Long Island Affordable Housing Project Breaks Ground
- Jul 07, 2021
Georgica Green Ventures has begun construction on a 55-unit affordable community in Glen Cove, N.Y. The $32.3 million energy-efficient project is part of the Garvies Point Master Development, aimed at revitalizing the city’s waterfront along the shores of Hempstead Harbor.
Located at 200 Dickson St., the development will feature two four-story buildings. While the majority of the apartments will serve low- to moderate-income residents, nine will be set aside for people with disabilities—six units for residents with mobility impairment and three for the hearing or visually impaired. Tenant referrals for the accessible units will come from the United Spinal Association and Cleary School for the Deaf.
The community will include four studios, 16 one-bedroom, 29 two-bedroom and six three-bedroom apartments, Yardi Matrix data shows. The property will provide on-site parking and feature amenities such as bike storage, a playroom, a gymnasium, a community room and laundry rooms.
Georgica’s Garvies Point development is designed to meet Enterprise Green Communities Criteria and to achieve LEED Silver Certification. The site is roughly a mile west of downtown Glen Cove, which provides a variety of shopping and dining options.
The Garvies Point Master Development is anticipated to create a mixed-use community with more than 500 rental apartments and some 75,000 square feet of commercial, retail and recreational space including an amphitheater, a waterfront esplanade, walkways and trails.
New York State allocated $13.4 million in federal Low-Income Housing Tax Credits for the development, while the New York State Homes and Community Renewal provided $7.7 million in subsidy.
TD Bank provided an $18.3 building loan and a $3.4 million project loan, public records show. Additional funding includes an $8.4 million subsidy financed by Barings.
The project is part of Governor Andrew Cuomo’s $20 billion Housing and Homelessness Plan launched in 2017, which is expected to create 100,000 units of affordable housing and 6,000 supportive units over a five-year period.