Development team selected for $56m housing project in Coney Island.

Developer, Larry Hirschfield, is leading a partnership comprised of his ELH Management, KB Companies and Galaxy General Contracting, that was tapped this week to build a community center and affordable housing complex in Coney Island.

The $56 million project will include 152 cooperative residential units, more than 75% of which will be affordable for low- and middle-income families, and a 40,000 s/f community center to be owned and operated by the YMCA of Greater New York.

And estimated 240 construction jobs will be created by the project that will result in 42 full-time jobs and 125 part-time jobs for the area.

The community center and housing project are the latest components of the Coney Island Strategic Plan, developed by the City and Coney Island Development Corporation with the support of local elected officials and the community, and unveiled by Mayor Bloomberg in September 2005.

Hirschfield's partnership, Coney Island Commons LLC, was selected for the development as a result of a Request for Proposals (RFP) issued by the City in May 2006. Their proposal provided the greatest affordability in the residential component and required the least amount of subsidy. The City will convey the property to the developer for $1 and contribute $5 million for the construction of the community center.

"We are pleased to be part of Mayor Bloomberg's New Housing Marketplace and his commitment to the development of affordable housing," said Hirschfield. "Our promise is to build a wonderful community center and 150 beautiful cooperative apartments providing substantial opportunities for affordable home ownership. These are building blocks in the continued growth of Coney Island."

"Coney Island, once one of the world's most vibrant and exciting destinations, is undergoing a tremendous renaissance," said Bloomberg.

"To revitalize Coney Island and turn it into not only a year-round destination for visitors, but an increasingly attractive place to live and raise a family, we engaged the local community heavily, resulting in our Strategic Plan for Coney Island.

"This community center and affordable housing complex was one of the things residents indicated they needed most. By providing area residents with a center for active recreation and an affordable place to live, this project will go a long way to strengthening Coney Island's residential community."

Construction on the project is anticipated to begin in fall 2008 and be completed in summer 2009.

The development site is within the boundaries of the Coney Island I Urban Renewal Area and it is also within walking distance of Coney Island's famous boardwalk and beach.

Totaling approximately 160,000 s/f, the residential component of the development will consist of two buildings of seven and eleven stories that will include an assortment of studios, one, two and three-bedroom co-op units.

The residential portion of the development will also include landscaped open space and parking for 84 cars, and is expected to be financed in part through HDC's Affordable Cooperative Housing Program and the New York State Affordable Housing Corporation.

The project is in keeping with Mayor Bloomberg's New Housing Marketplace Plan to build and preserve 165,000 units of housing over 10 years.

The New Housing Marketplace Plan is the largest municipal affordable housing plan in the nation and, at a cost of $7.5 billion, will provide homes for 500,000 New Yorkers.

The community center will include an aquatic center with a six-lane lap pool and family recreational lap pool, a full court gymnasium, fitness and multi-purpose rooms, a double height social room and office space

The development features sustainable design elements to conserve resources and energy and promote healthy living for resident and community, including energy efficient mechanical systems, water conserving fixtures, extensive use of natural light and lighting control, and use of recycled, regionally manufactured and renewable materials.

Portions of the community center will feature "green" roofs planted with natural grasses and wildflowers native to a beach environment.