New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Phipps Houses Closes on Second Phase of Lambert Houses Redevelopment
Phipps Houses has closed on $188 million in construction financing for the second phase of Lambert Houses, a $600-million redevelopment project in the Bronx’s West Farms neighborhood. The ongoing project will entirely rebuild the outdated 1970s complex over roughly 15 years, eventually bringing its number of permanently affordable homes to approximately 1,665, more than double its original number.
Construction of the second phase is expected to begin in January with an expected completion in mid-2024. Phipps Houses has relocated all residents of the now-demolished buildings at 2080 Boston Rd. in anticipation of the construction of the new building.
“The redevelopment of the Lambert Houses complex is a once in a lifetime opportunity to correct the flaws of the Urban Renewal Era and create better community connections and services for our residents,” said Adam Weinstein, President and CEO of Phipps Houses.
- ◦Development
- ◦Financing
