The New York City Economic Development Corp., the New York City Department of Housing Preservation and Development and the New York City Housing Development Corp. announced the closing of $297 million in financing for the second phase of The Peninsula, a 359-unit fully affordable mixed-use development in New York City’s Bronx borough.
The project’s development team includes Gilbane Development Co., Hudson Cos. and MHANY Management Inc. The New York City Department of Housing Preservation and Development, the New York City Housing Development Corp. and Wells Fargo provided the financing. The partners plan to break ground this summer, with an expected project delivery in 2026.
Upon completion, the community will cater to residents earning at or below 60 percent of the area median income, while 15 percent of the units will be reserved for formerly homeless individuals.
The second phase of the development will encompass two buildings, The Peninsula 1A and The Peninsula 2B. This phase is set to feature the 359 residential units, a 50,000-square-foot public plaza, a parking garage with 155 parking spaces and 20,000 square feet of community facility space. The common-area amenities will include a fitness center, a children’s playroom, tenant lounge, outdoor terraces, bicycle storage and laundry facilities. The two mid-rise buildings were designated as sustainable and will incorporate sustainable design elements to harvest rainwater and solar.
Located in the heart of the Hunts Point neighborhood, the site is surrounded by many dining options, retail centers and entertainment venues. Interstate 278 and several metro stations are close to the development.
The Peninsula campus
Completed in 2022, the first phase of The Peninsula development comprises 183 fully affordable units, a 14,000-square-foot cultural arts center and a 57,000-square-foot light industrial building.
The project’s development team plans to transform the former Spofford Juvenile Detention Center into a 5-acre mixed-use campus by the end of 2029. The three-phase project will encompass five buildings, which are set to feature 740 affordable apartments, 10,720 square feet of retail space, 52,300 square feet of community facility space, 57,000 square feet of open space, a health and wellness center operated by Urban Health Plan and two underground garages with 260 parking spaces.
The Peninsula will be financed under the New York City Department of Housing Preservation and Development and New York City Housing Development Corp.’s Extremely Low- and Low-Income Affordability programs. The construction will be financed with the proceeds of Tax-Exempt Bonds issued under HDC’s Open Resolution, with the remaining funds coming from HDC, HPD subsidy, and the sale of 4 percent Low-Income Housing Tax Credits. Other financing sources include a sponsor loan funded from NYSERDA grant funds, a sponsor loan funded from refundable NYS Brownfield Tax Credits and Reso A funds from Councilmember Rafael Salamanca.
