New York Construction Report staff writer
Construction has begun on a $178-million mixed-income housing development near the North White Plains Metro-North station that will add 296 apartments, retail space and a public park.
The North White Plains development will consist of two six-storey buildings and is the first project to receive financing through New York State’s Housing Acceleration Fund, a program intended to help move construction-ready mixed-income housing projects forward.
BRP Companies is developing the project. Perkins Eastman is the architect and Skycore Builders is the general contractor.
The development will include studio, one-bedroom and two-bedroom apartments. Of the 296 units, 30 will be designated as affordable housing, including five for households earning up to 60 per cent of the area median income and 25 for households earning up to 110 per cent. The remaining apartments will be rented at market rates.
The site is adjacent to the North White Plains Metro-North station, providing connections to employment centres throughout Westchester County and New York City.
Plans also include a fitness centre, resident lounge, co-working space, event space and patio. A 1,000-square-foot ground-floor retail unit is intended for a coffee shop.
Outdoor amenities will include a publicly accessible park and dog run. The development will also have a 383-space parking garage.
The all-electric buildings will use heat pumps for heating and cooling and include electric vehicle charging stations. The project is designed to meet or exceed ENERGY STAR Multifamily New Construction standards.
Financing includes an $18-million loan from the Housing Acceleration Fund, $120 million from Merchants Capital, $10 million from The Community Preservation Corporation and $30 million in equity from Basis Investment Group and BRP Companies.
Administered by New York State Homes and Community Renewal, the Housing Acceleration Fund provides low-interest revolving loans to construction-ready mixed-income housing projects facing financing gaps. Loans are repaid with three per cent interest when projects are completed, allowing the state to direct the funds toward other developments.
The project is part of New York Gov. Kathy Hochul’s $25-billion, five-year housing plan, which aims to create or preserve 100,000 affordable homes across the state.
