$77m Coney Island redevelopment.Related Capital Company and The Arker Companies have announced a $77 million redevelopment just a few blocks from New York's famous Coney Island Coney Island (kō`nē), beach resort, amusement center, and neighborhood of S Brooklyn borough of New York City, SE N.Y., on the Atlantic Ocean. boardwalk. The enormous revitalization, which involves an 816-unit affordable housing complex named Sea Park, represents one of the largest affordable housing transactions ever completed. It is also one of the most comprehensive residential redevelopments ever undertaken in the Coney Island area, marking a continuing trend of massive redevelopment in this vital New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. community. The Arker Companies and Related Capital will act as co-developers on the revitalization, while Related Capital and its affiliate, PW Funding Inc., provided the debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for the redevelopment. The deal also comes on the heels of New York City Mayor Michael Bloomberg's creation. of the Coney Island Development Corporation last fall to spur on additional revitalization with a vision of changing the area into a year-round locale. This latest redevelopment will play an integral role in that revitalization A key to the success of this transaction was Related Capital and The Arker Companies' coordination of six different government agencies who collectively worked to spearhead the redevelopment, including the U.S. Department of Housing and Urban Development ("HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. "), the Empire State Development Corporation, the New York State Housing Finance Agency The New York State Housing Finance Agency (HFA) was created in 1960 as a public benefit corporation for the purpose of providing safe and sanitary housing accommodations at rental rates affordable to persons and families of low income. , the New York New York, state, United StatesNew York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Division of Housing and Community Renewal, the New York City Department of Housing Preservation and Development, and the New York State Energy Research and Development Authority The New York State Energy Research and Development Authority (NYSERDA) is a public benefit corporation that was created by the New York State Legislature in 1975. The purpose of the NYSERDA is to provide funding for the research of energy development. . Sea Park is a three-building Mitchell-Lama development, a program created by New York State in the mid-50s as a means of providing affordable rental and cooperative housing cooperative housing n. an arrangement in which an association or corporation owns a group of housing units and the common areas for the use of all the residents. to moderate- and middle-income families. The complex was originally constructed between 1973 and 1974. The Arker Companies and Related Capital Company were selected by the Empire State Development Corporation to redevelop the entire Sea Park complex in 2002 after an extremely competitive selection process. Upon completion of the revitalization, Sea Park will offer high-quality housing at rents that will remain as much as $1,500 below comparable market-rate units, a testament to the goal of revitalizing while preserving affordability. The revitalization will consist of three phases encompassing almost eight city acres: Sea Park West, 2930 West 30th St.; Sea Park East at 2970 West 27th St.; and Sea Park North at 2828 West 28th St. The 816-unit redevelopment will also include nearly 15,000 s/ f of private day-care space, over 30,000 s/f of outdoor recreation areas, community center space, private parking, and Over 23,000 s/f of neighborhood retail. Redevelopment is expected to be complete by year-end. |
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