Announcement | July 7, 2009

Officials Celebrate Prospect Plaza Ribbon Cutting

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In Brooklyn today, officials celebrated the ribbon cutting of Prospect Plaza, a brand new 151-unit affordable housing complex developed by L+M Development Partners. Prospect Plaza, which received over two thousand lottery applications, originally received funding in 2007 from the board of the New York State Housing Financing Agency (HFA), and New York State Division of Housing and Community Renewal. Private finandng was provided by Citibank which approved $30.1 million to build these affordable units. The architect for this project is Magnusson Architecture and Planning.

 

Priscilla Almodovar, President and Chief Executive Officer of the NYS Housing Finance Agency, said, “Prospect Plaza Apartments brings 151 new apartments to Ocean-Hill/Brownsville, a neighborhood where new, safe and affordable homes are urgently needed. We are proud to work. with the L+M Equity Partners and Citibank in the private sector and our colleagues in government, induding the NYS Division of Housing and Community Renewal and the NYC Department of Housing Preservation and Development, to make this project a reality.”

 

The New York City Housing Authority and the New York. City Department of Housing Preservation and Development issued an RFP for the redevelopment of a dense group of high rise buildings at Howard Avenue, Saratoga Avenue, Park Place and Prospect Place in the Ocean-Hill/Brownsville section of Brooklyn. Prospect Plaza consists of twenty four-story townhouse-style buildings and approximately 2,900 square feet of commercial/retail space.

 

“It took many years to bring this development to fruition. We are very proud to stand here today with our partners in city and state government. We want the new Prospect Plaza to be modern, safe and affordable for families in the community.” said Lisa Gomez, Executive Vice President of Development for L+M.

 

The first families have begun to move in as of Monday, June 29, 2009. Former resident Shatima Williams said, “I am very happy to finally be back in myoid neighborhood with my six-month-old daughter. We are so excited for the opportunity for a more stable and secure housing; the neighborhood has really changed for the better.”

 

In many areas of central Brooklyn in recent years, rising housing costs have created pressure for working family. Rents at the new Prospect Plaza will remain affordable through a regulatory agreement. “This site has undergone a dramatic transformation from a blighted vacant lot to affordable, attractive new housing,” said HPD Commissioner Rafael E. Cestero. “It exemplifies the housing opportunities generated from good, contextual urban planning. HPD is proud to have played a key role in this project, and to have seen it through – alongside NYCHA, DHCR and HFA, L +M and Citibank.” The site of the new Prospect Plaza was formerly vacant and was acquired for the development from the City through HPD. The towers are slated to be rehabbed as public housing in the future.

 

Deborah Van Amerongen, Commissioner of the New York State Division of Housing and Community Renewal said, “Congratulations to L +M Development Partners and to everyone who had a part in bringing this wonderful development to life. Prospect Plaza will provide modern, secure, and affordable housing to families and make this Brooklyn neighborhood a better place to live. We look forward to continuing our partnership with the New York State Housing Finance Agency and the New York City Department of Housing Preservation and Development to put decent housing and greater opportunities within reach for families.”