The development of a new contemporary market-rate building on Grand Street. Springer Capital Properties is partnering with the owner of a site in the Williamsburg neighborhood of Brooklyn on the development of a 35-unit, market-rate building. The Grand Street project involves the demolition of an existing structure and the construction of a contemporary, masonry-clad property with one- and two-bedroom apartments. Springer Capital Properties is the co-developer, general contractor, and property manager for this project.
Total units: 35
Total development cost: $13.5 million
The development of 69 homeownership units with an additional 25 rental apartments in Central Harlem. Through HPD’s Third Party Transfer Cooperative program, Springer Capital Properties is developing a 69-unit homeownership project on West 129th Street. A fourth adjacent building containing 25 apartments will be developed as a rental property for a total of 94 affordable housing units. Closing is scheduled to occur in fall 2015.
Total units: 94
Total development Cost: $20 million
The substantial renovation of former HDFC properties in the Bronx preserving 138 low-income apartments. Plover Apartments is the renovation of four buildings through HPD’s Third Party Transfer and HDC’s LAMP preservation programs. The project involves the phased relocation of the existing tenants. The comprehensive scope of work includes new kitchens and bathrooms, new major systems, and the addition of laundry rooms to most of the properties.
Total Units: 138
Total Development Cost: $27.5 million
A multi-phase, new construction affordable housing development. Springer Capital Properties is the developer and property manager of Phases I & II in a partnership with several entities. In total, the $95 million project will create 222 affordable housing units.
Total Units: 222
Total development Cost: $95 million
The substantial renovation of 150 units in Washington Heights. The Academy Street Preservation Project comprises the substantial renovation of six buildings with funding provided through various programs. Springer Capital Properties has owned the properties since the early 1980s.
Total units: 150
Total Development Cost: $21 million
The revitalization of a distressed portfolio of 45 buildings and more than 1,200 units in the South Bronx. Springer Capital Properties began managing the portfolio in 2008 and took ownership in 2011 in a complicated workout that involved a significant loan and major capital improvements.
Total units: 1,240
Total development cost: $96.5 million
Hoewood Point was an 80-unit Bronx preservation project financed through several programs. Aurea Development includes two buildings and 85 units in the Bronx, representing one of the most challenging renovation projects undertaken by Springer Capital Properties.
Hoewood Point Total units: 80 plus two commercial spaces
Total development cost: $19 million
Aurea Development Total units: 85 plus three commercial spaces
Total Development Cost: $21 million