On Dec. 22, Camber Property Group announced it kicked off the first two phases of a $1 billion mixed-use, 100% affordable development known as Stevenson Square.
The first two closings total $125.5 million in development cost and will create 117 units of affordable senior housing and 58 units of affordable homeownership. The $76 million development of Building 4 will create a six-story building with 117 studio rental units of affordable senior housing, while the $49.5 million development of Buildings 5 and 6 will create 58 units of 100% affordable homeownership units in partnership with Habitat for Humanity.
Stevenson Square is a master-planned development on underutilized land attached to Stevenson Commons, a 948-unit HPD Mitchell Lama complex. When all phases of development are complete, Stevenson Square will consist of nearly 1,000 new affordable units, 30,000 square feet of community facility space, a walking path, a sensory playground and outdoor landscaped recreation space.
A public-private partnership, the first two phases of this development are being supported by a multitude of financing sources including funds from HPD, HDC, HCR, the New York City Council Member Amanda Farias, Bronx Borough President Vanessa L. Gibson, Bank of New York Mellon, Citibank and Freddie Mac. Construction on these projects will begin in January 2024 with an anticipated completion in January 2026.
“There’s such a desperate need for affordable housing in our City that we can leave no stone unturned and Stevenson Square is a prime example of how we can turn underutilized land into new affordable housing. We worked with our partners at the City to first preserve and upgrade the existing 948 affordable apartments and then embarked on a master plan to create a truly mixed-income, mixed-use campus.,” said Rick Gropper, principal at Camber Property Group. “ The first phases of Stevenson Square will address some of the most critical affordable housing needs facing the city today: senior housing and affordable homeownership. Both types of housing provide upward mobility by reducing the ever-increasing housing burden faced by New Yorkers today.”
City Council Member Amanda Farias said the development “will bring exciting new homeownership options and affordable senior housing opportunities to our intergenerational community.”
“What we see in this project is favorable long term planning with the majority of units having options for two and three bedrooms — making room for neighbors to grow and raise their whole family,” Farias said. “I look forward to seeing this development come to fruition and I am glad to have helped make this public-private partnership a reality for Bronx families in District 18.”
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