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In the midst of a tumultuous and challenging year, the Renaissance at Lincoln Park, a transformational community-driven and centered development in the City of New Rochelle broke ground today. Embodying the resilient spirit of the Queen City and its current evolution, the project will create 179 units of best-in-class workforce housing, a state-of-the-art Boys & Girls Club facility and 350 parking spaces for residents, community members, and park-goers.
The NRP Group, a vertically-integrated developer, builder, and manager of multifamily housing, leads a joint-venture development partnership between the New Rochelle-based non-profit Guion Renaissance Housing Development Finance Corporation (HDFC), and Kensworth Consulting. The Boys and Girls Club of New Rochelle and The City of New Rochelle are project partners. The total development cost of the project is $97 million and is financed by multiple funding sources. The New York State Homes & Community Renewal provided significant support including $48 million of tax exempt bonds issued by its Housing Finance Agency. Red Stone Equity Partners provided tax credit equity syndication with Bank of New York Mellon as the investor and letter of credit provider. The developer also provided equity for the project with additional support from the Interfaith Development Corporation and the Westchester County Housing Infrastructure Fund.
“This new community development is an exciting step forward for New Rochelle, offering affordable high-quality housing, coupled with the most significant new youth services facility in generations,” said Noam Bramson, Mayor of New Rochelle. “I am grateful for the public-private partnership that is bringing this positive vision to life.”
“This groundbreaking is a special one,” said Jonathan Gertman, Vice President of Development at The NRP Group. “In a time of incredible uncertainty, we were able to push through in partnership, and make the dream of this project a reality. The Renaissance at Lincoln Park was born out of a community driven vision and we are honored to be a part of bringing it to fruition. It is our sincerest hope that this project will be a home for generations of the New Rochelle community to live, grow, and thrive.”
“By offering exceptional affordable housing and numerous community benefits, including space for local children to learn and grow, the Renaissance at Lincoln Park will help strengthen and support the City of New Rochelle,” said Kenneth Plummer, CEO of Kensworth Consulting. “As a community-minded developer, I’m confident that this project will set the standard for inclusive, community-centered development and power the sustainable growth of cities across the nation.”
“The Renaissance at Lincoln Park is an example of the incredible power of public and private partnership,” said Reverend Michael J. Rouse, President of Guion Renaissance Housing Development Finance Corporation. “By listening to the community, allowing its needs to drive the vision and scale, and ensuring our involvement at every level, our team has ensured that this project will be transformative for New Rochelle, benefiting the most vulnerable and shaping the future of our City for generations to come.”
Community is at the heart of the Renaissance at Lincoln Park, which features a sleek, modern facility for the Remington Clubhouse of The Boys & Girls Club of New Rochelle. The organization provides a safe space, mentoring, and quality programs that empower local vulnerable youth to excel in school and build great futures. The Club serves more than 3,675 children and teens every year and the new 23,400-square-foot clubhouse will allow the organization to serve more needy children and families and amplify its impact. The new facility will include a gym, basketball court, recording studio, demonstration kitchen, administrative offices, and generously-sized rooms designed for work and play.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said: “With 179 affordable and energy-efficient homes, The Renaissance at Lincoln Park furthers Governor Cuomo’s ambitious five-year, $20 billion housing plan to bring new affordable housing to communities across the state. Our investment in this new development includes the construction of a brand new, state-of-the-art home for the Boys and Girls Club, an organization that provides such an important service to the city’s youth. Together with the Governor’s Downtown Revitalization Initiative award, The Renaissance at Lincoln Park will enhance economic activity along the Lincoln Avenue corridor, improve access to quality housing for families and help build a brighter and stronger future for New Rochelle.
“The Remington clubhouse has always been a very neighborhood-centric space that community members feel a tremendous sense of pride and ownership over,” said Lutonya Russell-Humes, executive director of the Boys & Girls Club of New Rochelle. “The clubhouse is definitely due for an upgrade, and we look forward to the new, larger space that will let us bring in even more of the community and build on the generational investment of the community into this space.”
“The Boys and Girls Club of New Rochelle is an essential institution to the children and families in District 3, and we are thrilled to see a new and improved clubhouse,” said Councilwoman Yadira Ramos-Herbert. “Members of District 3 are thrilled with the affordable, high-quality housing that will be located right in the heart of the Lincoln Avenue Corridor. My heartfelt thanks to everyone who had a hand in making this project possible.”
"I could not have asked for a better retirement gift then having one of the crown jewels of all of our projects become a reality,” said Luiz Aragon, Commissioner of Development for the City of New Rochelle. “This is such an important project for the community and by the community that will truly make a difference in creating new affordable housing opportunities, more youth services and a shared value in a building a better and brighter New Rochelle. Congratulations to The Renaissance at Lincoln Park on today’s virtual groundbreaking.”
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 43,000 apartment homes, and currently manages over 23,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income. Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market rate, affordable, and senior housing.
The NRP Group has been named the 2020 NMHC #6 Top Multifamily Builder in the U.S. and #7 Top Multifamily Developer, and Affordable Housing Finance has named The NRP Group #4 Top Affordable Housing Developer. The NRP Group is a three-time recipient of the National Association of Builders Multifamily (NAHB) Pillars of the Industry award for national “Development Firm of the Year.” NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit https://www.nrpgroup.com/.
About the City of New Rochelle
With its unparalleled location, superb quality of life, diverse and talented residents and a focused business climate, New Rochelle is experiencing the transformation of a generation. The City’s current economic development plan will provide a spark for the entire Hudson Valley region, positioning the City as “open for business” and embracing smart, transit-oriented development growth patterns that promotes open space, its close proximity to New York City and opportunities for businesses to rebound, recover and succeed in the current economic climate. Accelerated by a new, fast-track zoning process along with resources for small businesses and micro-enterprises, the ongoing Master Development initiative will continue to enhance the downtown area by supporting job creation, property values and private investment – while enhancing sustainability and livability through green and energy-efficient design. For more information on why New Rochelle is ideally yours, please visit https://www.ideallynewrochelle.com.