Camber Property Group, a developer of affordable housing complexes in New York City, has announced updates on two of its ongoing projects.
The company kicked off the first two phases of a $1 billion mixed-use 100% affordable development known as Stevenson Square in the Soundview section of The Bronx. The first two closings encompass $125.5 million in total 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 and the $49.5 million development of Buildings 5 and 6 will create 58 units of 100%
When all phases of Stevenson Square are complete, the development will consist of nearly 1,000 new affordable units, 30,000 square feet of community facility space, a walking path, a sensory playground and plentiful outdoor landscaped recreation space. The project is supported in a public-private partnership that includes financing from Bank of New York Mellon, Citibank and Freddie Mac. Construction will begin in January 2024 with an anticipated completion in January 2026.
Separately, Camber Property Group and the nonprofit RiseBoro Community Partnership closed on a $75 million deal to develop 1601 DeKalb Ave. in the Bushwick section Brooklyn. The project will transform a vacant lot into a new, dual-towered 127 unit building of affordable housing for residents with incomes between 40% and 100% of the Area Median Income (AMI). The project will feature 33 studios, 52 one-bedrooms, 24 two-bedrooms, and 18 three-bedroom apartments.
Photo: Rendering of Stevenson Square
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