For The Phipps Houses Group, 2011 was all about continued recovery from the doldrums of 2009 and 2010.
“2011 allowed us to complete and rent up a number of projects that we started in the downturn,” says Adam Weinstein, president and CEO.
The nonprofit, which owns 5,615 units in the New York metro area, started two projects with 267 units and completed two projects with 414 units.
But 2012 will be a different story, with Phipps planning to start more than four times the units it started last year.
“We will start more than 1,000 units, making it our busiest year ever,” Weinstein says.
The nonprofit is teaming with The Related Cos. and Monadnock Construction, Inc., to break ground on Hunters Point South, a 925-unit mixed-income housing development in Long Island City on the East River waterfront.
Weinstein says this is a submarket where affordable housing hasn't been done. Twenty percent of the units will be targeted toward residents earning less than 50 percent of the area median income (AMI), with the remaining units between 50 percent and 150 percent of the AMI, which is still below-market for housing in New York.
Phipps also will start construction on Lebanon West Farms, a 141-unit, three-building development in the Bronx.
The project is being financed with low-income housing tax credits and tax-exempt bonds and will serve households at 60 percent of the AMI.