NRP Group Breaks Ground on New Rochelle Workforce Housing Project
The developer expects to complete the $97 million Renaissance at Lincoln Park community by 2023.
The Renaissance at Lincoln Park. Image courtesy of The NRP Group
The NRP Group, together with joint venture partners Guion Renaissance Housing Development Finance Corp. and Kensworth Consulting, has broken ground on The Renaissance at Lincoln Park, a 179-unit workforce housing development in New Rochelle, N.Y. The Boys & Girls Club of New Rochelle and The City of New Rochelle also partnered on the $97 million project slated for a 2023 completion.
The 11-story building designed by GF55 Architects will take shape at 116 Guion Place, on the site of the former New Rochelle Boys & Girls Club facility. The development will feature studio, one- and two-bedroom floorplans, with all units reserved to households earning between 40 and 80 percent of the area’s median income. Amenities will include a resident lounge and patio, roof deck and fitness center, as well as 350 parking spaces for residents and the public.
The property will also comprise a new, 23,400-square-foot facility for the Remington Clubhouse of The Boys & Girls Club of New Rochelle. The clubhouse will feature a gym, basketball court, recording studio and demonstration kitchen.
The 3.2-acre development site is less than 1 mile from the city center within the Lincoln Avenue Corridor, a priority area for investments in the City’s Downtown Revitalization Initiative. The Metro-North station is half a mile away.
Financing sources
The Renaissance at Lincoln Park received funds from multiple financing sources. The New York State Homes and Community Renewal provided significant support including $48 million in tax-exempt bonds issued by its Housing Finance Agency. HCR also granted federal and state low-income housing tax credits for a 1,163-unit, fully affordable housing development in Brooklyn which opened its first phase in October.
Red Stone Equity Partners provided tax-credit equity syndication, with Bank of New York Mellon as investor and letter of credit provider. Interfaith Development Corp. and the Westchester County Housing Infrastructure Fund also contributed.
