Construction has topped out on The Plains, a nine-story mixed-income residential property at 4519 White Plains Road in the Wakefield section of The Bronx. Led by developers The Doe Fund and Robert Sanborn Development, the building will contain 98 deeply affordable homes, 20 apartments reserved for tenants 62 and older, and on-site supportive housing for 49 formerly homeless adults living with disabilities.
Overall, the units will be available to low- and moderate-income individuals and families. Eligible income will be capped at 80 percent of the area median income (AMI), with preference given to local residents who are homeless or at risk of becoming homeless. Applications for the affordable units are expected to open next February.
“Topping out at The Plains brings us one step closer to providing desperately needed deeply affordable and supportive housing to the Bronx,” said John McDonald, interim president of The Doe Fund. “For the nearly 100 individuals and families who will soon call The Plains home, that means shutting the revolving door of homelessness once and for all.”
Designed by OCV Architects, the building will comprise just over 82,000 square feet. In addition to apartments, the amenity spaces will include tenant storage, a multipurpose room, a shared laundry room, a fitness center, and communal outdoor space.
To improve energy efficiency, the structure will support a green roof and roof-level solar panels. Additional efficiency features will include triple-glazed windows, high-efficiency HVAC systems, LED lighting with motion sensors, Energy Star-rated appliances, and low-flow plumbing fixtures.
Upon completion, the project will seek LEED Gold certification.
Total construction costs are estimated at $48.5 million. Funding for the project includes a $1.2 million award from the Empire State Supportive Housing Initiative, $2.5 million in federal Low Income Housing Tax Credits, $4.9 million in capital funding through the Homeless Housing Assistance Program, and another $4 million acquisition loan from the Corporation for Supportive Housing for pre-development.
Additional financing includes a $2.8 million award from New York State Homes and Community Renewal‘s (HCR) Supportive Housing Opportunity Program, $5 million from its All Affordable New York City Program, and $1.9 million from its NYS HOME Program. The Doe Fund also obtained private sector construction and permanent loans through Merchant’s Bank and Freddie Mac, and tax-credit equity was syndicated by Richman Housing.
“As one of the nation’s top affordable housing financiers, we at Merchants are always looking for new ways to serve the housing needs of populations across the U.S.,” said Michael Milazzo, senior vice president of originations at Merchants Capital. “By working with The Doe Fund, we are creating safe, new supportive housing for nearly 100 of New York’s most vulnerable residents.”
Construction is expected to be completed by the third quarter of 2023.
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I’m so excited to see this building going up in my area I would be thankful if I could be one of the residents approved.
Yes yes just what we need. Thank you