Two new developments of the Peninsula project in Hunts Point will bring 359 fully affordable units to the area.
Photo courtesy WXY Studios
City agencies and developers officially broke ground on the second phase of a 100% affordable housing complex in Hunts Point on Wednesday.
The Peninsula is a four-building development transforming the former site of the Spofford Juvenile Detention Campus into a mixed-use live-work campus, with a fifth industrial and manufacturing building. The project developers, as well as officials with the city’s Economic Development Corporation and Department of Housing Preservation and Development (HPD) broke ground on the second phase — featuring two of the affordable buildings.
“This redevelopment stands as a beacon of hope, offering not just homes, but opportunities for families in Hunts Point,” said Ed Broderick, the president and CEO of the Gilbane Development Company, which is spearheading the project. “With this significant expansion, we are acting as a catalyst for positive change, fostering open, green spaces, and creating a nurturing environment for all.”
The two new developments include 359 fully affordable units, 73% of which will be rented at or below 60% of the area median income (AMI), and the other 15% slated to be reserved for formerly homeless people.
This comes after the developers — Gilbane Development Company, as well as Hudson Companies and MHANY Management Inc. — secured a whopping $297 million for phase two this summer from HPD, the NYC Housing Development Corporation and Wells Fargo.
Developers secure $297M for phase two of The Peninsula, massive Hunts Point development
The two new buildings of phase two are expected to be complete in 2026 — they join the two others that went up on the Peninsula campus last year. The third phase includes the construction of the fifth and final industrial and manufacturing building, which is slated to be finished in 2029.
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