DEVELOPMENT STRATEGY
The renovation of apartment buildings and addition of a community center gives new life to a blighted public compound.
THE PROJECT
$10 million dollars was invested in the transformation of a deteriorated, poorly maintained three-building, 180 unit public housing complex into a private rental apartment complex serving both families who can afford market rents and those who receive rent assistance.
The project was made possible with layered financing including a Community Development Block Grant, a Housing Development Action Grant, Mortgage Revenue Bonds and municipal bonds. The complex, which sits on 10 acres of land on Fifth Avenue in New Rochelle, was originally built as New York State Public Housing. Prior to conversion, the development cost the city several hundred thousand dollars in tax arrears. Since the completion of the rehabilitation, the Parkside Place complex has paid over $600,000 annually to the City of New Rochelle in tax revenues.
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COMMUNITY BENEFITS
The rehabilitation work focused on site improvements such as a new parking plan, reconfigured central plaza with site amenities and a total renovation of all apartments, hallways and stairwells. In addition to the apartment complex, NDR Group provided financing for a community center primarily used for as an after-school facility. Teachers from a local middle school give academic support to the children residing in the complex and an on site computer center has links to local schools. The R.E.S.P.E.C.T. Program, an educational, cultural and recreational enrichment initiative for children between the ages of three and fifteen is also available.
The Parkside Place Acquisition and Rehabilitation has brought about significant social benefits to the residents, making the complex a safe, friendly and highly desirable place to live.
