NRP Group Breaks Ground on New Rochelle Workforce Housing Project
- By
- Dec 11, 2020
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.