Development of the units began in June 1992, and the project was completed in March 1993. Each of the furnished units has approximately 200 square feet. Unlike many SROs, each unit has a full bath with shower and a kitchenette with cooktop, microwave oven, sink, refrigerator, and cabinets. A table and two chairs and a bed with storage drawer are provided. Each unit also has a phone with free local phone service, and a public phone is available for long-distance calls.
Residents have access to laundry facilities and two lounges.
Since it opened in 1993, Coan Pond Residences has been fully occupied. The turnover rate is lower than expected, averaging one to two moveouts per month, which indicates the residents' satisfaction with the units and the continued difficulty experienced by this income group in finding affordable housing. Coan Pond Residences is an important effort to provide affordable housing for an underserved group, as well as an innovative approach to mixed-use development. In less than three years, the project has provided homes to 39 working persons without the need for any additional subsidy by the local government or the housing authority. HOME funds played a critical role in the development of Coan Pond Residences.