Bronx Affordable Community Opens

The $178 million project is the largest passive home project in North America.

An affordable community of 277 apartments in the Bronx called 425 Grand Concourse has officially opened. The 26-story building has 310,000 square feet of mixed-use residential space. The co-developers are  Trinity Financial  and  MBD Community Housing Corp. , along with Monadnock Construction  and  Dattner Architects , completed the $178 million project, which is also the largest passive home in North America.

“The 425 Grand Concourse will revitalize this historic neighborhood by providing beautiful green spaces and affordable housing, healthcare, food, spaces for cultural programs and other resources. ,” Trinity Financial Development Vice President Thomas Brown told Multi-Housing.  News

community-driven development

The Grand Concourse community was built on the site formerly occupied by PS 31, a Bronx institution originally built in 1899. The building fell into disrepair and was closed in 1997. In 2015. , New York City has launched a call for affordable housing proposals and selected partners to rebuild Trinity. Finance/MBD to do the job.

The recently completed 425 Grand Concourse offers tenants 30% to 130% of the median income. The building includes studio, one, two, and three-bedroom apartments ranging in size from 378 to 984 square feet, including apartments for the homeless. Shared amenities include a fitness center, workspace, meeting and breakout rooms, a rooftop terrace, and laundry facilities.

The property also includes a 29,000-square-foot educational facility for the Hostos Community College affiliate of the CUNY Accelerated Research Program (ASAP). The 1,200 square meter area on the first floor will be used as a cultural center, a supermarket that provides fresh, affordable groceries and food. In addition, Damian Family Care Center operates the on-site Mott Haven Family Health Center, providing long-term primary care and uninsured dental care to the community.

Phius-certified passive homes use up to 70% less energy than conventional residential projects. The building achieves efficiency with minimal additional costs through electrification, improving the thermal integrity of the enclosure and implementing energy recovery measures through ventilation, heating and cooling systems. balance.

This community is located off Interstate 87, with many retail stores and green spaces, dining and entertainment nearby, and some public transportation. The site is less than 3 miles from another Bronx affordable housing development that will add 326 units to the county inventory.

financial project

TD Bank  is a low-income housing tax credit and non-traditional LIHTC equity investor. The tax credits are provided by the New York City Department of Housing Preservation and Development (HPD) and are co-funded by Redstone Equity Partners. JPMorgan  participates as a construction loan and New York Housing Development Company. (HDC) issues tax-free bonds. HPD and HDC sponsored.

The project was funded by RESO A from the Bronx Area President’s Office and the New York City Council. NYSERDA awarded nearly $214,000 in new multifamily building grants and received $750,000 through the Architecture Excellence Competition.