BROOKLYN, NY-Philadelphia-based developer Pennrose Properties has been added to the group charged with the redevelopment of the Prospect Plaza development here.
The New York City Housing Authority (NYCHA) and New York City Housing Preservation and Development (HPD) recently selected Pennrose as a member of the development team for the revitalization of Prospect Plaza, the company reported.
Pennrose joins co-developers Blue Sea Development Company, Duvernay + Brooks and Rosenberg Housing Group (Blue Sea & Partners) on the new, affordable and public housing project.
Prospect Plaza will be built in three phases with 364 new housing units, including 80 units of NYCHA public housing and 284 affordable housing apartments. The first two development phases will include both public housing units and affordable apartments. The third phase will include affordable apartments in a mixed-use property with 22,000 square feet of retail space for a supermarket as well as a community facility with a rooftop greenhouse and recreation space.
“Pennrose is thrilled to be working with NYCHA and HPD on this property,” states Mark H. Dambly, president of Pennrose Properties. “This development will not only revitalize the community by repurposing a currently underutilized property, but also offer future residents an affordable place to call home.”
Prospect Plaza was originally built in 1974 and consisted of four high-rise towers with 365 units situated on three sites. Three of the towers were vacated in 2003 due to rehabilitation and the fourth was demolished in 2005. The three remaining Prospect Plaza towers will be demolished prior to the conveyance of the sites to Pennrose and the other co-developers.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.