A joint venture led by national multifamily developer The NRP Group has broken ground for a new 179-unit workforce housing development in New Rochelle.
The $97 million Renaissance at Lincoln Park development will include a Boys & Girls Club facility and 350 parking spaces for residents, community members, and park-goers.
New Rochelle Mayor Noam Bramson praised the vision of the development partners, who include local non-profit Guion Renaissance Housing Development Finance Corporation (HDFC), Kensworth Consulting, the Boys and Girls Club of New Rochelle and The City of New Rochell.
Financing for the project is being provided by New York State Homes & Community Renewal, which provided $48 million of tax exempt bonds issued by its Housing Finance Agency. Red Stone Equity Partners provided tax credit equity syndication with Bank of New York Mellon as the investor and letter of credit provider. The developer also provided equity for the project with additional support from the Interfaith Development Corporation and the Westchester County Housing Infrastructure Fund.
“This groundbreaking is a special one,” said Jonathan Gertman, Vice President of Development at The NRP Group. “In a time of incredible uncertainty, we were able to push through in partnership, and make the dream of this project a reality. The Renaissance at Lincoln Park was born out of a community driven vision and we are honored to be a part of bringing it to fruition. It is our sincerest hope that this project will be a home for generations of the New Rochelle community to live, grow, and thrive.”
Kenneth Plummer, CEO of Kensworth Consulting, added, “As a community-minded developer, I’m confident that this project will set the standard for inclusive, community-centered development and power the sustainable growth of cities across the nation.”
GF55 Partners is the architect for the project which will see the old Remington Boys & Girls Club on the site demolished and replaced with a larger, modern 21,000 s/f facility, the 11-story apartment building and five-story parking garage.
All 179 apartments would be offered as affordable housing to tenants whose incomes range from 30 percent to 80 percent of the area median income.