Financing Secured for Phase Two of Hunts Point 5-Building Project

Construction of a pair of mixed-use buildings will soon get underway in the Hunts Point neighborhood of the Bronx. The project from New York City’s Economic Development Corporation (EDC), Department of Housing Preservation and Development (HPD), and Housing Development Corp. (HDC) in partnership with Gilbane Development Co., Hudson Cos., and MHANY Management secured $297 million in financing provided by Wells Fargo, HPD and HDC for the second phase of construction of the 5-building, $655 million development dubbed The Peninsula that is rising on the site of the former Bridges/Spofford Juvenile Detention Center. The first phase of the project was completed last year, delivering 183 affordable housing units, a 14,000-square-foot arts center, and a 57,000-square-foot light industrial building to house local food entrepreneurs, artist studios, a theater, and a day care. Phase 2 construction will add 359 residential units, a 20,000-square-foot public plaza, a 155-car parking garage, and a 20,000-square-foot community facility. It is estimated that the entire 740-unit affordable housing project will be completed in 2029.