A Bold Step Toward Urban Renewal and Housing Equity

The development of this all-affordable housing project represents a pivotal moment for the Kingsbridge neighborhood. With strong partnerships between city authorities, financial institutions, and community organizations, this initiative is set to transform a once-vacant lot into a vibrant residential hub. The new building will not only provide quality living spaces but also enhance the overall quality of life for residents through its green design and extensive amenities.

Achieving Financial Milestones Through Collaborative Efforts

The successful acquisition of approximately $222 million in financing underscores the commitment of various stakeholders to this transformative project. Tax-exempt bonds, subsidy loans from city departments, and low-income housing tax credit equity have all played crucial roles in making this development feasible. The Urban Investment Group at Goldman Sachs Alternatives and Hudson Housing Capital have provided critical support, ensuring that the project remains on track for completion by 2027.

This financial backing reflects a broader trend of public-private collaboration aimed at revitalizing urban areas. By pooling resources and expertise, these partnerships are driving sustainable solutions to pressing social issues like affordable housing shortages and homelessness. The involvement of such diverse entities highlights the importance of collective action in creating lasting change within communities.

Creating a Thriving Residential Environment

The new building will feature 339 apartments, including units designed specifically for formerly homeless individuals. Spanning from studios to three-bedroom configurations, these residences cater to a wide range of household sizes and income levels. The inclusion of a super’s unit ensures efficient maintenance and management of the property.

To foster a sense of community among residents, the building will boast numerous shared facilities. Two recreation rooms, a laundry room, a fitness center, and a rooftop terrace offer ample opportunities for social interaction and leisure activities. Built according to Enterprise Green standards, the structure prioritizes sustainability and energy efficiency, contributing positively to both the environment and residents' well-being.

Empowering Local Communities Through Strategic Development

The site for this development previously housed the Visitation Church and School, which merged with St. John’s in 2015. Tishman Speyer acquired the property from the Archdiocese of New York in 2022, while the remaining portion was purchased by the New York City School Construction Authority for the construction of a new elementary school. This dual-purpose approach maximizes the utility of the land, providing educational infrastructure alongside residential accommodations.

The proximity to Van Cortlandt Park, one of New York City’s largest green spaces, adds immense value to the development. Residents will enjoy easy access to recreational areas, enhancing their daily lives and promoting healthier lifestyles. Additionally, the location offers convenient transportation links via the 1 train and multiple bus routes, facilitating connectivity within the city.

Strengthening Partnerships for Sustainable Urban Growth

Statements from key figures highlight the significance of this project. Michelle Adams, Senior Managing Director at Tishman Speyer, emphasized the collaborative nature of the endeavor, noting the contributions of the City of New York, the Archdiocese, and local residents. First Deputy Mayor Maria Torres-Springer echoed this sentiment, praising the administration's efforts in delivering safe, quality, and affordable housing.

Leaders from the NYC Department of Housing Preservation and Development, HDC, and other organizations also voiced their support. They highlighted the positive impact of this development on the Kingsbridge community, particularly in terms of addressing housing needs and fostering economic vitality. The commitment of these partners underscores the potential for similar initiatives to drive meaningful change across New York City.

Building a Legacy of Innovation and Social Responsibility

Tishman Speyer’s dedication to creating state-of-the-art residential environments extends beyond this project. The company is actively involved in developing additional affordable housing complexes, such as Edgemere Commons in Far Rockaway, Queens. These efforts exemplify a broader mission to improve living conditions and promote inclusivity in urban settings.

Through strategic investments and innovative designs, Tishman Speyer aims to address the multifaceted challenges faced by modern cities. By integrating sustainability practices, advanced amenities, and supportive services, the firm is setting new standards for responsible development. This approach not only benefits current residents but also leaves a lasting legacy for future generations.