Gotham Organization, in partnership with Monadnock Development, the Christian Cultural Center (CCC), and Reverend A.R. Bernard, has secured approximately $314 million in construction financing to launch Phase 1B of the Innovative Urban Village (IUV) in East New York, Brooklyn. The financing package was arranged with support from the New York City Housing Development Corporation (HDC) and the Department of Housing Preservation and Development (HPD). Designed by Practice for Architecture and Urbanism (PAU), the 10.5-acre site is being transformed into a mixed-use affordable housing development.
Rendering of Innovative Urban Village phase 1B. Designed by PAU
Rendering of Innovative Urban Village phase 1B. Designed by PAU
Phase 1B includes two buildings totaling 493,000 square feet and will deliver 453 income-based affordable rental units. In addition to housing, the phase will feature 12,000 square feet of community facility space, 10,000 square feet of retail space, and 102 below-grade parking spaces. This follows the previously announced $270 million financing for Phase 1A, which includes 386 affordable homes and 17,000 square feet of retail and commercial space, including a grocery store. Phase 1A is slated for completion in 2026, while Phase 1B is expected by 2027.
Rendering of Innovative Urban Village phase 1B. Designed by PAU
Red Stone Equity Partners raised approximately $151 million in tax credit equity through JP Morgan Chase, which also provided a Letter of Credit. HDC and HPD contributed $260 million in construction debt, including up to $144 million in tax-exempt bonds and $116 million in long-term, below-market-rate financing. The full development will yield around 1,975 affordable housing units alongside amenities such as a workforce development center, childcare and performing arts facilities, and green public spaces.
Rendering of Innovative Urban Village phase 1B. Designed by PAU
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What is the location of this development? No address is provided !
NYC.gov has a nice overview of the project. It’s a former NYCHA CCC service property east of the Flatlands & Louisiana intersection. This looks to be a really great project.
its at the christian cultural center in starrett city/east new york, address is 12020 Flatlands Ave
Flatlands and Pennsylvania
Why are all my posts getting delayed? Every one of them say waiting for approval.
No map or location?
It’s at Flatlands and Pennsylvania. Right next to the CCC church
The housing is great. Same with the developments near Gateway. Great. More housing.
The problem? Lack of transit options and their failure to build out micromobility infrastructure as they develop in East Bew York. So, it just means more cars when we need less.
Letric shuttle buses-