New York Affordable Senior Housing Project Kicks Off
- Jun 15, 2021
Developer Wilder Balter Partners has begun construction of 62 Main, a fully affordable, 109-unit community in Tarrytown, N.Y. The project is designed around the adaptive reuse of a 110-year-old YMCA building.
The redevelopment, situated on 1.2 acres at 62 Main St., also will include new construction. The historic facade of the YMCA building will be preserved and restored, while two other structures will be demolished to make room for the four-story project.
62 Main will offer 15 studio and 94 one-bedroom apartments, Yardi Matrix data shows. The apartments will be available for residents aged 55 and over earning between 30 and 70 percent of the area median income. Planned amenities include a laundry room, fitness center, green roof courtyard and community room with a kitchen. Parking for residents will be available underground, with additional municipal parking in a ground-level structure.
The developer plans to construct 62 Main to achieve LEED Gold standards. The community will utilize geothermal heating and cooling systems, rooftop solar panels and EnergyStar appliances.
The project site is in the heart of Tarrytown, on the western edge of the vibrant Main Street retail corridor. The community will be within half a mile of the town’s train station, which provides a direct route to Manhattan’s Grand Central Station, 30 miles south.
One of the major contributors to the $53 million development of 62 Main is New York State Homes and Community Renewal. HCR provided $8.5 million in permanent tax-exempt bonds, $16.5 million through federal Low-Income Housing Tax Credit equity and $11.4 million in subsidy.
The project also benefits from $5 million in funding from Westchester County and a $9 million subordinate loan from a local Housing Development Fund Corporation. Additionally, the developer is receiving tax credits tied to the property’s solar and geothermal features.
Earlier this year in nearby White Plains, N.Y., MDG Design + Construction began rehabilitation work on a 164-unit affordable senior housing asset, also backed by funding from the state. The project, slated to complete in 2023, is anticipated to preserve the property’s affordability for the next half century.