Yonkers officials and their private development partners in revitalizing the city”™s Ashburton Avenue corridor on Monday celebrated the completion of Grant Park II, a 56-unit affordable housing development on the site of the former Mulford Gardens public housing complex.
The $24 million construction project at 1 Whetstone Ave. is the fourth and final phase of a public-private venture that has replaced blighted and crime-ridden city housing with 240 units of affordable housing for low-income residents and seniors in the Ashburton Avenue neighborhood.
Grant Park II includes one-, two- and three- bedroom townhouse-style apartments for tenants with physical disabilities and income that is no more than 60 percent of the area median income for households. The complex includes a community clubhouse, fitness center, computer center and management office.
Designed for energy conservation and efficiency, Grant Park II has received gold certification from the U.S. Green Building Council”™s Leadership in Energy and Environmental Design program and federal Energy Star certification, according to a city spokesperson.
The project”™s private developers are Landex Development LLC of Linthicum, Maryland and the Richman Group Development Corp. of Greenwich, which partnered with the Yonkers Municipal Housing Authority in the joint venture.
Financial contributors to the project were the U.S. Department of Housing and Urban Development”™s HOPE VI program; New York State Homes and Community Renewal; the Richman Group Affordable Housing Corp.; Yonkers Industrial Development Agency and Bank of America Merrill Lynch, which provided construction financing for three of the four phases of the Mulford Gardens redevelopment, including $24 million in debt and equity financing for Grant Park II.
Yonkers Mayor Mike Spano at Monday”™s ribbon-cutting ceremony said the opening marks “the continued renewal of one of our most vital neighborhoods. I can’t think of a better example of government and the private sector working together to replace homes that were substandard with homes that are outstanding.”
“This neighborhood has seen some difficult times,” said New York State Homes & Community Renewal Commissioner and CEO James S. Rubin at the ribbon-cutting. “The residents who will call this home will play a big part in helping to re-invigorate the community ”” and in the end, that”™s what matters.”
Peter Siegel, CEO of Landex Development, called the opening of the final phase of the public housing project “a testimony to the importance of public and private partnership. The revitalization included the city of Yonkers, the state of New York, a private lender, a private equity investor and joint-venture partnership among two private developers and the Municipal Housing Authority for the city of Yonkers. These entities worked together to untangle conflicting regulations to create an affordable housing development that is environmentally and economically efficient.”
