Developers behind a new eight-story affordable housing building in Yonkers recently secured more than $7.85 million in construction financing to complete the project. Known as 178 Warburton at The Ridgeway, the development will contain 81 mixed-income rental apartments for households between 30 percent and 90 percent of the area median income.
Located at 178 Warburton Street near the Hudson River waterfront, the new building represents phase five of a six-phase master plan to redevelop Cottage Place Gardens. The original complex was constructed in 1945 and comprises 256 under-serviced low-income apartments. Now under construction, The Ridgeway redevelopment master plan will yield up to 500 units of housing, expanded parking area, and nearly an acre of open space. To date, 242 units across three phases have been completed, as well as the substantial renovation of an existing daycare center. Another 166 units of housing are currently under construction at 172 Warburton and 178 Warburton.
The agencies responsible for the project include the Municipal Housing Authority for the City of Yonkers, which is the second largest public housing authority in New York State, and The Community Builders, a non-profit housing developer. Total development cost for the entire multi-phase project hover around $296 million.
“This new phase of Cottage Garden’s redevelopment points to the positive momentum happening right now in Yonkers as we revitalize our neighborhoods and improve the lives of the residents who live here,” said Yonkers Mayor Mike Spano. “We are building a stronger, a more sustainable community for residents, thanks to the support of our federal, state, private, and local community partners and their commitment to Yonkers.”
Designed by SLCE Architects, the new property will eventually comprise a mix of modern studios, one-bedrooms, and two-bedroom apartments. Average scopes will range from 417 square feet up to 914 square feet for the largest units.
Residential amenities will include a laundry room, a rooftop terrace with outdoor seating and communal areas, a fitness room, and 33,000 square feet of additional outdoor space near the center of the building. The latter will support play equipment for children, adult fitness equipment, meandering pathways, and a picnic area.
The lower level of the property will also contain a day care center for low-income families with an outdoor play area for attending toddlers. The center will be operated by Westchester Community Opportunity Program, a non-profit social service organization.
The diversified financing package for 178 Warburton at The Ridgeway comprises a mix of private entities and government agencies.
This includes $104,432 from The Municipal Housing Authority for the City of Yonkers, over $700,000 from The Community Builders, and $800,000 from Community Capital New York, a total that will primarily fund pre-development costs. An additional $5 million is provided by the Westchester County Housing Implementation Fund and $250,000 from the Empire State Development Restore NY grant.
The City of Yonkers has committed to provide $500,000 in City HOME funds and $500,000 in Community Development Block Grant funding. Other financing sources include New York State Housing Finance Agency tax exempt bond financing and subsidies, Federal Low Income Housing Tax Credits, State Low Income Housing Tax Credits, and New York State Brownfield Tax Credits.
New York State Homes and Community Renewal is the primary source of financing for this effort, having already committed several million dollars in financing toward the total development costs for phases one through four.
While an updated completion date has not been revealed, construction is expected to last approximately 24 months and has already broken ground.
Source:
