Developers Secure $297M to Complete Phase Two of The Peninsula Affordable Housing Complex in Hunts Point, The Bronx

Rendering of The Peninsula affordable housing campus - WXY Architecture + Urban DesignRendering of The Peninsula affordable housing campus - WXY Architecture + Urban Design

Gilbane Development Company, Hudson Companies, and MHANY Management have secured $297 million to complete phase two of The Peninsula, a mixed-use, 100-percent affordable housing complex in Hunts Point, The Bronx. The five-building master plan is being designed by WXY Architecture + Urban Design and Body Lawson Associates, Architects & Planners and will be delivered in three phases.

The first building, referred to as Peninsula 1B, is located at 720 Tiffany Street and was completed last summer. This first phase delivered 183 deeply affordable housing units, a 14,000-square-foot cultural arts center, a performance theater, a daycare, and a 57,000-square-foot light industrial space that will serve minority- and women-owned businesses and local food entrepreneurs.

The next phase includes two new affordable housing buildings, known as 2A and 2B, and will yield 359 apartments. This phase will also create a 50,000-square-foot plaza, a 155-vehicle parking garage, and a 20,000-square-foot community facility space. The majority of the apartments will be designated for individuals and households at or below 60 percent area media income.

Amenities will include a gym, a communal laundry room, a children’s playroom, a tenant lounge with access to an outdoor terrace, and bicycle storage.

The renderings show the structures clad in a mix of red and gray brick framing grids of floor-to-ceiling windows. The parapets of three of the buildings are depicted with covered roof decks, and another will be topped with a green roof.

The Peninsula, rendering by WXY Architecture + Urban Design

The Peninsula, rendering by WXY Architecture + Urban Design

Rendering of Peninsula in The Bronx

The Peninsula, rendering by WXY Architecture + Urban Design

The agencies driving the project include New York City’s Economic Development Corporation, the Department of Housing Preservation and Development (HPD), and the Housing Development Corporation (HDC).

“The Hudson Companies is committed to building much-needed affordable homes that allow families to stay and grow in their communities while strengthening the neighborhood for future generations,” said Serena Deng, development director, The Hudson Companies. “Thank you to all of our partners, including Mayor Adams, EDC, HPD, HDC, SCA, DCP, DOE, and Wells Fargo Bank, for making this dream a reality.”

Construction for phase two will begin this summer and is expected to be completed in 2026. The entire complex is projected to be completed in 2029 and will feature 740 affordable homes, 10,720 square feet of retail space that will include a grocery store, 52,300 square feet of community facilities, and 260 underground parking spaces in two garages.

The project will be financed under the HPD’s and HDC’s Extremely Low- and Low-Income Affordability programs. Construction will primarily be financed with the proceeds of tax-exempt bonds issued under HDC’s Open Resolution, with the remaining funds coming from HDC, HPD subsidy, and the sale of four percent low-income housing tax credits. Additional funding sources include Reso A funds from Councilmember Rafael Salamanca, a sponsor loan funded from NYSERDA grant funds, and a sponsor loan funded from refundable NYS Brownfield Tax Credits.

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5 Comments on "Developers Secure $297M to Complete Phase Two of The Peninsula Affordable Housing Complex in Hunts Point, The Bronx"

  1. This is a really great project.

  2. This is a great project, except for the parking garage. The Bronx does not need even more people driving.

  3. David in Bushwick | July 3, 2023 at 12:42 pm | Reply

    Will there really be a few solar panels?!
    When finished, I’ll need to visit this excellent project.

  4. Lorraine givens | July 3, 2023 at 4:51 pm | Reply

    Yes yes i like it Thank you

  5. rip spofford juvenile jail good riddance.

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