$27M development brings new housing to 51 Yonkers families
YONKERS, Sept. 30, 2016 – (RealEstateRama) — Fifty-one Yonkers families now have new energy efficient apartment homes with the grand opening of 188 Warburton Ave. The Community Builders, Inc. (TCB) a leading nonprofit developer of mixed-income housing and the Municipal Housing Authority joined with public officials and community members to celebrate at the ribbon cutting ceremony today.
TK James S. Rubin, Commissioner of New York State Homes and Community Renewal, said, “We are proud to celebrate the continued revitalization of the Croton Heights neighborhood and the Cottage Place Gardens housing complex with the completion of 188 Warburton Apartments. By preserving and reinventing our aging but vital public housing, we can ensure that more New Yorkers have access to safe, affordable homes in thriving, inclusive communities like Southwest Yonkers. Governor Cuomo’s sweeping affordable housing and homeless plans will allow HCR and our partners to do even more to preserve and create affordable housing opportunities across the state. Now it’s up to the Legislature to join the Governor in signing the MOU to release those funds without delay.”
The five-story $27 million development is phase II of a six-phase redevelopment of Cottage Place Gardens. The building has rental apartments for families of all incomes with free on-site parking, dishwashers, air conditioning, a landscaped courtyard, on-site laundry facilities, and excellent views of the Hudson River and Palisades.
“We are proud of the transformation of 188 Warburton into modern, workforce housing,” said Bev Bates, vice president of development at The Community Builders, Inc. “Our partners, the Municipal Housing Authority for the City of Yonkers and the City of Yonkers, and the continued support of HCR make this work possible.”
The building replaced two distressed buildings at the Cottage Place Gardens public housing complex and remediated a contaminated brownfield as part of a broader effort to revitalize Southwest Yonkers. New trees and landscaping, a private courtyard, community spaces on the ground level, and the acquisition and development of vacant property along Warburton Avenue reinvigorates pedestrian activity and reconnects the property to the street grid.
The energy efficient property is expected to achieve a minimum of LEED for Homes Silver certification, as well as earning NYSERDA New Construction Program accreditation and the Energy Star label. High efficiency LED lighting and PTAC units are installed throughout the complex. The construction includes recycled content materials, high efficiency HVAC equipment, and entailed the remediation of a brownfield.
Significant funding for 188 Warburton came from Low Income Housing Tax Credits (LIHTC) which provides incentives for the use of private equity in affordable housing developments. Other financing was provided by the New York State Housing Finance Agency, City of Yonkers, MHACY, NYSERDA, New York State Department of Environmental Conservation, and TCB. Community Capital New York provided critical early predevelopment financing.
The 188 Warburton development is the second phase of a six phase initiative aimed at redeveloping the Cottage Place Gardens public housing complex and revitalizing Southwest Yonkers. Phase I, the $63 million Schoolhouse Terrace development on Ashburton Ave., broke ground in 2013 and was completed in April 2015. Schoolhouse Terrace was the first step in a comprehensive effort to redevelop the western end of the Ashburton corridor and was created in collaboration with the city, the state and HUD. The third phase of this development effort, 209 Warburton Ave. will create homes for 70 Yonkers families. TCB plans to break ground in spring 2017 pending receipt of financing from HCR.
About The Community Builders, Inc.
The Community Builders, Inc. (TCB) is one of America’s leading nonprofit real estate developers and owners. Our mission is to build and sustain strong communities where people of all incomes can achieve their full potential. We realize our mission by developing, financing and operating high-quality housing and implementing neighborhood-based models that drive economic opportunity for our residents. Since 1964, we have constructed or preserved hundreds of affordable and mixed-income housing developments and secured billions of dollars in project financing from public and private sources. Today, we own or manage 11,000 apartments in 14 states. We are headquartered in Boston with regional hubs in Chicago and Washington, D.C.
