A two-building Inwood Tower project is currently under construction in Upper Manhattan, New York. Recently, Governor Kathy Hochul announced the start of the project’s construction phase, which is part of his $25 billion housing plan. According to the governor, his aim is to preserve up to 100,000 affordable homes across New York with supportive services.
The joint venture group developing the Inwood tower project includes MSquared, Taconic Partners, and L + M Development‘s affiliate, LMXD. While Beyer Blinder Belle Architects is the designer and the community sponsor is Community League. The mixed-use development consisting of two interconnected towers will go up at 405 and 407 W. 206th St. It will provide about 281 affordable units.
Development plans for the Inwood Tower project
The Inwood Tower project will be a mix of studio, one, two and three-bedroom apartments across two buildings. It will feature 698 units, of which 40% will be for residents earning at or below 80% of the AMI. In addition, about 10% will have rents restricted up to 30% of 120% of AMI.
However, this 10% will be subject to New York City Rent Stabilisation Guidelines. At the same time, the remaining units will be available as market-rate apartments. The Inwood Tower project will include a variety of shared amenities for its residents. Residents will have access to over 110 parking spaces, landscape courtyards, an extended lobby, and numerous roof patios.
Additionally, there will be coworking spaces, lounge areas, music rehearsal rooms, and a fitness centre. What’s more, mixed-income property will also feature more than 38,000 square feet of retail space, and a supermarket built in as well. The complex will also boast an immigrant-oriented performing arts centre, which will be managed by The People’s Theatre Project.
Overall, the construction costs for the Inwood Tower project will amount to about $461 million. The project’s affordable housing will receive its financing from a Low-income Housing Tax Credit equity worth about $72 million. New York State’s Homes and Community Renewal will also provide 182 million in taxable bonds for the affordable portion. Additionally, the state will also provide $82 million in tax-exempt bonds to finance a reasonable portion of the project.