Groundbreaking Ceremony Held for Phase One of $1 Billion Stevenson Square Development in the Bronx

Photo credit: Sylvester Zawadzki

NEW YORK – Elected officials and community leaders joined Camber Property Group today to break ground on Phase 1 of the $1 billion Stevenson Square affordable housing development project in the Soundview section of The Bronx. 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 homeownership development will create 58 units of 100 percent affordable co-op units in partnership with Habitat for Humanity New York City and Westchester County.

Camber was joined at the event by Bronx Borough President Vanessa Gibson, Majority Leader of the City Council Amanda Farías, State Senator Nathalia Fernandez, State Assembly Member Karines Reyes, Adolfo Carrion, Commissioner, New York City Department of Housing Preservation (HPD); Ruthanne Visnauskas, Commissioner of the New York State Division of Housing and Community Renewal (HCR), as well as other partners and community leaders.

“Breaking ground on Stevenson Square represents the start of a transformational public private partnership to bring critically needed affordable housing to the Soundview community,” said Rick Gropper, Principal at Camber Property Group. “The first phase of this $1 billion project will create affordable homeownership units as well as rental opportunities for seniors that will strengthen the community and provide a home for those who need it the most. Thank you to our elected officials and government and community partners for helping this incredible vision come to life.”

City Council Majority Leader Amanda Farías (Photo credit: Sylvester Zawadzki)

“Today’s groundbreaking is the beginning of a new wave of opportunities for generations of families in Soundview and across District 18. While our City is faced with the challenges of both a housing and affordability crisis- projects like this are how we fight to keep New York for New Yorkers. That is why I am proud to have allocated $2 million toward a project that centers affordability and the direct needs of our community,” said City Council Majority Leader Amanda Farías. “Stevenson Square will bring homeownership and affordable senior housing to our intergenerational community ensuring we can not only raise our families here, but age in place with dignity. I look forward to seeing this development come to fruition and I am glad to have helped make this public-private partnership a reality for Bronx families in District 18.”

Stevenson Square is a master-planned development on underutilized land attached to Stevenson Commons, a 948-unit HPD Mitchell Lama complex. 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, new tennis courts, a walking path, a sensory playground and plentiful outdoor landscaped recreation space.

A public-private partnership, the first two phases of this development are being supported by a multitude of financing sources including funds from HPD, HDC, HCR, Council Member Farias, Borough President Gibson, Bank of New York Mellon and Freddie Mac. Construction on these projects is expected to be complete in January 2026.

Rental [Building 4]:

This six-story building will contain 117 units of affordable senior housing with a focus on healthy living and sustainability. The building is being developed in partnership with non-profit Regional Aid for Interim Needs (R.A.I.N), a Bronx-based multi-service agency focused on providing a continuum of care for seniors. Services provided by RAIN will include assessments, counseling, referrals and advocacy for residents. Additionally, full-time staff will organize recreational, social, and educational activities and trips for residents.

Designed by WXY, the building will promote health, wellbeing, and an elevated quality of life for residents by integrating Aging in Place and Active Design guidelines in all units and throughout the common elements of the building. Features will include grab bars, roll-in showers, and memory assistance cues, such as distinctive hallway and door colors. Additionally, there will be six units dedicated for individuals who are mobility impaired and three units for individuals who are hearing or visually impaired.

The new building will include approximately 5,000 square feet of programmed residential amenity space located at the ground floor and rooftop of the building. Additional amenities will include on-site security and social service staff, a community room, a gym, a fourth-floor roof terrace, a ground level patio, and a laundry room. Residential parking will be located at-grade in the rear of the building.

The building also incorporates the latest sustainability standards by both complying with Enterprise Green Community standards and by utilizing Energy Star components and solar panels to off-set energy consumption. The building will contain 5G wireless and fiber internet to offer residents quality internet service in their apartments and common areas. Additionally, Free Wi-Fi will be provided in all common areas of the building.

The project will be financed using a $40 million construction loan provided by Bank of New York Mellon, nearly $20 million of subsidy from HPD as well as $25 million of equity from Hudson Housing Capital and Bank of New York Mellon generated in connection with the sale of Low Income Housing Tax Credits. Freddie Mac, serviced by M&T Bank has provided a forward commitment for the takeout of the construction loan.

Homeownership [Buildings 5 & 6]:

Designed by WXY, this phase of the project involves the new construction of two buildings: a 22,750 square foot, four-story building, with 16 homeownership apartments, and a neighboring 46,650 square foot, four-story building with 42 homeownership apartments. Together, the proposed buildings will include 11 one- bedroom units, 31 two-bedroom and 16 three-bedroom units. Units will be priced and available to households earning between 70-80 percent of AMI. This makes the average sales price $174,000 for a one-bedroom apartment, $207,000 for a two-bedroom and $237,000 for a three bedroom. The buildings will include dishwashers, in-unit washers and dryers, landscaped front and rear yards, and bike storage.

The project will be financed with a construction loan of nearly $10 million from Enterprise as well as subsidy from NYC HPD and NYS HCR totaling approximately $30 million in the aggregate. Financing also includes nearly $4 million in Reso A City Capital contributed by Council Member Amanda Farias and the Bronx Borough President.

Source: Camber Property Group