Gotham Organization, in collaboration with Monadnock Development, the Christian Cultural Center, and New York City and State authorities, has secured $270 million in construction financing for the first phase of the Innovative Urban Village in East New York, Brooklyn. The project, which was designed by PAU, aims to transform 10.5-acre site currently owned by the Christian Cultural Center into a mixed-use urban village.
The Gotham Organization, the Christian Cultural Center, and city leaders worked with local community members to shape the project, which received full ULURP approvals in 2022. Funding is made up of substantial contributions from the New York State Housing Finance Agency, Goldman Sachs Alternatives, and the NYC Department of Housing Preservation and Development, alongside other contributors.
Rendering of Innovative Urban Village, via Gotham Organization
Phase 1A of the project will introduce 386 affordable rental units targeted at individuals and families earning between 30-80 percent of the area median income. The phase also plans for approximately 17,000 square feet of neighborhood retail and commercial space, including a grocery store to enhance local access to healthy food options.
The full scope of the Innovative Urban Village aims to deliver approximately 1,975 income-based affordable housing units, senior housing rentals, and homeownership units to East New York. Amenities will include a workforce development center, 24/7 childcare facility, a performing arts center, and retail spaces, all connected by walking paths and green spaces.
“This development team is delivering a game-changing project in East New York,” said HPD commissioner Adolfo Carrión Jr. “Innovative Urban Village offers a holistic, mixed-use, amenity-rich development that will be an example to our affordable industry of what mission-driven actors can do when we work in partnership with their host community.”
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There are no loopholes at all and it is a strong collaborative development effort, the end result will be beneficial to everyone: Thanks.
A most excellent project. We need dozens more like this.
Amazing development and much-needed affordable housing
this is definitely great, just hope they don’t do the bait and switch like the Atlantic yards/pacific park towers, the majority of those apartment units are for market rate, high middle income, and a pinch of salt low and moderate units