|
HDC Press Releases
|
|
October
29, 2009
|
|
HPD, HDC, Richman Group Development Corp, And Elected Officials Celebrate Ground Breaking For Mixed- Income Affordable Apartments In Central Harlem
|
The Douglass and
Balton Developments Add
226 Units of Affordable
Housing and Create More
than 1,050
Construction-Related
Jobs in Harlem
Harlem, NY - New
York City Department of
Housing Preservation and
Development (HPD)
Commissioner Rafael E.
Cestero and New York
City Housing Development
Corporation (HDC)
President Marc Jahr
joined, City
Councilwoman Inez E.
Dickens, Manhattan
Borough President Scott
Stringer, Richman Group
Development Corporation
President Kristen
Miller, and Maria Barry
of Bank of America
Merrill Lynch to
celebrate the ground
breaking for The Balton
and Douglass Park. The
two new apartment
buildings will bring a
total of 226
mixed-income units to an
almost full block site
on West 127th and 128th
streets in Central
Harlem, and will create
an estimated 1,050
construction related
jobs. The projects are
among the first in the
country to start
construction utilizing
the Tax Credit
Assistance Program (TCAP)
funds, which were
allocated to New York
State under the American
Recovery and
Reinvestment Act of
2009. The Balton and
Douglass Park projects
are being developed on
formerly city-owned land
through the
competitively bid
Cornerstone Program, an
HPD multi-family new
construction initiative.
Building affordable
housing in neighborhoods
across New York City is
a central component of
the Bloomberg
Administration’s Five
Borough Economic
Opportunity Plan to
create jobs for New
Yorkers today, implement
a vision for long-term
economic growth and
build affordable,
attractive
neighborhoods. Also
attending the ground
breaking were State
Senator Bill Perkins and
State Assemblyman Keith
Wright.
This once vacant swath
of land in HPD’s
property portfolio will
be transformed into a
mixed-income residential
community. In addition
to the 226 mixed-income
apartments, which will
be affordable to
families with incomes
ranging from $30,750 to
$99,840 for a family of
four, the two new
buildings will include
approximately 15,000
square feet ground floor
retail space and 119
underground parking
spaces. The buildings
are being developed by
The Richman Group
Development Corporation.
Monadnock Construction,
Inc. of Brooklyn is the
general contractor for
the projects, which were
designed by SLCE
Architects. A third
building, with 15
additional units and
1,000 square feet
community facility space
set aside for local
non-profit Harlem
Mothers SAVE, is
expected to start
construction in 2010.
The Balton has been
named in honor of
Charles “Ibo” Balton
(1954-2007), a gifted
urban planner, committed
public servant, and
proud Harlem resident.
Ibo played a critical
role in the
revitalization of Harlem
through his work at HPD.
As the Director of HPD’s
Manhattan Planning
Office, Ibo oversaw the
rehabilitation and new
construction of
thousands of units of
affordable housing in
Harlem. His vision,
passion, and tenacious
advocacy have helped to
bring new life to the
neighborhood he loved.
Several members of Ibo
Balton’s family attended
the groundbreaking
event.
“The vacant lots and
abandoned buildings that
once plagued and
characterized Harlem are
a thing of the past.
Today through the
efforts of HPD and our
partners, we are
restoring vitality block
by block, bringing
quality affordable
housing, new economic
opportunity and
stability back to this
proud neighborhood.
These two projects, the
Balton and Douglass,
which represent 226 new
affordable units and
more than 1,050
construction related
jobs, are emblematic of
the revitalization that
so many have worked to
bring here to Harlem,”
said HPD Commissioner
Cestero. “Creating
opportunity through
neighborhood
revitalization was
something Ibo understood
and he put his heart and
soul into it. It is my
sincere hope the
realization of this
development serves as a
fitting tribute to a man
who saw the potential in
Harlem and worked to
make a brighter future
for the neighborhood he
loved.”
The total development
costs for the Balton and
Douglass are $67,994,489
and $32,971,770
respectively, bringing
the entire development
to a total of
$100,966,259. During
construction, the Balton
and Douglass are being
funded with a total of
$45,250,000 through a
combination of
tax-exempt volume cap
and recycled bonds
issued by HDC and
secured with a letter of
credit from Bank of
America Merrill Lynch (BoA).
