Construction is officially underway for phase II of “La Central,” the final component of a multi-phase affordable housing initiative in Melrose, the Bronx. This latest phase will deliver 420 affordable homes, including 63 supportive units for formerly homeless individuals, in addition to community facility space, retail, and public gardens. It is being led by a joint venture including Hudson Companies, BRP Companies, ELH-TKC, Breaking Ground, Comunilife, and J.P. Morgan, with the city contributing over $137 million through the Department of Housing Preservation and Development.
Rendering of La Central. Courtesy of Hudson Companies
Phase II will consist of Buildings C and E, completing the five-building La Central complex. It will include units serving households earning between 30 and 80 percent of the Area Median Income (AMI), with a breakdown of 114 units for extremely low-income households, 106 for very low-income, 198 for low-income, and two units for building superintendents. Designed with community needs in mind, Phase II also includes 13,000 square feet of community facility space, a 1,500-square-foot retail area, a large central courtyard, and 7,000 square feet of landscaped gardens. Building E will house a rooftop telescope managed by Bronx High School of Science.
Rendering of La Central. Courtesy of Hudson Companies
Financing sources for Phase II include tax-exempt bonds, low-income housing tax credits, Brownfield Tax Credits, NYSERDA grants, and capital allocations from the New York City Council. Red Stone Equity Partners is serving as tax credit syndicator, and J.P. Morgan is providing credit enhancement. The full La Central project, expected to be complete by 2028, will offer over 1,000 affordable apartments along with community-focused amenities such as a YMCA, media studio, and sustainable design features meeting LEED and NYSERDA standards.
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