July 19, 2019
A development team of Gilbane Development Company, The Hudson Companies and MHANY Management Inc. will begin construction in the coming weeks for the first phase of the Peninsula, an affordable mixed-use project on the former site of the Spofford Juvenile Detention Center. The $121.5-million first phase will include 183 units.
“With financing now in place for the first phase of the project, the Peninsula moves from vision to reality,” said Ed Broderick, president and CEO for Gilbane Development. The city’s Department of Housing Preservation and Development and NYC Housing Development Corporation are financing phase one.
All told, the Peninsula will bring 740 units of affordable housing to the Bronx’s Hunts Point neighborhood, along with 52,000 square feet of open space, 56,000 square feet of light industrial space, 53,500 square feet of community space and 17,000 square feet of ground-floor retail. The entire project is slated for completion by 2025.
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
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