Camber Property, Slate Wrap $51M NYC Affordable Community

Tremont Residences groundbreaking. Image courtesy of Camber Property Group

Governor Kathy Hochul has announced the completion of Tremont Residences, a $50.6 million, 119-unit affordable housing development in the West Farms section of the Bronx.

A joint venture between Camber Property Group and Slate Property Group is behind the project. The development rose on the site of a former vacant single-story retail building.

The firms have also partnered with Westhab Inc to provide on-site services for 71 units serving formerly homeless individuals and people living with mental illness. Case management, job readiness, placement, retention, referrals and mental health services are among the supportive services offered at the property.

Project financing included $8.4 million in tax-exempt bonds, $17.3 million from federal low-income tax credits, as well as $20.5 million in subsidy issued by New York State Homes and Community Renewal. In addition, the New York State Office of Mental Health will be funding the 71 supportive units through roughly $1.8 million in annual services and operating funds through the Empire State Supportive Housing Initiative. OMH will also be providing a total of $479,5444 in program development grant funding.

Tremont Residences is part of Governor Hochul’s $25 billion five-year housing plan to provide more affordable housing solutions to vulnerable populations. The purpose is to increase the low-income housing supply, providing support services to those in need, as well as complete the electrification process of some existing communities.

A sustainable affordable housing solution

The 11-story building encompasses a mix of 95 studios, 14 one-bedroom units and 10 two-bedroom apartments. Units will serve residents earning between 30 and 60 percent of the area median income. Besides the full-time security and a social services office suite, common-area amenities at the property include a 1,300-square-foot community room, a fitness center, a reading lounge, an outdoor recreational space and laundry rooms on each floor.

The building complies with Enterprise Green Communities standards. Tremont Residences has been designed to include energy-efficient features such as solar panels, water conserving fixtures, low-VOC finishes and coated windows. Other green features include Energy Star appliances, insulation and roof coating.

Tremont Residences also features a 6,500-square-foot ground-floor commercial space, owned by a third-party investor, available for rent. The community is positioned in a highly transited area, offering easy access to the nearby medical, dining and retail options. The property is within walking distance of Crotona and Bronx Parks, the Botanical Garden and the Fordham University.