NEW YORK CITY — A partnership between The Hudson Cos. and BRP Cos. has received $343 million in financing for Phase II of La Central, a 420-unit affordable housing development in the South Bronx. The second phase of La Central will encompass Building C, which will consist of 166 units across 13 stories, and Building E, a 26-story building that will feature 254 units. Development on Phase II is slated to complete in 2028.
Apartments will come in one-, two, three- and four-bedroom floor plans. The buildings will be reserved for households earning between 30 and 80 percent of the area median income. Additionally, 63 units will be set aside for formerly homeless individuals and their families through New York City’s 15/15 program. Locally based nonprofit organization Breaking Ground will be the social services provider for those individuals and households.
Additionally, Phase II will include 1,567 square feet of commercial space, 13,000 square feet of community space and 7,134 square feet of public garden space.
Following the completion of the second phase, La Central will feature more than 1,000 units across five buildings. Buildings A and B, which opened in 2021, comprise approximately 500 affordable apartments between them, and Building A is also home to a YMCA. Building D, completed in 2019, has 160 supportive and low-income apartments.
Funding for Phase II stems from a range of public and private financing sources, including tax-exempt bonds from the New York City Housing Development Corp. and Low-Income Housing Tax Credits that are syndicated by Red Stone Equity Partners.