Construction financing closes for mega affordable housing for CB 7

A rendering of the building.
Courtesy of Douglaston Development

Construction financing for a 188-unit affordable senior housing development in Bedford Park closed on Tuesday.

The development will include a new supermarket on the ground floor and construction is slated to begin in the spring on the $93.5 million project located at 2856 Webster Avenue. The land is owned by The New York Botanical Garden (NYBG).

“The Webster Avenue development is the result of a unique opportunity to transform an underutilized lot owned by The New York Botanical Garden into 188 affordable apartments for seniors,” said HCR Commissioner RuthAnne Visnauskas. “This development will help meet a growing need for safe, modern homes for New Yorkers to age in place. Residents will have convenient access to a ground-floor grocery store, on-site social services, and everything The New York Botanical Garden has to offer.”

In addition to housing for low-income seniors, on-site social services will be provided through Fordham Bedford Community Services to children and families within the Northwest Bronx and the surrounding area communities. There will be recreational opportunities, referral services to health, educational, recreational, employment and childcare counseling programs, workshops for counseling and training in housing rights and responsibilities, financial education and community involvement.

The New York Botanical Garden selected Douglaston Development to lead the development process and executed a 99-year ground lease with Douglaston in August of 2020. This is the first phase of a two-phase development that will include a future affordable mixed-use development at the adjacent 410 Bedford Park Boulevard.

Congressman Ritchie Torres stressed how important the housing is.

“The need for affordable housing for Bronx residents, and for seniors in particular, cannot be overstated,” Torres said. “The COVID19 pandemic, along with rising rents and stagnant wages have exacerbated the affordable housing crisis in our city. This project will bring much needed 100% affordable units to Bronx seniors and will revitalize the Bedford Park section of the Bronx. I look forward to seeing this project fully completed in the coming years, and thank the Botanical Garden, Douglaston Development and the various city, state and federal agencies for their work in pushing this forward.”