Bronx Affordable Mixed-Use Development The Peninsula Closes Phase Two 

The second phase of The Peninsula, a 100% affordable mixed-use development in Bronx, NY, has closed on $297 million in financing. Financing was provided by the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, and Wells Fargo. 

The collaboration between NYCEDC, HPD, HDC, and development partners will deliver two mixed-income buildings with 359 affordable homes, a public plaza, open space, parking, and community facilities. Construction will begin this summer, with completion expected in 2026.The entire campus will consist of five buildings, providing 740 affordable homes, retail space, community facilities, and open space, with an estimated completion date of 2029.  

“To us, The Peninsula is not just about putting up buildings; it’s about creating a vibrant community where the Hunts Point community individuals and families can flourish for many generations,” said Ed Broderick, president and CEO of Gilbane Development Company.