The renaissance in Lincoln Park. Image courtesy of the NRP Group
The NRP Group, together with the joint venture partners Guion Renaissance Housing Development Finance Corp. and Kensworth Consulting laid the foundation stone for The Renaissance in Lincoln Park, a 179-unit housing estate in New Rochelle, New York, The Boys & Girls Club in New Rochelle, and The City of New Rochelle also participated in the $ 97 million Project that should be completed in 2023.
The 11-story building, designed by GF55 Architects, will take shape at 116 Guion Place on the site of the former New Rochelle Boys & Girls Club facility. The development will include floor plans for studios, one- and two-bedroom apartments, with all units reserved for households earning between 40 and 80 percent of the region’s median income. Amenities include a lounge and terrace, rooftop terrace and fitness center, and 350 parking spaces for residents and the general public.
The property will also include a new 23,400 square foot facility for the Remington Clubhouse of New Rochelle’s Boys & Girls Club. The clubhouse will have a gym, basketball court, recording studio and demonstration kitchen.
The 3-acre development site is less than 1 mile from downtown on the Lincoln Avenue Corridor, a priority area for investment in the city’s Downtown Revitalization Initiative. The underground north station is 800 m away.
The Lincoln Park Renaissance received funding from several sources. Significant support was provided by New York State Homes and Community Renewal, including $ 48 million in tax-free bonds issued by the Housing Finance Agency. HCR also granted low-income federal and state tax credits for a fully affordable 1,163-unit housing estate in Brooklyn, which opened its first phase in October.
Red Stone Equity Partners provided tax credit syndication with the Bank of New York Mellon acting as the investor and letter of credit provider. Interfaith Development Corp. and the Westchester County Housing Infrastructure Fund also contributed.