$21M NY Affordable Housing Redevelopment Opens
- Jun 11, 2018
New York State Homes and Community Renewal and Wilder Balter Partners have opened Chappaqua Crossing Apartments, a $21 million affordable housing community in the Chappaqua section of New Castle, Westchester County, New York. The project was built by redeveloping the site of the former Reader’s Digest headquarters, and is part of the larger Summit/Greenfield Partners-developed Chappaqua Crossing mixed-use development, that incorporates residential, office and retail. Chappaqua Crossing Apartments complements Governor Andrew Cuomo’s $20 billion, five-year Housing Plan, set to combat homelessness and make affordable housing more accessible throughout the state.
“Chappaqua Crossing creates a diverse and transit-oriented community in Chappaqua while also preserving a beloved historic building,” said RuthAnne Visnauskas, commissioner of New York State Homes and Community Renewal. “Developments like this are springing up across New York State to provide New Yorkers with safe, affordable housing and the economic opportunity that comes with it.”
The original Georgian-style brick building served as a headquarters for 70 years and opened in 1939. Although converting the property to 64 mixed-income units, the project restored and preserved the company’s wood-paneled reference library and formal entrance rotunda. The building offers one-, two- and three-bedroom floorplans, 38 of which are reserved for low- to moderate-income residents and 26 available at market rate. The interiors feature sustainable elements such as Energy Star appliances, lighting and heating systems, as well as a water conservation feature that includes the use of low flow toilets, shower heads and faucets. Common area amenities include:
- outdoor play area
- landscaped courtyards
- two fitness rooms
- walking trains
- on-site retail
New York State Homes and Community Renewal provided $10 million in financing for the project in the form of tax exempt bonds and subsidy. HCR’s Federal and State Low Income Tax credit allocation will generate $5.4 million in equity. Other funding sources include $4.1 million from Westchester County.
Upon completion, Chappaqua Crossing will comprise 700,000 square feet featuring a Whole Foods Market, Lifetime Fitness gym, more than 500,000 square feet of office space and several retail and dining options. The residential portion will also include Chappaqua Crossing Townhomes, which will offer 91 two- and three-bedroom floorplans.
The community is also within close proximity to the Metro-North train station in downtown Chappaqua and the Westchester County Bee-line bus stop.
Images courtesy of New York State Homes and Community Renewal/Wilder Balter Partners