Ground broken for $93M Bronx affordable seniors development


New York State Homes and Community Renewal Commissioner
RuthAnne Visnauskas announced the groundbreaking for Garden Towers Apartments,
a $93 million affordable and supportive housing development in the Morrisania
neighborhood of the Bronx.

The complex will offer 150 apartments for adults 62 and
older across two separate buildings. Forty-five of the apartments will be
reserved for formerly homeless seniors who will receive on-site supportive

“As we continue navigating the COVID pandemic, it is critical that we invest in housing that allows people to live safely, affordably and independently with access to life- and health-enhancing services,” Commissioner Visnauskas said. “With 150 homes, Garden Towers Apartments is an important part of HCR’s efforts to invest in Bronx communities and we are grateful to Foxy Management, HANAC and HPD for helping us get this latest development off the ground.”

Garden Towers rendering via HCR

Garden Towers Apartments will consist of an eight-story
building with 86 apartments facing Boston Road and a seven-story building with
64 apartments facing Clinton Avenue. All apartments will be affordable to
households earning at or below 50 percent of the Area Median Income. There will
be 109 studios, 40 one-bedroom apartments and one apartment for a building
superintendent. The project’s developer is Foxy Management. 

Forty-five apartments will be set aside for formerly
homeless seniors who will have access to on-site services provided by the
Hellenic American Neighborhood Action Committee. Services include case
management, health care services, meals, transportation, and translation

The two buildings will be connected by a glass-enclosed
greenhouse that will serve as a walkway from one building to the other, as well
as a gathering place for seniors and their families. Additional residential
amenities include tenant parking, indoor bicycle storage, an on-site laundry
facility, a computer room, and three large multi-purpose rooms, two of which
will have a kitchenette. There will be a social services suite with program
offices and a conference room for use by HANAC. 

Both buildings are designed to meet the standards of the
EPA’s ENERGY STAR Certified Homes Program. Energy-efficient features will
include low-flow plumbing features, Energy Star appliances and lighting, and
high thermal performance windows with proper air sealing measures. The
buildings will also have a 117.98 kW capacity solar array.

HCR financing for Garden Towers Apartments includes $23.7 million in permanent tax-exempt bonds and Federal Low-Income Housing Tax Credits that will generate $42.3 million in equity. The Governor’s Office of Storm Recovery is providing a $9.3 million loan. The New York City Department of Housing Preservation and Development is providing $9.3 million through the Senior Affordable Rental Apartments program and will provide project-based Section 8 vouchers for all residents. 

Rendering of the two building which will share common amenities.

Garden Towers is part of the state’s $20 billion, five-year
Housing Plan. HCR is in the final year of the plan and on track to exceed its
goals of building and preserving more than 100,000 units of affordable housing
and 6,000 units of supportive housing.  

Jeff Fox, Principal of Foxy Management, said, “Garden Towers
will provide high-quality senior housing with a forward-thinking amenity and
services package that is reflective of Foxy’s continuing mission to care for
our community’s most vulnerable.  With on-site
social services and full rental subsidy, seniors will be able to live in
comfort without concern about rent burden. 
Foxy and its partners at JLD Advisory are incredibly thankful to our
service provider partner HANAC, and our financial sponsors at HFA, HPD, Chase
and Boston Financial for all their support in bringing this project to fruition
during such a difficult time.  

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