Economic Growth:
Affordable housing developments provide a foundation for economic growth within a neighborhood. When housing is more affordable, residents have more opportunities available to them. Housing is one of the largest monthly expenses for individuals, families, and seniors, and when affordable housing is available, it allows more funds to be used for discretionary spending, putting funds back into the economy and allowing families to save and plan.
Diverse Communities:
Affordable housing communities promote diversity and inclusivity within neighborhoods. By offering housing options at various price points, these developments attract a diverse population, including individuals from different socioeconomic backgrounds, cultures, and professions. This diversity improves the social landscape of a community, creates cultural understanding, and promotes a sense of belonging for residents.
Community Revitalization:
Affordable housing developments often serve as the catalyst for city and town revitalization. Real estate developers, like Gilbane Development Company, locate areas that require transformation and are underutilized. Developing an affordable housing community in those areas can help bring to life underutilized properties, enhancing the overall appeal and desirability of a neighborhood, and making it a desired spot to live. As developers invest in affordable housing projects, it can also help spark a trend in the surrounding community, encouraging further development and attracting additional investment opportunities to the area.
Environmental Sustainability:
Sustainability is an important aspect of developing affordable housing communities. When determining the best approach to sustainability, we advocate for programs that promote health and wellness and reduce energy, water consumption, and overall carbon footprint while promoting resilient operations. By integrating these sustainability methods of design, construction, and long-term operations into affordable housing projects, we create environmentally friendly and socially responsible communities that enhance the quality of life for residents while minimizing the impact on the planet for generations.
Social Responsibility:
Affordable housing communities often include social infrastructure and community services that benefit not only the residents but also the broader neighborhood. Developing affordable housing with good access to job opportunities and amenities is critical for the overall economic health of the region and ensuring that companies have a labor force that can afford to live and thrive within relative proximity to where they work, spending less time commuting and more time with their families. Developers can incorporate amenities such as parks, community centers, schools, healthcare facilities, and retail spaces into these projects. Developers also work closely with long-time community stakeholders and operators to ensure the residents within these communities have the resources they need for success, such as career-readiness programs, co-working spaces, and technical assistance to local entrepreneurs. These resources enhance the quality of life for both residents and neighboring community members, creating a more livable and sustainable lifestyle.
Check out the following projects our team has developed across the country:
The Peninsula
Led by the Gilbane Development Company along with Hudson Companies and Mutual Housing Association of New York (MHANY), The Peninsula was selected by the New York City Economic Development Corporation (NYCEDC) and the Department of Housing Preservation and Development (HPD) to transform the former Spofford Juvenile Detention Center in the Bronx’s Hunts Point community into a 5-acre campus featuring 100% affordable housing, good jobs, and recreational space.
The Peninsula has a significant positive impact on the community. By transforming a former juvenile detention center site into a mixed-use affordable housing community, the project revitalizes the area and enhances the overall living experience for residents. The project has created job opportunities during construction, contributing to local economic growth.
Additionally, the development’s recreational areas and retail offerings contribute to a more vibrant and interconnected neighborhood, fostering a sense of community and social engagement among residents.
Linden Grove
Gilbane Development Company, in a joint venture partnership with Blue Sea Development Company, is developing Linden Grove, a 13-story, 153-unit, affordable senior housing apartment building in the Bushwick neighborhood of Brooklyn, New York.
Linden Grove has a profound community impact through its innovative use of modular building techniques. The project aims to create affordable housing for low-income residents, addressing the critical need for accessible housing options.
There is a mix of studios and one-bedroom apartments for rent to the formerly homeless (47 units), individuals with incomes at 30% of the AMI (48 units), individuals with incomes at 40% of the AMI (59 units), plus one superintendent’s unit. JASA, one of New York’s largest and most trusted agencies serving older adults, will provide property management and supportive services for Linden Grove.
Rental Assistance Demonstration (RAD) Phase 1 project
Gilbane Development Company, along with development partners Dantes Partners, The Kraus Organization and Apex Building Group, and social services provider BronxWorks, rehabilitated buildings across four sites as part of The New York City Housing Authority’s (NYCHA) Permanent Affordability Commitment Together (PACT) program.
The Rental Assistance Demonstration (RAD) Phase 1 project by Gilbane Development Company significantly impacts the community. It aims to preserve and improve affordable housing for low-income residents through public-private partnerships.
By revitalizing existing housing units, the project creates safer and more comfortable living environments for tenants. Moreover, RAD Phase 1 contributes to neighborhood stability and economic growth by leveraging private investment to address critical housing needs and support community development initiatives.
