JV Completes $53M Redevelopment of Bronx Senior Community
- Aug 06, 2020
Fort Schuyler House Inc., a collaboration between Presbyterian Senior Services and The State of New York, has completed the redevelopment of Fort Schuyler House, a 138-unit affordable senior housing community in The Bronx, N.Y.
The $52.7 million project, which also preserved the property’s affordability, included $17 million for capital repairs. The developer started renovations in 2018, partnering with Smith & Henzy Advisory Group, MDG Design + Construction, Concord Management, NYSHCR, Nixon Peabody and Newman Design Group.
Providing independent living services for adults aged 62 and over, Fort Schuyler House is at 3077 Cross Bronx Expressway in the Throggs Neck neighborhood. Developed in 1973 under the New York State Mitchell-Lama Program, the eight-story building encompasses studio and one-bedroom units. Amenities include a hair salon and laundry facilities, while on-site resident activities feature arts and crafts, an exercise class and musical events, among others.
The property is some 16 miles north of downtown New York City between interstates 295 and 695, across from Bicentennial Veterans Memorial Park. The immediate area has a public library and several churches, but also shops and restaurants alongside Tremont Avenue.
Unit upgrades include the conversion of kitchenettes to fully functioning kitchens. All apartments also received new flooring and energy-saving appliances, as well as bath and kitchen fixtures and LED lighting. All tenants remained in their homes during renovations.
Shared spaces and community improvements included new flooring and finishes, a newly renovated auditorium and tenant lounge and the installation of an automatic operating entrance. In addition, landscaping improvements have been made to the community roof terraces and sitting areas.
Project financing included both tax-exempt bonds and low-income housing tax credits. Short-term and long-term bonds totaling some $24.3 million funded the project’s construction phase. Existing residents received rental assistance through Tenant Protection Vouchers converted to Project Based Vouchers. Additionally, bond proceeds covered development costs.