Governor Kathy Hochul has announced the start of a $57 million rehabilitation at McCarley Gardens Apartments in Buffalo, N.Y. St. John’s Baptist Church, BFC Partners and Sinatra & Co. Real Estate are part of the development team. Plans call for the renovation of 149 units, which are set aside for families with incomes at or below 60 percent of the area’s median income.
The redevelopment is backed by an array of state financing, including $10.2 million in permanent tax-exempt bonds, federal low-income housing tax credits that will generate $24.3 million in equity, and a $9 million subsidy from New York State Homes and Community Renewal. Another $94,500 will be provided by The New York State Energy Research and Development Authority. Subordinated debt and a deferred developer fee will provide additional financing.
Past and future
Built in 1978, the community currently consists of 21 townhome-style buildings. Four additional two-story townhomes will be constructed as part of the redevelopment. When completed, the development is slated to have 27 two-bedroom units, 94 three-bedroom units and 28 four-bedroom units. Community amenities include parking, a playground and a community room.
New kitchens, bathroom fixtures, upgraded insulation and high-efficiency boilers will be added to the community as part of the renovation. Works will also include new landscaping and sidewalks, repaving the parking lot and replacement of storm and sewer lines. Additionally, the renovations are expected to reduce overall energy usage at the property by almost a third.
Located at 818 Michigan Ave., the community is 1 mile northeast of downtown Buffalo and some 2 miles northeast of Buffalo Naval Park. Several retail, dining and entertainment options are available within a 1-mile radius.
Last October, a Sinatra & Co. Real Estate joint venture started work on another affordable housing project in Buffalo—the 90-unit Jefferson Avenue Apartments. The community is set to include a commercial component, which will serve as Western New York Veterans’ Housing Coalition’s new corporate office.