NEW YORK CITY — Gilbane Development and several project partners have closed on financing for Renova West at 860 Concourse Village East in the Morrisania neighborhood in the Bronx. The $193 million project encompasses a 19-story mixed-use affordable housing development along with a new 7,000-square-foot ICL Bronx Health Hub, which provides physical and behavioral health care.
Development partners include the Institute for Community Living (ICL), Tredway, New York City’s Department of Housing Preservation and Development (HPD) and Housing Development Corp. (HDC). The capital stack is comprised of debt and equity provided by a mix of housing programs, tax credit equity and private investment. City financing for Renova West includes a $48.5 million loan provided by HPD’s Supportive Housing Loan Program along with a $17.3 million subsidy loan provided by HDC.
Renova West will include 266 units, consisting of studio to three-bedroom floor plans, for individuals and families, paired with on-site social services and amenities such as community spaces and a fitness center. One hundred sixty units will be reserved for formerly homeless households. Designed by Aufgang Architects, the project will be built to Passive House standards and is expected to achieve LEED Platinum certification. A construction timeline and specific rent restrictions were not disclosed.