$416M mixed-use development will bring 700 new apartments to Inwood

Posted On Wed, May 10, 2023 By

Posted On Wed, May 10, 2023 By In affordable housing, Inwood, New Developments

Renderings courtesy of the New York Governor’s Office

A massive mixed-use development project will bring nearly 700 mixed-income housing units to Upper Manhattan. Gov. Kathy Hochul on Tuesday announced the two buildings, located at 405 and 407 West 206th Street in Inwood, will feature all-electric heating and cooling and other sustainable features to help the state reach its carbon reduction goals. The $416 million complex includes a mix of studio, one, two, and three-bedroom apartments, 281 of which will be reserved for residents earning at or below 80 percent of the area median income.

“My administration is fighting to ensure every New Yorker has the opportunity to live in a safe, secure, sustainable home in a thriving community like Inwood,” Hochul said in a statement. “This development will not only create new homes but will also provide essential services and amenities that increase quality of life and boost the economy for the entire community.”

Developed as a joint venture of LMXD, MSquared, and Taconic Partners and designed by Beyer Blinder Belle, the project includes a FRESH (Food Retail Expansion to Support Health Program) supermarket, retail, parking, and an immigrant-centered performing arts center operated by the People’s Theatre Project.

Plans for the city’s first research and arts center dedicated to immigrants and the immigrant experience were announced by Mayor Eric Adams in May 2022. The city began its search for a nonprofit organization to run the immigrant center in September 2019 and pledged $15 million towards its creation. Designed by WORKac and theater and acoustics consultant Charcoalblue, the IRPAC includes a midsize theater, a smaller performance space, rehearsal studios, soundproof practice rooms, and gallery space.

The center was promised by the city as part of a major rezoning of Inwood, which was approved by the City Council in 2018. The rezoning includes the creation of 1,600 affordable homes and new waterfront parks.

In addition to reserving 40 percent of units for residents earning at or below 80 percent of the AMI, the development will have 10 percent of the apartments with rents restricted up to 30 percent of 120 percent of the AMI; the apartments will be rent-stabilized. The remaining units will be market-rate.

The two buildings will offer its tenants free broadband service, building upon Hochul’s ConnectALL initiative that made historic investments to deliver high-speed internet access to underserved communities.

Other amenities include landscaped courtyards, multiple roof decks, a fitness center, co-working spaces, lounges, and music rehearsal rooms.

Taconic Partners purchased the 20,000-square-foot property where the two towers stand for $7.2 million in 2021, according to Patch.

Financing for the project includes nearly $70 million in Low Income Housing Tax Credit Equity, nearly $82 million in tax-exempt bonds, and roughly $182 million in taxable bonds granted by NY State Homes and Community Renewal.

“This project hits at Manhattan’s core needs: more housing, more affordable housing, and more sustainable housing,” Manhattan Borough Mark Levine said. “By addressing two of our borough’s most pressing crises – housing and sustainability – this development is building a better future for Inwood and Manhattan.”

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Neighborhoods : inwood

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