The development is also
receiving a total of
$20,800,000 in Tax
Credit Assistance
Program (TCAP) funding
allocated to HPD by the
US Department of Housing
& Urban Development
(HUD) and the NYS
Division of Housing and
Community Renewal (DHCR),
and $14,882,748 in HOME
funds also provided by
HPD. An additional
$21,670,778 in Low
Income Housing Tax
Credit (LIHTC) equity
and developer equity are
being provided by The
Richman Group. Upon
completion and lease up
of the Balton, the bonds
will be secured by
Freddie Mac and serviced
by Wells Fargo
Multifamily Capital.
Bonds for the Douglass
will be secured by HDC’s
Residential Mortgage
Insurance Corporation (RMIC).
“The Richman Group is
proud to continue its
decade-long commitment
to the revitalization of
the Harlem community
with our two newest
projects, The Balton and
Douglass Park,” said
Kristin Miller,
President of The Richman
Group Development
Corporation. “And we are
so proud to be able to
honor the memory of
former HPD Planning
Director Charles “Ibo”
Balton by naming one of
our new buildings for
him. These projects
reflect the key
neighborhood building
blocks for which Ibo was
such a strong advocate –
quality mixed-income
housing, neighborhood
retail space, and
beautiful architecture.”
Manhattan Borough
President Scott M.
Stringer said, “In April
2007 my office helped
document some 358 vacant
lots in Manhattan north
of 96th Street. I’m
pleased to see the city
making great strides on
this particular vacant
lot to create new
affordable housing units
in Harlem. I look
forward to working
together with
Commissioner Cestero and
others to continue to
realize the full
potential of our vacant
and underutilized land
in Harlem and in the
rest of the borough."
“During the 125th St.
negotiation I insisted
on more affordable
housing for my community
and the indigenous
population who worked to
sustain community life
through good times and
bad. This project
represents partnerships
on many levels, tough
negotiations and a
positive outcome for my
community. I also
believe the developers
have acted as good
community partners in
granting my request to
house Harlem Mothers
SAVE, a not for profit
addressing youth and
gang violence, at no
cost, in perpetuity in
the community facility
space. I will continue
to fight for more
affordable housing in my
community and throughout
this city and encourage
developers to be
responsible community
partner,” stated Council
Member Inez E. Dickens
Daniel Martin, President
of the Housing
Partnership Development
Corporation said, "The
Partnership is excited
to be part of the team
that is redeveloping one
of the last large vacant
sites in Harlem. The
Balton and Douglass Park
will further add to the
achievement of
affordable housing in
this great community.”
“The Balton and Douglass
Park developments
represent a powerful
combination of talent
and execution. The
collaboration amongst an
experienced developer
and long-time client in
The Richman Group
Development Corp. and
strong municipal support
through New York City
Department of Housing
Preservation and
Development, New York
City Housing Development
Corporation and New York
State Division of
Housing and Community
Renewal made financing
this high impact
affordable housing
project a reality,” said
Todd Gomez, Senior Vice
President, Bank of
America Merrill Lynch.
“We are delighted to be
part of this team and
reinforce our company’s
commitment to Harlem.”
“This was an exciting
project that got closed
in an incredibly tough
credit environment. This
deal shows both Wells
Fargo and Freddie Mac’s
continued commitment to
providing affordable
housing in our
communities. We thank
the Richman Group for
choosing us to be a part
of this project”, said
Matthew Wiener, Wells
Fargo Multifamily
Capital.
“The AFL-CIO Housing
Investment Trust (HIT)
is proud to help bring
more affordable housing
to this historic
community by providing
financing for Douglass
Park,” said Carol Nixon,
Director of the HIT’s
New York City office.
“Our participation in
this important
redevelopment project is
part of the Trust’s
long-time commitment to
New York’s low-income
residents and working
families.”
