Upper Manhattan in New York is currently witnessing the construction of a two-building Inwood Tower project. Governor Kathy Hochul recently announced the start of the project as part of his $25 billion housing plan, with the aim of preserving up to 100,000 affordable homes in New York, along with supportive services.
Joint Venture and Development Plans for Inwood Tower Project
MSquared, Taconic Partners, L+M Development’s affiliate, LMXD, and Beyer Blinder Belle Architects are among the joint venture groups developing the Inwood Tower project. Community League is the community sponsor. The project consists of two interconnected towers, with 281 affordable units, that will go up at 405 and 407 W. 206th St. The towers will consist of a mix of studio, one, two, and three-bedroom apartments.
Moreover, it will feature 698 units, of which 40% will be for residents earning at or below 80% of the area median income (AMI). Additionally, about 10% will have rents restricted up to 30% of 120% of AMI, subject to New York City Rent Stabilisation Guidelines, while the remaining units will be available as market-rate apartments.
Residents of the Inwood tower project will have access to over 110 parking spaces, landscaped courtyards, an extended lobby, and countless roof patios. There will also be coworking spaces, lounge areas, music rehearsal rooms, as well as a fitness center. Besides, the mixed-income property will have more than 38,000 square feet of retail space, including a supermarket. In addition, there will be an immigrant-oriented performing arts center, which The People’s Theatre Project will manage.
The construction costs of the Inwood tower project will amount to approximately $461 million. The project’s affordable housing will receive its financing from a Low-income Housing Tax Credit equity worth about $72 million. Also, New York State’s Homes and Community Renewal will contribute $182 million in taxable bonds for the affordable portion, in addition to $82 million in tax-exempt bonds to finance the affordable part of the project.
FAQs
What is the Inwood tower project?
The Inwood tower project is a two interconnected tower project in Upper Manhattan, New York that will consist of a mix of studio, one, two, and three-bedroom apartments with 281 affordable units.
What are the joint venture groups developing the Inwood tower project?
The joint venture groups developing the project include MSquared, Taconic Partners, L+M Development’s affiliate, LMXD, and Beyer Blinder Belle Architects.
What will be the amenities provided to residents in the Inwood tower project?
The residents of the Inwood tower project will have access to over 110 parking spaces, landscaped courtyards, a fitness center, coworking spaces, lounge areas, music rehearsal rooms, and countless roof patios. The mixed-income property will also have more than 38,000 square feet of retail space, including a supermarket and an immigrant-oriented performing arts center managed by The People’s Theatre Project.
What is the financing of affordable housing in the Inwood tower project?
The affordable housing in the Inwood tower project will receive its financing from a Low-income Housing Tax Credit equity worth about $72 million. Also, New York State’s Homes and Community Renewal will contribute $182 million in taxable bonds for the affordable portion, in addition to $82 million in tax-exempt bonds to finance the affordable part of the project.
What is the cost of the Inwood tower project?
The Inwood tower project’s construction cost will amount to approximately $461 million.
