Developers Secure $297M To Complete Phase Two Of The Peninsula Affordable Housing Complex In Hunts Point
Gilbane Development Company, Hudson Companies, and MHANY Management have secured $297 million to complete phase two of The Peninsula, a mixed-use, 100-percent affordable housing complex in Hunts Point, The Bronx. The five-building master plan is being designed by WXY Architecture + Urban Design and Body Lawson Associates, Architects & Planners and will be delivered in three phases. The first building, referred to as Peninsula 1B, is located at 720 Tiffany Street and was completed last summer. This first phase delivered 183 deeply affordable housing units, a 14,000-square-foot cultural arts center, a performance theater, a daycare, and a 57,000-square-foot light industrial space that will serve minority- and women-owned businesses and local food entrepreneurs.
The next phase includes two new affordable housing buildings, known as 2A and 2B, and will yield 359 apartments. This phase will also create a 50,000-square-foot plaza, a 155-vehicle parking garage, and a 20,000-square-foot community facility space. The majority of the apartments will be designated for individuals and households at or below 60 percent area media income.