Douglaston Development and partner Breaking Ground have finalized plans to begin work on the redevelopment of the Kingsboro Psychiatric Center into about 1,000 affordable homes in East Flatbush, Brooklyn.
So far, the joint venture has closed phase one of the nearly $1 billion project, called Sparrow Square.
The first portion of the project will consist of two 10-story buildings that host 261 affordable units, reserved for those making up to 80 percent of the area's median income. It's backed by almost $240 million in financing provided by Goldman Sachs' Urban Investment Group. Also, the first phase is supported by four percent low-income housing tax credits, tax-exempt bonds, an HCR SHOP incentive and funding from the Homeless Housing & Assistance Corp.
In addition to the residences, the first phase will include an 8,800 square foot community to support non-profit Brooklyn Ballet, a private drive, as well as amenities including a gym, private terraces and bike storage. All of the units delivered in phase one will be affordable, representing 250,000 square feet of the development.
“Phase I represents a major step forward in our commitment to creating high-quality, affordable homes that strengthen the communities we serve,” Liz Oakley, chief development officer at Douglaston Development, said in a statement.
“By bringing new housing, cultural space, and improved connectivity to East Flatbush, we’re proud to help advance the goals of the Vital Brooklyn Initiative and support long-term neighborhood vitality.”
The developers did not release a groundbreaking date for phase one — but they expect it to finish by the first quarter of 2029. Douglaston's Levine Builders is leading the construction of Sparrow Square, which will also include green spaces, electric vehicle charging, solar panels, areas for empowerment programs and a community garden.
Breaking Ground is a major residential manager in NYC, operating more than 5,000 transitional and permanent housing units in the metro. According to Douglaston, it has 2,051 affordable, senior, hospitality and market-rate housing units combined in its New York metro area pipeline.
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