The Balton will be
located at the northeast
corner of St. Nicholas
Avenue and West 127th
Street. The new
apartment building will
be across the street
from St. Nicholas Park
and the entrance to the
125th Street subway
station. The Balton
consists of two wings of
six and 12 stories and
will include 156 studio,
one-, two-, and
three-bedroom
apartments. The project
is a 75/25 mixed-income
rental; 75% of the units
will be reserved for
households earning up to
130% of the Area Median
Income (AMI) for New
York City which is equal
to $99,840 for a family
of four, and 25% of the
units will be reserved
for households earning
up to 60% of AMI which
is equal to $46,100 for
a family of four.
Building amenities will
include concierge
services, on-site super
and management office,
state-of-the-art fitness
facility, resident
lounge, children’s
activity room, outdoor
courtyard, roof terrace,
bike storage and
broadband wiring. Many
apartments will feature
wood and ceramic tile
floors, designer
kitchens and baths,
washer/dryer
connections, private
terraces in select
units, and park and city
views.
Douglass Park will be
located at the southwest
corner of Frederick
Douglass Boulevard and
West 128th Street. It
will be an 8-story
building with 70 one-,
two-, and three bedroom
apartments, which will
be reserved for
households earning from
40% AMI which is equal
to $30,750 for a family
of four, up to 60% of
AMI. The building will
include a resident
lounge, fitness center,
outdoor courtyard, bike
storage, laundry
facilities, and onsite
super.
Excavation and
foundation work began on
the site in
mid-September.
Construction completion
for both buildings is
projected for summer
2011. During
construction, the two
projects are expected to
create a total of more
than 1050 construction
jobs. Apartments in both
buildings will be
marketed through
city-supervised
lotteries. Applications
to enter the lotteries
will be made available
in late 2010.
For more information on
obtaining an application
please visit:
www.thebalton.com
and
www.douglassparknyc.com
New York City’s Five
Borough Economic
Opportunity Plan
The Five Borough
Economic Opportunity
Plan is a comprehensive
strategy to bring New
York City through the
current economic
downturn as fast as
possible. It focuses on
three major areas:
creating jobs for New
Yorkers today,
implementing a long-term
vision for growing the
city's economy, and
building affordable,
attractive neighborhoods
in every borough. Taken
together, the
initiatives that the
City has launched to
achieve these goals will
generate thousands of
jobs and put New York
City on a path to
economic recovery and
growth.
NYC Department of
Housing Preservation and
Development
HPD’s mission is to
promote quality housing
and viable neighborhoods
for New Yorkers. It is
the nation’s largest
municipal housing
preservation and
development agency.
Responsible for
implementing Mayor
Bloomberg’s New Housing
Marketplace Plan to
build and preserve
165,000 units of
affordable housing. HPD
also actively promotes
the preservation of
affordable housing
through education,
outreach, loan programs
and enforcement of
housing quality
standards. (www.nyc.gov/hpd)
NYC Housing
Development Corporation
The New York City
Housing Development
Corporation (HDC)
provides a variety of
financing programs for
the creation and
preservation of
multi-family affordable
housing throughout the
five boroughs of New
York City. Our programs
are designed to meet the
wide-range of affordable
housing needs of the
City's economically
diverse population. (www.nychdc.com)
The Richman Group
Development Corporation
The Richman Group
Development Corporation
is one of the country’s
leading developers of
market-rate,
mixed-income, and
affordable housing,
having completed over
15,000 units. Richman
has a national
reputation for
structuring creative
development financing
and building strong
public-private
partnerships. Although
the company’s
development efforts are
national in scope, each
project Richman develops
is tailored to the needs
of the community it will
serve. In addition to
The Balton and Douglass
Park, Richman has
completed the
development of two other
Harlem projects: The
Hamilton and The
Langston. (www.therichmangroup.com)
Monadnock Construction,
Inc.
Monadnock Construction
has been one of New
York’s most reputable
general contractors and
construction managers
since 1975. Through
private and public
partnerships, Monadnock
has successfully built
over 8,600 units of
housing. As a local
industry leader in the
construction of quality
affordable rental and
homeownership housing,
Monadnock Construction
is also a builder of
luxury hi-rise, modular
construction and
dormitories. (www.moncon.com)
Contact:
Christina Sanchez, HDC
(212) 227-2644
|
|
