Providing mixed-income housing and a source of healthy foods for South Williamsburg residents.
THE PROJECT:
The Residences at 11 Broadway is a mixed-use project being developed by L+M Development Partners and the Goldman Sachs Urban Investment Group in the South Williamsburg area of Brooklyn. The project consists of 160 for-rent residential units and approximately 35,000 square feet of commercial space and parking.
The commercial space includes 23,000 square feet of space for a grocery store tenant that will offer fresh food to the local community—currently lacking a supermarket due to high land and development costs. The grocery tenant will support the New York City Economic Development Corporation’s supermarket initiative, known as Food Retail Expansion to Support Health (FRESH). An additional 3,900 square feet of ground floor space will be made available to a local restaurateur and community-based retailers.
The residential component of the project will be funded by the New York City Housing Development Corporation utilizing Low-Income Housing Tax Credits. A percentage of the rental units will be offered at below-market rates to qualifying low-income community residents.
The commercial component will be separately funded using $53.3 million in NMTC allocation and tax credit equity investments. The project is anticipated to create 113 construction jobs and 44 permanent jobs. It will also develop a blighted area, remediate petroleum contamination on the site, and serve as an anchor project for the Greenpoint Williamsburg Waterfront District.
FINANCING:
- Total Project Cost: $53.8 million
- NCF Deployed Allocation: $17.8 million
- Total NMTC Allocation: $53.3 million
PROJECT PARTNERS:
- United Fund Advisors (National Community Fund I, LLC)
- Citibank NMTC Corporation
- Goldman Sachs Urban Investment Group
- L+M Development Partners, Inc.
- New York City Economic Development Corporation
