One of the largest affordable housing redevelopment projects in the region reached another milestone with the closing on financing for 178 Warburton at The Ridgeway, a new $56 million mixed-income residential complex of 81 apartment homes in Southwest Yonkers that is being developed by the Municipal Housing Authority for the City of Yonkers (MHACY) and The Community Builders (TCB).
The new eight-story building, which is under construction, will feature a unit mix of 6 studio units, 35 one-bedrooms, and 40 two-bedrooms, and are affordable to families with a mix of incomes, ranging from 30% to 90% of Area Median Income (AMI).
The mixed-use building will also include a new Early Head Start day care center operated by Westchester Community Opportunity Program, Inc. (WestCOP), a private, not-for-profit, multipurpose social service organization.
178 Warburton at The Ridgeway is the fifth phase of the six-phase master plan to redevelop Cottage Place Gardens, a 256-unit distressed public housing complex built in 1945, into the mixed affordable and market rate development, The Ridgeway. It replaces three outdated public housing buildings (Cottage Place Gardens Building #4, 8, and 12) and a former gasoline service station with a new, energy efficient residential building. The project also includes the remediation of a brownfield. This phase of the redevelopment will have a significant economic impact by creating approximately 200 construction jobs over a 24-month construction period.
The Ridgeway redevelopment master plan calls for 500 units of housing, parking spaces, a ¾ acre central open space as well as mixed-use development in three of the six project phases. To date, 242 units across three phases have been completed, as well as the substantial renovation of an existing daycare center. Another 166 units of housing are currently under construction at 172 Warburton and 178 Warburton.
“This new phase of Cottage Garden’s redevelopment points to the positive momentum happening right now in Yonkers as we revitalize our neighborhoods and improve the lives of the residents who live here,” said Yonkers Mayor Mike Spano. “We are building a stronger, a more sustainable community for residents, thanks to the support of our federal, state, private and local community partners and their commitment to Yonkers. I look forward to the great improvements that will be made to this very deserving neighborhood.”
“MHACY is grateful to our partners at Westchester County, the City of Yonkers and TCB for working together to provide environmentally conscious affordable housing. This is a great example of a successful public-private partnership,” said MHACY President & CEO Wilson Kimball.
The total development cost for the entire multi-phase project is estimated to be $296 million, with New York State Homes and Community Renewal is the primary source of financing. $5 Million in funding for the project came from the Westchester County Housing Implementation Fund.
For more information visit www.mhacy.org
