For many years, Lincoln Park was defined as what was left behind by a giant, rusty roller coaster towering over weeds and trees. It was a bittersweet reminder of the Route 6 amusement park that entertained thousands of families for almost a century.

Now, the park allows residents to call it their new home.

According to South Coast, the Residences at Lincoln Park, a three-story, 36-unit affordable apartment building has risen to be the tallest structure on the 42-acre property, with what was left of the beloved Comet coaster, which was demolished four years ago.

On Friday, state and town officials cut the red ribbon on the building, which was a toast to the site's past and future.

Construction started last July and was completed in less than a year. The building opened to tenants in January and all units, ranging from one to three bedrooms, and going for roughly $700 to $900 a month, were occupied by March. More than 100 prospective residents are on a waiting list.

Several framed pictures of the former amusement park hang in the lobby, showing the roller coaster, midway and Clambake Pavilion that were popular among visitors for decades.

The Residences at Lincoln Park is the first of three apartment complexes planned for the site, all of which should be finished within the next two years. One building will be for residents over the age of 55 and the other residence will be market-rate housing. Additionally, Bristol Pacific plans to build 18 more single-family homes on the site, bringing the total to 57.

"Funding for the new housing came from various sources, including a $6 million construction loan from Citizens Bank's Community Development Lending Group; $7 million in state and federal Low Income Housing Tax Credit equity; $3.5 million in state funding; $100,000 in town funding; a permanent loan through Bay Coast Bank; and Boston Financial Investment Management."

With additional reporting by Sal Lopez

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