Beacon Communities has begun construction on Avon Village, the adaptive-reuse second phase of the 20 Security Drive office-park redevelopment: a vacant office building being converted into 76 affordable apartments. Sixteen units will serve households at or below 50% of Area Median Income, the other 60 at or below 60% AMI. The building includes eight fully accessible apartments and two designed for residents with hearing or visual impairments. When Avon Village and the first phase — The Homes at Avon Park, a 100-unit mixed-income development already under construction on the same site — are both complete, the combined project will total 176 homes, completed in phases through 2028.
Financing stacks federal Low-Income Housing Tax Credits, CHFA tax-exempt bonds and Opportunity Funds, and state Department of Housing financing, with private construction debt and equity from M&T Bank. The Town of Avon supported the project through a 20-year PILOT agreement.
For local businesses, the signal is foot traffic on a timeline. A 176-home community adjacent to downtown Avon will have a direct walking-path connection to the Farmington Canal Heritage Trail, meaning new residents can reach the town center on foot. Roughly 4% of Avon's housing stock is currently affordable, so this project more than doubles it — and households at 50-60% AMI spend most of their income locally. Service businesses, restaurants, and healthcare providers that position themselves near the Security Drive corridor in the next two years will be there when the first residents arrive.