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State P3 office outlines Lakewood Complex redevelopment plan; vote deferred
Summary
The P3 office presented a predevelopment plan for the Lakewood Complex, proposing a mixed project of roughly 180+ affordable/attainable housing units, three childcare facilities and community amenities; the committee deferred action to a follow‑up meeting to review financing and details.
State P3 officials and municipal partners presented the Lakewood Complex predevelopment proposal to the Capital Development Committee on Feb. 5, describing a mixed‑income project that pairs rental apartments, for‑sale attainable homes, childcare and arts space on roughly 14.1 acres of underused state land.
Tom Curek, the P3 director for the Department of Personnel Administration, said the P3 office has three completed projects and nine active projects and outlined statewide P3 priorities including housing, childcare, broadband and energy security. The Lakewood proposal, selected from an RFQ process, is led by a consortium of MetroWest Housing Solutions, Oakwood Homes and Elevation Community Land Trust.
MetroWest's Brenda Lee Connors described plans for Parcel 1: about 120 rental apartments targeted primarily between 30% and 60% of area median income (AMI), a community hub and a childcare facility expected to serve 70–80 children. Oakwood Homes’ Amy Schwartz and Elevation Community Land Trust’s Stephka Fanchi described Parcel 2 as roughly 75–86 duplex or single‑family ownership units with a pro forma price point near 110% AMI and a ceiling at 140% AMI; the land trust partner would hold some units to preserve deeper affordability at roughly 70–80% AMI.
Financing plans emphasize federal low‑income housing tax credits supplemented by developer equity and local supports such as fee waivers. Oakwood presented early stage pro forma estimates and a high‑level schedule: seek development agreement approvals and financing over 2026–2027, execute ground lease and development agreements in 2027, and begin construction in 2028 if approvals proceed on schedule. Officials emphasized these are early estimates and that final unit counts and prices depend on financing and local approvals.
Lakewood Mayor Wendy Strom told the committee the project aligns with the city's strategic housing plan, would provide childcare and arts space and could reduce safety and nuisance issues associated with the currently vacant site. Committee leadership said they will reconvene the discussion and consider action the following morning to accommodate floor obligations.
Because the committee did not take action on Lakewood during this session, presenters will supply additional financial details and staff will coordinate next steps before a vote.
