YONKERS: A major affordable housing redevelopment project reached another milestone with the closing on financing for 178 Warburton at The Ridgeway, a new $56 million mixed-income complex of 81 apartment homes in Southwest Yonkers, New York.
One of the largest affordable housing redevelopment projects in the region, the project is being developed by the Municipal Housing Authority for the City of Yonkers (MHACY) and The Community Builders (TCB).
The eight-story building, which is under construction, will feature a unit mix of six studio, 35 one-, and 40 two-bedroom apartments.
The units will include dishwashers, microwaves, and air conditioning. In addition, the building will feature a common laundry room, on-site management, and a rooftop resident center comprised of a resident meeting/lounge space, an outdoor terrace, a fitness room, and free parking.
The units are affordable to families with a mix of incomes, ranging from 30% to 90% of the area median income.
The mixed-use building will also include a new Early Head Start day care center serving infants and toddlers from families with lower incomes.
It will be operated by the Westchester Community Opportunity Program, which also will operate the Head Start pre-kindergarten center at 172 Warburton Ave., the fourth phase of the redevelopment also under construction. The new building will be certified as an Enterprise Green Communities building upon completion.
Green elements of the project include Energy Star appliances, water-conserving fixtures, and a solar photovoltaic array to provide energy for a portion of the building’s common electricity needs.
The project also includes a 33,000-square-foot central open space to be constructed to the east of the building. The recreation area will consist of passive and active spaces, including play equipment for children, adult fitness equipment, a fully accessible meandering path from east to west, and a picnic area.
The open space will be constructed in partnership with the city of Yonkers, utilizing funding from Westchester County.
178 Warburton at The Ridgeway is the fifth phase of a six-phase master plan to redevelop Cottage Place Gardens, a 256-unit distressed public housing complex built in 1945, into The Ridgeway, a mixed-income housing development.
It replaces three outdated public housing buildings (Cottage Place Gardens Building 4, 8, and 12) and a gasoline service station with a new, energy-efficient residential building.
The project also includes the remediation of a brownfield. This phase of the redevelopment will have a significant economic impact by creating approximately 200 construction jobs over a 24-month construction period.
The Ridgeway redevelopment master plan calls for 500 units of housing. To date, 242 units across three phases have been completed, as well as the substantial renovation of an existing day care center. Another 166 units of housing are under construction at 172 Warburton and 178 Warburton.
“This new phase of Cottage Garden’s redevelopment points to the positive momentum happening right now in Yonkers as we revitalize our neighborhoods and improve the lives of the residents who live here,” said Yonkers mayor Mike Spano.
“We are building a stronger, a more sustainable community for residents, thanks to the support of our federal, state, private and local community partners and their commitment to Yonkers. I look forward to the great improvements that will be made to this very deserving neighborhood.”
MHACY has committed $104,432 to 178 Warburton to be used for predevelopment to permanent financing; TCB contributed over $700,000 in predevelopment financing; and Community Capital New York provided an $800,000 predevelopment loan. The city has committed to provide $500,000 in HOME funds and $500,000 in Community Development Block Grant funding.
Other financing sources include New York State Housing Finance Agency tax-exempt bond financing and subsidy, federal and state low-income housing tax credits (LIHTCs), state brownfield tax credits, $5 million from Westchester County Housing Implementation Fund, and $250,000 of a $2.5 million Empire State Development Restore NY grant that was secured to finance multiple phases of the redevelopment.
The total development cost for the entire multiphase project is estimated to be $296 million. New York State Homes and Community Renewal is the primary source of financing for this effort, having already committed several million dollars in LIHTCs, hard debt, and gap financing toward the total development cost of $183 million for the first four phases.