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27 High Street adaptive-reuse team seeks $1M DRI to unlock HCR funding
Summary
Developers said a $1 million DRI award would make the project a priority for New York State Homes and Community Renewal (HCR) funding; Carney Partners told the LPC they intend to meet enterprise green community and LEED standards and pursue a mixed-income, artist-preference model.
Ken Carney, speaking for a development team partnering with the Page family, asked the Local Planning Committee to consider a $1,000,000 DRI commitment to help a $34.5 million adaptive-reuse and new-construction mixed-income project at 27 High Street move forward. Carney said DRI funding commonly signals to New York State Homes and Community Renewal (HCR) that a project is a priority, and that his firm has a long track record using that structure to secure HCR funds in other communities.
“We will be meeting the enterprise green community standards,” Carney said, and added the team typically achieves at least LEED silver and will aim for gold on this project. He described a mixed-income development with an artist preference for 50% of units in prior projects and said the project would seek a mix of incomes rather than concentrate low-income units in a single building.
Carney said the Page family holds approvals, and the developer team would “tweak” those approvals as needed. He noted that when the DRI award is in place, his group has historically been able to access multiple HCR programs and layered funding sources to complete complex capital stacks.
On financing readiness, Carney said prior projects and long-term relationships with subcontractors give the team capacity to deliver multiple projects at once. He told the LPC the developer has no outstanding, major liens or litigation that would stop the project.
The committee did not take action; Carney answered committee questions about unit mix, readiness and sustainability benchmarks and noted the project model emphasizes mixed-income occupancy and active property management.
