Affordable and supportive housing developer Camber Property Group‘s latest project for low-income households and the formerly homeless is set to break ground at 913 East Tremont Avenue in West Farms, The Bronx. The estimated construction cost for the project is approximately $50 million, which is funded in part through tax-exempt bond financing, as of right tax credit equity provided by Wells Fargo, and public subsidies from the New York State Housing Finance Agency and New York State Homes and Community Renewal.
“Housing formerly homeless New Yorkers is of the utmost importance to our firm and we are thrilled to partner with Westhab, NYS Homes and Community Renewal, and Wells Fargo to deliver a high-quality product with comprehensive supportive services,” said co-founder and principal of Camber Property Group, Rick Gropper. “We thank the entire team for sharing our longstanding commitment to addressing the city’s housing crisis and we look forward to welcoming residents in late 2021.”
Developed in collaboration with Westhab, Inc., the 11-story building was designed by Aufgang Architects and comprises 98,846 square feet. The exterior of the building incorporates a dark brick façade, floor-to-ceiling glass at the ground-floor retail space, and what could be a sizable roof deck above the tenth floor. Within, the property will eventually comprise 119 rental units, 6,500 square feet of commercial space, and on-site support services for future occupants. Sixty percent of the apartments will be reserved for homeless and low-income households.
“Partnerships like this help create the sorely needed affordable and supportive housing that our communities need,” said Westhab president and CEO, Richard Nightingale. “We are proud to be a part of the Tremont development, and we look forward to welcoming our residents to their new, quality homes.”
913 East Tremont Avenue is expected to be completed by 2021.