Newswire Mann Report

Affordable Housing Breaks Ground in the Bronx

2868 Webster Ave. (Photo by Stephen B. Jacobs Group)

Douglaston Development and its general contracting and construction management affiliate, Levine Builders, has begun construction on 2868 Webster Ave., a 12-story, 277-unit affordable multifamily housing development located adjacent to the New York Botanical Garden’s 250-acre grounds. It is the second phase of the two-phase mixed-use development.

Demolition of the site’s existing building was complete last month after the existing tenant, Cherry Valley Marketplace, moved into its newly built space in the adjacent Phase I building. Construction of the new building is slated to be complete in 2027.

“We are honored to deliver additional much-needed affordable housing for families to benefit the Bronx community,” said Jed Resnick, CEO of Douglaston Development. “We are very proud of the work completed within Phase I alongside our project and community partners and look forward to continuing that collaboration as we advance and bring Phase II to fruition.”

Upon completion, 2868 Webster Ave. will deliver 277 affordable housing units, a mix of studios, one-, two- and three-bedroom residences available to households earning up to 70% of the area median income (AMI), with 60 of the 277 residences designated for supportive housing. Shared resident amenity spaces at the property will include laundry facilities, a fitness center, green roof and on-site parking. On-site supportive services for residents will be provided through the Jericho Project.

“We are grateful to play an integral role in bringing an essential affordable housing offering to the Bedford Park community, expanding access to quality affordable housing in the Bronx,” said Paul Finamore, chief executive officer of Levine Builders. “The celebration of this milestone is a reflection of the collective work between all the partners, and we look forward to advancing the project over the coming years.”

The project is funded by $83.4 million in tax-exempt bond financing and $17.4 million in subsidies as allocated by The New York City Housing Development Corporation (HDC). The New York City Department of Housing Preservation and Development (HPD) provided a $52.6 million subsidy under its Extremely Low- and Low-Income Affordability Program (ELLA). Wells Fargo is providing Low-Income Housing Tax Credits (LIHTC) as well as a letter of credit for the project.