Inwood Mixed-Use Residential, Highly Energy-Efficient Development Will Increase Housing Supply, Further State's Carbon Reduction Goals
Inwood Will Offer Free Broadband to Help Close the Digital Divide
View Renderings of the Development Here
Governor Kathy Hochul today announced that development of two interconnected, mixed-income, mixed-use residential buildings with nearly 700 apartments, including 281 affordable units, is underway in the Inwood neighborhood of Upper Manhattan. The $416 million Inwood development will feature all-electric heating and cooling and other sustainable features that advance the State's climate goals and offer free broadband internet to residents.
"My administration is fighting to ensure every New Yorker has the opportunity to live in a safe, secure, sustainable home in a thriving community like Inwood," Governor Hochul said. "This development will not only create new homes but will also provide essential services and amenities that increase quality of life and boost the economy for the entire community."
The development announced today is part of Governor Hochul's $25 billion comprehensive Housing Plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with supportive services for vulnerable populations, plus the electrification of an additional 50,000 homes.
Together, the buildings at 405 and 407 West 206th Street will have a mix of studio, one-, two-, and three-bedroom apartments. Forty percent of the apartments are reserved for residents earning at or below 80 percent of the Area Median Income. An additional ten percent of apartments will have rents restricted up to 30 percent of 120 percent of AMI and be subject to NYC Rent Stabilization Guidelines. The remaining units will be market rate apartments.
The project is pursuing a LEED BD+C Silver certification and meets the new sustainability standards established by New York State Homes and Community Renewal in 2022 which promote healthier living environments and highly efficient buildings, and support the goals set by the New York State Climate Leadership and Community Protection Act. In addition to advancing the State's climate goals, 405 and 407 West 206th Street will offer free broadband, building on the Governor's ConnectALL initiative, which has made historic investments to deliver high-speed internet in underserved communities and close the digital divide for lower-income New Yorkers.
Shared amenities for all residents will include landscaped courtyards, an attended lobby, multiple roof decks, a fitness center, co-working spaces, lounge spaces and music rehearsal rooms. The complex will house a supermarket under the city of New York's Food Retail Expansion to Support Health Program (FRESH) program, neighborhood retail space, parking, and an immigrant-centered performing arts center to be owned and operated by the People's Theatre Project.
Financing for the affordable portion of the new development includes nearly $70 million in Low Income Housing Tax Credit equity and nearly $82 million in tax-exempt bonds and almost $182 million in taxable bonds provided by New York State Homes and Community Renewal. In addition, the project applicant is applying for an estimated $39.5 million in tax credits following work completed to investigate and clean up contamination under Department of Environmental Conservation (DEC) oversight as part of the state's successful Brownfield Cleanup Program (BCP).
The bonds were purchased by Wells Fargo Municipal Capital Strategies and Wells Fargo Bank. Credit enhancement will be provided by Fannie Mae at conversion. The Low-Income Housing Tax Credits were purchased by the Urban Investment Group within Goldman Sachs Asset Management. Additional sources include nearly $87 million equity from the joint venture and the Urban Investment Group.
The development is a joint venture among LMXD affiliate of L+M Development Partners, MSquared and Taconic Partners. The Community League of the Heights (CLOTH) is the community sponsor. The buildings were designed by Beyer Blinder Belle Architects
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