Construction is set to begin next month on the Atlantic Chestnut project in East New York, with plans to eventually bring 1,165 affordable apartments to the neighborhood.
The project, occupying the block bound by Atlantic and Euclid Aves and Fulton and Chestnut streets, is being spearheaded by nonprofit housing developer Phipps Houses. $217 million in funding is being provided by the city and by Wells Fargo. Phipps plans to build two more buildings on the site after the first one, but has yet to secure financing. The developer purchased the property in 2015 for $36 million.
It is the largest project in the neighborhood to date since the 2016 East New York rezoning, Phipps says.
The first building is slated for completion in 2023, with 403 apartments slated for families making between 40 and 80 percent of area median income, and 15 percent of units set aside for formerly homeless individuals. The building will include 14 floors at its highest points. The project’s apartments are 100 percent affordable, with no market-rate units.
“Our commitment to an affordable city must ensure that we build units that allow families to grow in their homes and build deep connections in their neighborhoods,” said Adam Weinstein, president and CEO of Phipps Houses, in a statement. “We look forward not only to providing nearly 1,200 units of critically needed, deeply affordable housing on this long-vacant site, but also to providing on-site support for residents and the community through service programs in partnership with community-based service providers.”
The site will also include commercial space, as well as open space and community amenities for residents, including a rooftop deck and a courtyard, and 200 parking spots. Social services will be provided on-site by a local nonprofit for residents as well.
The site was formerly home to the Chloe Foods Corporation factory, which burned down in a massive 2012 fire.
The first phase was initially slated for completion in 2020, but work was delayed due to a legal battle between the developer and the former owner over the title to the property.
