NEW YORK — Gilbane Development, in partnership with Blue Sea Development, Artspace and the City and State of New York, has secured $254 million to finance the development of a mixed-use, affordable housing property in Brooklyn’s Brownsville neighborhood.
Brownsville Arts Center & Apartments (BACA) will include about 263,000 square feet of residential space and a 28,000-square-foot arts center, the centerpiece of which is a 3,440-square-foot multi-purpose performance, rehearsal and studio space for community arts groups.
The 283-unit BACA development will include a mix of studios and one-, two- and three-bedroom apartments. To be eligible, renters must have a household income between 30 and 70 percent of area median income. Some units will be reserved for formerly homeless individuals.
BACA’s being developed on a vacant, city-owned lot awarded for development through a New York City Housing Preservation and Development RFP process. The financing includes approximately $100 million from the City of New York. BACA hits the key notes of the city’s “Brownsville Plan,” which requires real estate developed on vacant city land to favor culturally enriching, community-building uses paired with “deeply affordable” housing. Deeply affordable is typically defined as housing renting at approximately 40 percent of AMI. The capital stack includes public funding and tax incentives, including Low-Income Housing Tax Credit equity.
Gilbane Building is the general contractor, and Aufgang is the architect. BACA will be built to Passive House and LEED Platinum standards. Construction is underway with completion slated for December 2027.