Foxy Management Tops Out NYC Affordable Senior Housing
The $93 million project is slated for 2023 completion.
Garden Towers. Image courtesy of Lendlease
Foxy Management has topped off Garden Towers, a 149-unit affordable senior housing community in The Bronx, N.Y. The developer broke ground on the $93 million project in 2021, working together with Lendlease, HANAC Inc. and JLD Advisory LLC. Completion is expected in 2023.
Garden Towers is developed under New York’s Department of Housing Preservation and Development’s Senior Affordable Rental Apartments program, in which 30 percent of the units will be available for homeless seniors. All apartments will be affordable to citizens age 62 or older who earn at or below 50 percent of the area median income.
The project also received financing from Boston Financial’s $221 million Low Income Housing Tax Credit fund that closed in September. Consisting of 22 tax credit investments, the fund aimed at financing more than 1,800 affordable housing units across 16 multifamily and six senior living communities.
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Designed by Newman Design, Garden Towers consists of two residential buildings of seven and eight stories, respectively. Common-area amenities will include a glass greenhouse which will connect the two buildings, three multi-purpose rooms, a computer room, on-site laundry, a social services suite, indoor bicycle storage and resident parking. Lendlease is building the property to include Passive House standards such as upgraded insulation and a central exhaust system that minimizes building penetrations and heat loss.
The development site is at 1323 Boston Road and 1332 Clinton Ave. in the Morrisania neighborhood, three blocks from Crotona Park. The surrounding area has several shopping and dining venues, as well as a few medical centers.
The location is also less than 2 miles north of an affordable housing community that recently opened in the Bronx. The $121 million Peninsula 1B is the first of five buildings in a mixed-use development that will eventually bring 740 units of affordable housing to a 5-acre site that used to house a juvenile detention facility.
