Phase Two of The Peninsula will bring more income-restricted apartments to the Hunts Point development.
Rendering courtesy WXY Studios
With financing secured, the second phase of The Peninsula is moving forward to bring more income-restricted apartments to Hunts Point.
The Peninsula is a three-phase, five building development that is meant to transform the former site of the Spofford Juvenile Detention Campus into a mixed-use live-work campus.
Construction for phase two is starting next month, with an expected completion in 2026. This phase will bring two high-rises to The Peninsula campus, which already consists of two buildings. The third and final phase will bring an additional building, which is slated to be complete in 2029.
Financing for the second phase totaled $297 million provided by the NYC Department of Housing Preservation and Development (HPD), NYC Housing Development Corporation (HDC) and Wells Fargo, according to Gilbane Development Company and Hudson Companies, the developers for the project.
“We are thrilled to finalize the financial close on the next phase of this project. It represents the ongoing commitment in our mission to developing dynamic communities and providing the Hunts Point neighborhood with much-needed affordable housing,” said Ed Broderick, president and CEO of Gilbane Development Company. “To us, The Peninsula is not just about putting up buildings; it’s about creating a vibrant community where the Hunts Point community, individuals and families can flourish for many generations.”
Once all three phases are complete, the site will include 740 income-restricted units, 10,720 square feet of retail space, 52,300 square feet of community facility space — which includes an arts facility, a Head Start program and a health and wellness center operated by Urban Health Plan — and 57,000 square feet of open space.
The project is also slated to bring 260 underground parking spaces in total across two…
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