Hudson Companies, Gilbane Development Company, MHANY Management Inc. (MHANY), in partnership with the New York City Economic Development Corporation (NYCEDC), the New York City Department of Housing Preservation and Development (HPD), and the New York City Housing Development Corporation (HDC) and Wells Fargo Bank broke ground on Phase 2 of The Peninsula, a two-building, $297 million, 100% affordable mixed-use development located in the Hunts Point neighborhood of the Bronx.
“The significant impact that The Peninsula has already had on families in Hunts Point reinforces our ongoing commitment to developing affordable housing that will allow families to stay, grow, and leave lasting impacts in their communities,” said Serena Deng, development director, The Hudson Companies. “Now that the construction is formally underway, we look forward to building on that momentum by offering 359 additional affordable apartments that will contribute to the neighborhood.”
Phase 2 of The Peninsula development features two mixed-income, mixed-use, mid-rise buildings that will generate 359 units of 100% affordable studio, one-, two-, three- and four-bedroom apartments, with 73% of the units at or below 60% of area median income and 15% of the units set aside for households for the formerly homeless. Amenities in the buildings will include a gym, in-building laundry, a children’s playroom, tenant lounge space with access to outdoor terraces, common area and apartment Wi-Fi and bicycle storage. The second phase will also include a 50,000-square-foot public open space plaza, a parking garage with 155 parking spaces and 20,000 square feet of community facility space. The buildings also have sustainable design elements to harvest rainwater and solar roof panels. Construction completion is projected for summer of 2026.
“Today’s groundbreaking of the next phase of The Peninsula is bringing us another step closer of the transformation of what was known as the former Spofford Juvenile Detention Center into a vibrant campus that will provide much needed affordable housing for the Hunts Point community,” said New York City Economic Development Corporation (NYCEDC) President and CEO Andrew Kimball.
The first phase of The Peninsula was completed in 2022 and delivered 183 affordable housing units, a 14,000-square-foot cultural arts center, and a 57,000-square-foot industrial space building.
Once complete, the entire Peninsula campus will include four mixed-use residential buildings and a light-industrial manufacturing building. With a target completion date of 2029, the campus will consist of 740 affordable homes, 10,720 square feet of retail space targeting a grocery store, 52,300 square feet of community facility space, including a DOE administered Head Start Facility, Inspiration Point’s cultural arts facility, a Health and Wellness Center operated by Urban Health Plan, community programs operated by The Point CDC and 57,000 square feet of open plaza space. Additionally, the project is expected to create 260 parking spaces in two underground garages.
The project will be financed under the New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation (HDC) Extremely Low- and Low-Income Affordability (ELLA) program. 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 4% Low-Income Housing Tax Credits (LIHTC). Additional funding sources include Reso A funds from Councilmember Rafael Salamanca, a sponsor loan from NYSERDA grant funds, and a sponsor loan from refundable NYS Brownfield Tax Credits.
