Phipps Houses Secures $217 Million Financing for Phase 1 of Atlantic Chestnut Development in East New York, Brooklyn
Nonprofit housing developer Phipps Houses has closed a $ 217 million home loan for the first phase of Atlantic Chestnut, a massive three-phase development in Brooklyn. Upon completion, Atlantic Chestnut will bring 1,200 affordable housing units to the East New York neighborhood as part of the 2016 East New York Rezoning. With the planning by Dattner Architects, the Atlantic Chestnut project will consist of three medium-height apartment buildings with affordable apartments, 60,000 square meters of commercial and communal space, guarded parking spaces for 200 cars and residential facilities consisting of a fitness studio, a children’s playroom, a lounge, a party room and landscaped courtyards and a roof terrace. The project is being built by Monadnock Construction.
“Our commitment to an affordable city must ensure that we build units that enable families to grow in their homes and forge deep connections in their neighborhoods,” said Adam Weinstein, President and CEO of Phipps Houses. “We are looking forward to not only providing almost 1,200 urgently needed, extremely affordable apartments on this long-vacant property, but also to supporting the residents and the community through service programs in partnership with community-based service providers on site.
Atlantic Chestnut 1 will be located at 250 Euclid Street and range from eight to 14 stories. Bounded by Atlantic Avenue to the south, Chestnut Street to the west, Fulton Street to the north and Euclid Avenue to the east, the site was once occupied by a factory that was destroyed by fire in July 2014. The property has since been upgraded through the New York State Brownfield Cleanup Program.
This first phase will include 403 highly affordable homes for residents who earn between 40 and 80 percent of the median income in the region. 15 percent of all residential units are provided for the formerly homeless. The unit mix requires 49 percent of the total stock of two- and three-room apartments, 41 percent will have one-room apartments and around 10 percent will be studio apartments.
Additional components of Atlantic Chestnut 1 will include 21,352 square feet of commercial and community space. The residents have access to several common rooms on the ground floor, an inner courtyard and a green roof terrace called Ribbon. A local provider will manage a range of on-site support services for the community.
Funding for Phase 1 was provided by the New York Department of Housing Preservation and Development, New York City Housing Development Corporation, and Wells Fargo.
“Having followed the Atlantic Chestnut development plans from the start, I am delighted with the overwhelming commitment of our partners – Phipps Houses, HPD, HDC, Wells Fargo, Dattner Architects, and Monadnock Construction – to the collaboration and insight that they showed it. ”said Vicki Been, deputy mayor for housing and economic development. “The development will bring nearly 1,200 homes to New Yorkers in East New York, including a significant percentage for our formerly homeless community. This builds on our momentum to meet the city’s goal of providing 300,000 affordable homes by 2026. “
Construction work for the first construction phase will begin in July this year and completion is scheduled for autumn 2023.
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Affordable Housing Atlantic Chestnut Brooklyn Dattner Architects East New York East New York Rezoning Mixed Use Monadnock Construction Phipps Houses