Developers Secure $256 Million In Funding For Utica Crescent Affordable Apartments That

Developers Secure $256 Million In Funding For Utica Crescent Affordable Apartments That Will Sit Between Crown Heights and Remsen Village


With cash in the bank, the next phase of the Vital Brooklyn project – planned to transform the area between Crown Heights and Remsen Village into a haven of affordable housing and homeless shelters – is ready to kick off.

According to a report by New York Yimby, Monadnock Development, CB Emmanuel Realty, and Equity Developers have announced the closing of a $256 million financing deal for the Utica Crescent Apartments project in East Flatbush, Brooklyn. This development, part of New York State’s Division of Housing and Community Renewal Vital Brooklyn Initiative, is set to transform an underutilized parking lot at 832 Rutland Road, formerly of the Kingsbrook Jewish Medical Center, into a hub that offers affordable housing and commercial and community spaces.

The project has been met with some pushback from the community, many who point out that the surrounding Jewish communities of both Crown Heights and Remsen Village, will gain little from the project. Some are also worried about crime.

According to available plans, Utica Crescent will include approximately 22,546 square feet of commercial space, 3,190 square feet of community facility space operated by Catholic Charities of Brooklyn and Queens, and will have an on-site healthcare center managed by the One Brooklyn Health System. Additional space will be allocated for the 67th Precinct Community Clergy Council.

As of present estimates, Utica Crescent is expected to be completed by June of 2026, and will feature two residential towers housing 322 affordable homes. The homes will be targeted at residents earning up to 80 percent of the area median income, with 89 set to serve as supportive units designated for elderly seniors funded by the New York State Empire State Supportive Housing Initiative program.

This development is a part of the $1.4 billion Vital Brooklyn initiative, launched in March 2017, which aims to address various social, economic, and health disparities in Central Brooklyn.

This article was originally published by a . Read the Original article here. .