Affordable Housing Developers Granted $7.85M in Financing to Complete 178 Warburton at The Ridgeway in Yonkers
The developers of a new eight-story, affordable, residential building in Yonkers recently received more than $ 7.85 million in mortgage lending to complete the project. Known as 178 Warburton at The Ridgeway, the development will include 81 mixed-income rentals for households between 30 percent and 90 percent of the area’s median income.
Located at 178 Warburton Street near the Hudson River waterfront, the new building is the fifth phase in a six-phase master plan to redevelop Cottage Place Gardens. The original complex was built in 1945 and includes 256 low-income apartments that are underserved. The master plan currently under construction for the redevelopment of the Ridgeway will include up to 500 residential units, an extended parking lot and almost one hectare of open space. So far, 242 units have been completed in three phases and an existing daycare center has been comprehensively renovated. Another 166 units are currently under construction in 172 Warburton and 178 Warburton.
Agencies responsible for the project include Yonkers City Housing Authority, the second largest public housing authority in New York State, and The Community Builders, a not-for-profit property developer. The total development cost for the entire multi-phase project is approximately $ 296 million.
“This new phase of Cottage Garden redevelopment shows the positive momentum that Yonkers is currently experiencing as we revitalize our neighborhoods and improve the lives of those who live here,” said Mike Spano, Mayor of Yonkers. “Thanks to the support of our partners at the federal, state, private and local levels and their commitment to Yonkers, we are building a stronger and more sustainable community for the residents.”
The new property, designed by SLCE Architects, will eventually feature a mix of modern studios, one-bedroom apartments and two-bedroom apartments. The average areas range from 417 square feet to 914 square feet for the largest units.
Living area amenities include a laundry room, rooftop terrace with outdoor seating and communal areas, exercise room, and 33,000 square feet of additional outdoor space near the center of the building. The latter will support play equipment for children, fitness equipment for adults, winding paths and a picnic area.
Also on the lower level of the property is a daycare for low income families with an outdoor play area for toddlers. The center is operated by the Westchester Community Opportunity Program, a nonprofit social services organization.
The diversified funding package for 178 Warburton at The Ridgeway includes a mix of private and government agencies.
This includes $ 104,432 from the Yonkers City Housing Authority, over $ 700,000 from The Community Builders, and $ 800,000 from Community Capital New York, which primarily fund pre-development costs. An additional $ 5 million will be provided from the Westchester County Housing Implementation Fund and $ 250,000 from the Empire State Development Restore NY grant.
The City of Yonkers has committed to provide City HOME funding of $ 500,000 and Community Development Block Grant funding of $ 500,000. Other sources of funding include tax-exempt bond financings and subsidies from the New York State Housing Finance Agency, federal low-income home tax credits, low-income home tax credits, and New York State tax credits.
New York State Homes and Community Renewal are the primary source of funding for this effort, as millions of dollars have already been allocated for the total development costs of phases one through four.
Although no updated completion date has been announced, construction is expected to take around 24 months and the foundation stone has already been laid.
Subscribe to to the daily email from YIMBY
consequences YIMBYgram for real-time photo updates
To like YIMBY on Facebook
consequences YIMBY’s Twitter for the latest YIMBYnews
178 Warburton Avenue Affordable Housing Community Facility Mixed Use Residential Buildings SLCE SLCE Architects The Community Builders Yonkers