Camber Property Group, Harlem Congregations for Community Improvement, Inc. (HCCI), NYC Department of Housing Preservation and Development (HPD) and NYC Housing Development Corporation (HDC) held a groundbreaking ceremony for Victory Plaza, a 136-unit, 100 percent affordable building for seniors in Harlem.
The building, located at 11 West 118th Street, will include 41 units set aside for formerly homeless seniors and will be constructed using the latest sustainable design principles.
Victory Plaza is being constructed on underutilized land associated with a neighboring senior housing building.
The project will leverage recent zoning changes passed by the New York City Council known as Zoning for Quality and Affordability (ZQA) that provide density bonuses with the creation of senior affordable housing.
The nine-story building will feature interior and exterior community space and an outdoor garden, as well as offices for on-site social services. The building anticipates a completion date of December 2020.
“Victory Plaza will provide state of the art senior housing serving some of the most vulnerable New Yorkers” said Rick Gropper, Principal at Camber Property Group.
“With on-site social services and curated indoor and outdoor amenity space, our residents will live in comfort without concern about rent burden. Camber and HCCI are thankful to HPD, HDC, Councilmember Perkins and Wells Fargo for their support in making this impactful project a reality.”
The $65 million project is financed by HDC, HPD and Wells Fargo. The NYC Housing Development Corporation (HDC) is funding $46 million in tax exempt bonds and subsidy.
HPD is contributing $7 million in subsidy and Wells Fargo is contributing $26 million in equity generated from the sale of Low Income Housing Tax Credits, along with a $39 million Letter of Credit.
Aufgang Architects designed Victory Plaza.
