A consortium of private developers recently closed on a $600 million loan to complete renovations and infrastructure upgrades across a 1,673-unit NYCHA public housing portfolio. Boulevard Together Developer LLC, a joint venture with The Hudson Companies, Property Resources Corporation, and Duvernay + Brooks, is undertaking the refurbishment of a total of 29 buildings in East New York.
The affected housing properties include Boulevard Houses, constructed in the 1950s; Fiorentino Plaza, built in the 1970s; and Belmont-Sutter Area Houses, completed in the 1980s.
“This is about the residents first and foremost,” said Aaron Koffman, managing principal of The Hudson Companies. “We have engaged in frequent and productive conversations with the residents and their leadership associations and are thrilled to be providing residents of the Boulevard Houses, Fiorentino Plaza, and Belmont-Sutter Area with fully renovated apartments with critical upgrades to their buildings. This transformational project will also provide local workforce and educational opportunities while maintaining resident protections and permanent affordability for generations to come.”
The project is the latest restorative effort facilitated through NYCHA’s Permanent Affordability Commitment Together (PACT) initiative. Developments selected to be a part of the PACT program receive much-needed renovations as well as expanded vocational and economic support services.
Improvements for individual units will include new bathrooms, upgraded kitchens with Energy Star appliances, lighting systems, flooring, and paint. Enhanced entryways and communal areas within the building will offer improved access for the mobility impaired.
Enhancements to residential amenities will include new laundry and storage spaces. Communal outdoor spaces will also see enhancements that include thoughtful landscaping throughout complexes, new gazebos, benches, walkways, renovated playgrounds, outdoor gymnasiums, open-air reading rooms, community gardens, and areas for outdoor exhibitions.
Repairs to the facades and building envelopes include a full replacement of existing windows and roofing systems, improved entrances, and new signage.
Boulevard Together will look to expand the existing on-site social services in collaboration with CAMBA. Services are expected to include adult literacy programs, GED and workforce training, and family services programming.
“Property Resources Corporation is honored to be a part of the team chosen by NYCHA to revitalize these communities,” said Matt Linde, principal at Property Resources Corporation. “With the closing of this transaction, Boulevard Houses, Fiorentino Plaza, and Belmont Sutter Area will receive much-needed capital repairs that will dramatically upgrade each resident’s home and enhance the public spaces at each property. PRC and the Boulevard Together team remain committed to ensuring that these apartments remain permanently affordable through NYCHA’s PACT program.”
The construction loan was provided by the New York City Housing Development Corporation (HDC) and JP Morgan Chase. In addition to traditional funding, Boulevard Houses and Fiorentino Plaza are qualified to generate Historic Tax Credits. Chase Community Development Banking will invest up to $140 million of Federal and State Historic Tax Credit equity into the project.
When complete, Boulevard Together Management LLC will serve as the new on-site property manager led by Lisa Management and PRC Management.