrestricted with respect to rent and income. Additionally, one unit will be designated as a sensory-impaired unit and four units will qualify as Community Based Housing units.
Total Development Costs of the Property were budgeted at approximately $27,872,000 ($557,453 per unit) with hard construction costs of $19,253,377 ($385,068 per unit). Construction began in April 2023 and was substantially complete by May 2024. As of November 1st, the Property is 74% leased, evidencing strong demand for affordable homes in this location.
About SCG Development
SCG Development is a privately held real estate development firm focused on creating quality affordable and workforce rental communities that are affordable to the workforce. Our portfolio consists of over 60 properties across the country, including high-rise new construction, adaptive reuse of historic buildings, and the acquisition and rehabilitation of existing apartment communities.
For additional information, please contact SCG Development at info@scgdevelopment.com
