Bronx Value-Add Portfolio with New Construction Development Opportunities
Acquisition of development site plus four buildings to be rehabbed with apartment and amenity upgrades
In a joint venture with Systima Capital Management, ELH Mgmt, and TerreAlto, Gilbane Development Company has acquired four Section 8 projects and a development site in the Bronx, NY. The four acquired buildings consist of 473 units across more than 551,000 square feet and the development site, located in the Bronx’s Concourse Village nearby Yankee Stadium, is 525,000 square feet behind one of the acquired buildings.
Project Highlights
- Four acquired buildings consist of 473 units across more than 551,000 square feet at 280 East 161st Street in Morrisania, 2363 Southern Boulevard in Belmont, and 1105 Jerome Avenue and 101-3 West 165th Street in Highbridge
- Upgrades to apartment and amenity spaces will improve the quality of life for households earning 50% AMI and below
- Team plans to construct two high-rise 100% affordable housing buildings in three phases on the development site (behind the building at 280 East 161st Street)
- One building (Renova West) is a 19-story, 266-unit supportive housing project, with supportive housing partner the Institute for Community Living (ICL)
- The other high-rise building (Renova East) is currently designed as a 26-story, 347-unit multifamily project for low-income families programmed under HPD ELLA
Quick Stats
- Location: Bronx, NY
- Market: Affordable & Mixed-Income Housing
- Size: 551,000 SF (4 buildings; rehab) 415,000 SF (2 buildings; new)
-
Awards:
- New York State Energy Research and Development Authority (NYSERDA), Buildings of Excellence Award
4
acquired buildings
473
acquired units (to be rehabbed)
613
new units within 2 new buildings
Now let’s talk about your project.
If you’ve got a project, we’ve got the team and expertise to pull it off. Let’s start the conversation.