NEW YORK CITY — Douglaston Development has secured construction financing for a $190 million affordable housing project located in the Bedford Park neighborhood of the Bronx. Once completed, the 12-story building will offer 277 apartment units to households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units.
Located at 2868 Webster Ave., the property will offer studio, one-, two- and three-bedroom floor plans. Community amenities will include laundry facilities, a fitness center, green roofs and on-site parking. The Jericho project will provide on-site supportive services for residents.
The 250,000-square-foot project is the second phase of a two-phase development that also includes 2850 Webster Avenue, a 188-unit senior housing complex that opened in Fall 2023. The property is located adjacent to the New York Botanical Garden. Once completed, the development will also feature a 20,000-square-foot Cherry Valley Marketplace grocery store.
The project is funded by $83.4 million in tax-exempt bond financing and $17.4 million in subsidies as allocated by the New York City Housing Development Corp. The New York City Department of Housing Preservation and Development also provided a $52.6 million subsidy under its Extremely Low- and Low-Income Affordability Program. Wells Fargo provided Low-Income Housing Tax Credits as well as a letter of credit for the project.
Levine Builders, the general contracting affiliate of Douglaston Development, will build the community. Construction is slated to complete in 2027.