NEW YORK CITY — A partnership between locally based owner-operators, The Hudson Cos. and BRP Cos., has received $343 million in financing for Phase II of La Central, an multifamily project in the South Bronx that will add 420 affordable and supportive housing units to the local supply.
The second phase will encompass Building C (166 units) and Building E (254 units), which will rise 13 and 26 stories, respectively, and house one-, two, three- and four-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. In addition, Phase II, which is slated for a 2028 completion, will include 1,567 square feet of commercial space, 13,000 square feet of community space and 7,134 square feet of public garden space. Building C will be constructed to meet Passive House standards, operating entirely on electricity to eliminate carbon emissions, while Building E will be built to achieve LEED Gold certification.
Following completion of Phase II, La Central will comprise more than 1,000 units across five buildings. Buildings A and B, which opened in 2021, house nearly 500 affordable apartments between them, and Building A is also home to a YMCA. Building D, completed in 2019, has 160 supportive and low-income apartments. Funding for Phase II stems from a range of public and private financing sources, including tax-exempt bonds from the New York City Housing Development Corp. and Low-Income Housing Tax Credits that are syndicated by Red Stone Equity Partners.