First Phase of $1-Billion Stevenson Square Affordable Housing Complex in the Bronx Breaks Ground

NEW YORK—Elected officials and community leaders joined Camber Property Group on Friday (March 1) to break ground on the $125.5-million first phase of the planned $1-billion Stevenson Square affordable housing development project in the Soundview section of The Bronx.

The $76-million development of Building 4 will create a six-story building with 117 studio rental units of affordable senior housing and the $49.5-million homeownership development will create 58 units of 100% affordable co-op units in partnership with Habitat for Humanity New York City and Westchester County.

Camber Property Group officials were joined at the event by Bronx Borough President Vanessa Gibson, Majority Leader of the City Council Amanda Farías, State Senator Nathalia Fernandez, State Assembly Member Karines Reyes, Adolfo Carrion, Commissioner, New York City Department of Housing Preservation; Ruthanne Visnauskas, Commissioner of the New York State Division of Housing and Community Renewal and other partners and community leaders.

“Breaking ground on Stevenson Square represents the start of a transformational public-private partnership to bring critically needed affordable housing to the Soundview community,” said Rick Gropper, Principal at Camber Property Group. “The first phase of this $1-billion project will create affordable homeownership units as well as rental opportunities for seniors that will strengthen the community and provide a home for those who need it the most.”

Stevenson Square is a master-planned development on underutilized land attached to Stevenson Commons, a 948-unit HPD Mitchell Lama complex. When all phases of Stevenson Square are complete, the development will consist of nearly 1,000 new affordable units, 30,000 square feet of community facility space, new tennis courts, a walking path, a sensory playground and plentiful outdoor landscaped recreation space.

“Stevenson Square represents an opportunity for us to reimagine housing in our borough by ensuring accessibility, affordability, homeownership, and support for our most vulnerable residents are at the forefront of our housing priorities,” said Bronx Borough President Vanessa L. Gibson. “This $1-billion project will help transform the Soundview neighborhood and ensure our seniors can age in place with dignity and respect, residents living with disabilities will have units dedicated to their unique needs, and families can have ownership of where they live and enjoy building amenities without having to leave their neighborhood. I want to thank Camber Property Group, my colleagues in government, and everyone else responsible for bringing this project one step closer to completion.”

A public-private partnership, the first two phases of this development are being supported by a multitude of financing sources including funds from HPD, HDC, HCR, Council Member Farias, Borough President Gibson, Bank of New York Mellon and Freddie Mac. Construction on these projects is expected to be completed in January 2026.

This six-story Building 4 will contain 117 units of affordable senior housing with a focus on healthy living and sustainability. The building is being developed in partnership with the non-profit Regional Aid for Interim Needs (R.A.I.N), a Bronx-based multi-service agency focused on providing a continuum of care for seniors. Services provided by RAIN will include assessments, counseling, referrals and advocacy for residents. Additionally, full-time staff will organize recreational, social, and educational activities and trips for residents.

Designed by WXY, the building will integrate Aging in Place and Active Design guidelines in all units and throughout the common elements of the building. Features will include grab bars, roll-in showers, and memory assistance cues, such as distinctive hallway and door colors. Additionally, there will be six units dedicated to individuals who are mobility impaired and three units for individuals who are hearing or visually impaired.

The new building will include approximately 5,000 square feet of programmed residential amenity space located on the ground floor and rooftop of the building. Additional amenities will include on-site security and social service staff, a community room, a gym, a fourth-floor roof terrace, a ground-level patio, and a laundry room. Residential parking will be located at-grade in the rear of the building.

The building also incorporates the latest sustainability standards by both complying with Enterprise Green Community standards and by utilizing Energy Star components and solar panels to offset energy consumption. The building will contain 5G wireless and fiber internet to offer residents quality internet service in their apartments and common areas. Additionally, Free Wi-Fi will be provided in all common areas of the building.

The project will be financed using a $40-million construction loan provided by Bank of New York Mellon, nearly $20 million of subsidy from HPD as well as $25 million of equity from Hudson Housing Capital and Bank of New York Mellon generated in connection with the sale of Low-Income Housing Tax Credits. Freddie Mac, serviced by M&T Bank has provided a forward commitment for the takeout of the construction loan.

Buildings 5 and 6, designed by WXY, involve the new construction of two buildings: a 22,750 square foot, four-story building, with 16 homeownership apartments, and a neighboring 46,650 square foot, four-story building with 42 homeownership apartments. Together, the proposed buildings will include 11 one-bedroom units, 31 two-bedroom and 16 three-bedroom units. Units will be priced and available to households earning between 70%-80% of AMI. This makes the average sales price $174,000 for a one-bedroom apartment, $207,000 for a two-bedroom and $237,000 for a three-bedroom unit. The buildings will include dishwashers, in-unit washers and dryers, landscaped front and rear yards, and bike storage.

The project will be financed with a construction loan of nearly $10 million from Enterprise as well as subsidy from NYC HPD and NYS HCR totaling approximately $30 million in the aggregate. Financing also includes nearly $4 million in Reso A City Capital contributed by Council Member Amanda Farias and the Bronx Borough President.

Since its founding in 2016, Camber Property Group has amassed a portfolio of nearly 10,000 units totaling upwards of $2.5 billion in market value. Camber most recently closed on and began the renovation of the largest public housing development in the Bronx known as Edenwald Houses, totaling 2,000 units and nearly $1 billion of development cost. The firm also started construction on a 150,000-square-foot affordable housing project in Far Rockaway, Queens that will include a 100-bed transitional housing facility as well as a 147-unit supportive housing component.