Peninsula Reaches a Major Milestone
“Today marks a great leap forward towards a revamped and revitalized Hunts Point. With the first residential phase underway, affordable housing in the Peninsula will create new opportunities for the New Yorkers who need it the most,” NYCEDC President James Patchett. The City and development partners MHANY, Gilbane, and the Hudson Companies, officially announced their deal to develop phase one, the first residential phase of the Peninsula, which will include 183 units of affordable housing for low- to extremely low-income New Yorkers, with an additional ten percent of units reserved for formerly homeless individuals. The news follows the Peninsula’s exciting achievement as recipient of the New York City’s Public Design Commission Award for Excellence in Design, an award that showcases eight projects of excellence across the five boroughs. The Peninsula’s first phase is slated to be completed in 2021, with allotted funding of $125.5 million.