Thorobird Companies LLC, in partnership with Bangladeshi American Community Development & Youth Services has been selected for a $70 million contract to develop a 167-unit affordable homes development in Brooklyn, marking the third time in the last two years the developer has received an award of this magnitude.
In just a decade, Thorobird has quickly emerged as a leading NYC developer with a niche in the affordable homes market space. The company is currently developing The Atlantic, a $117 million, 236 supportive and middle income development in BedSty and The Grand in the South Bronx, three multifamily rental buildings with 138 apartments. A $66 million development, The Grand is the largest ground-up, low-cost, tax-exempt bond deal developed by a minority-owned firm during Gov. Andrew Cuomo’s three-term administration.
The modular project, located in the East New York neighborhood on 581 Grant Avenue, will be one of the first to use the method of stacking factory-produced units, which developers believe lowers construction costs and time.
In fact, the city estimates using it for this project will cut construction time 25 to 30 percent.
This is the first Request For Proposal the city has issued and awarded for modular construction, beginning what could be a modern initiative and trend for how homes are built moving forward.
“We recognize that the city is entrusting us with one of the first affordable housing developments to be built this way is a great responsibility,” said Thomas Campbell, Thorobird Managing Director. “The ability to build off-site in a factory-controlled environment generates less waste, creates fewer community disturbances and allows for tighter construction. This is a smart way to build.”
Nestled on an L-shaped lot, the development will include apartments ranging in size from studios to four-bedroom units. Construction is expected to begin in 2021 and end in mid 2022, and as with all Thorobird’s developments, has maximum community inclusion and impact.
The project will include workforce training, medical services as well as afterschool care for students in the Bangladeshi neighborhood with a ground-level plaza for a Farmer’s market and a green rooftop deck.
“This is a community that has transformed itself so it was important that we bring public spaces back to the community,” said Campbell. “And even more critical that they be a part of the project.”
Founded in 2009, Thorobird, an emerging real estate investment and development firm, focuses on smart affordable housing development throughout the New York metropolitan area. Headquartered in New York City, Thorobird works operationally with local private owners and public agencies, as well as non-profit and religious institutions, to realize its development goals. Capital partners include banks, regional tax credit syndicators, community development finance institutions (CDFI’s), family offices and private investors. Thorobird principals have accomplished the development or acquisition of over 1,400 affordable housing units with a total value of approximately $500 million. For more information, visit www.thorobird.com
