Gilbane Development, Hudson Companies, and MHANY Management Inc. Announce Topping Out of Phase Two of the Peninsula, a 100 Percent Affordable Mixed-Use Development in the Bronx
Phase Two comprises of two buildings and will deliver 359 additional affordable apartments to the Hunts Point Neighborhood in the Bronx
BRONX, NY—Gilbane Development, Hudson Companies, MHANY Management Inc., and Broadway Builders, today announced the topping out of Phase Two of the Peninsula, a 100 percent affordable mixed-use development located in the Hunts Point neighborhood, along Spofford Avenue between Manida and Tiffany Streets. They were joined by the New York City Housing Preservation and Development (HPD), New York City Economic Development Corporation (EDC), Bronx Borough President Vanessa Gibson, NYC Council Member Rafael Salamanca Jr., and THE POINT CDC.
The $297 million development features two mixed-income, mixed-use, mid-rise buildings (2A & 2B) that will deliver 359 additional affordable apartments, from studios to four-bedrooms. 73 percent of the units will be available at or below 60 percent of the area median income (AMI) and 15 percent will be reserved for formerly homeless households. Phase Two will join Phase One of The Peninsula, which was completed in 2022, and includes 183 affordable housing apartments, cultural and retail space, and a 57,000-square-foot industrial space building. When completed following its third phase, The Peninsula will comprise a total of 740 affordable units.
“The topping out of Phase Two of The Peninsula is a significant milestone in Gilbane’s continued commitment to delivering high-quality, affordable housing to the Bronx,” said Yarojin (Roj) Robinson, Senior Vice President, Affordable & Mixed-Income Housing, Gilbane Development. “The transformation of The Peninsula is a powerful example of how thoughtful redevelopment can reshape a community’s future. These 359 new residences will provide families with a stable foundation, access to essential amenities - offering more Bronx families not just housing, but the foundation for brighter futures.”
“Phase Two builds on the strong progress we’ve made in bringing high-quality, affordable housing to the Bronx,” said David Kramer, President of Hudson Companies. “The Peninsula offers more than just a place to live—it’s where New Yorkers can thrive and grow with spacious living areas, fantastic amenities, and incredible community and public space. We’re thankful to all of our partners for helping us reach this milestone and look forward to continuing the work that will bring The Peninsula closer to completion.”
“Buildings 2A and 2B at The Peninsula are symbols of the vision and resiliency of its Hunts Point residents. MHANY Management Inc. is proud to be a partner of this beautifully designed, landscaped and programmed development. The Peninsula is an example of a true collaboration between community residents and institutions, public agencies, private and not-for-profit organizations working together, to provide a much needed, long awaited and sustainable ongoing benefit to the residents of Hunts Point and the larger Bronx community,” said Ismene Speliotis, Executive Director of MHANY Management Inc.
“We’ve made tremendous progress on Phase Two and are excited to reach this important step in delivering this fully affordable development to the Bronx,” said Bernard Ruf, President of Broadway Builders. “The Peninsula reflects our dedication to addressing the housing crisis and creating vibrant, healthy communities for underserved New Yorkers. We look forward to finishing construction on Phase Two and continuing the progress in completing The Peninsula.”
“Today's topping off ceremony is another celebratory moment for The Peninsula and the Hunts Point community as we continue to transform the former Spofford Juvenile Detention Center into a symbol of hope and revival,” said New York City Economic Development Corporation President & CEO Andrew Kimball. “When completed, The Peninsula will not only stand as a vibrant live, work, play campus, but serve as a great example of how the community and the City can join forces to bring about real and lasting change for neighborhoods.”
“This project is a symbol of what we can accomplish when guided by a commitment to equity, opportunity, and transformation,” said Bronx Borough President Vanessa L. Gibson. “The topping out of Phase Two of the Peninsula boasting 359 apartments and a 50,000 square-foot public plaza, should stand as a sign that this is more than just steel and concrete - this comes out of perseverance, tireless work, and a commitment and collective belief that everyone deserves a safe, affordable, and inspiring place to call home. I want to thank Gilbane Development, Hudson Companies, MHANY, and Broadway Builders for their incredible work that uplifts, and makes communities stronger. Together we are building more than just housing, we are building hope, opportunity, and a better future for the Bronx.”
“Where once stood the Spofford Juvenile Detention Center—a black eye for the Bronx—now is the promise of rebuilding our community,” said Council Member Rafael Salamanca, Jr. “Building upon the success of Phase I, Phase II’s 359 apartments ensures that with The Peninsula, we are following through on our commitment to bringing high-quality, truly-affordable housing to a Borough that has been long-overlooked in economic development and revitalization efforts. As our City’s housing crisis continues to grow at alarming rates, it’s even more important that those of us with the power to make positive change work together to bring creative solutions to address this problem once and for all.”
Amenities in the Phase Two buildings will include fitness rooms, in-building laundry, an early childhood center, resident lounge spaces with access to outdoor terraces, common areas, Wi-Fi, and bicycle storage. Phase two includes a 40,000-square-foot landscaped public pedestrian plaza, a garage with 155 underground parking spaces, and 20,000 square feet of community facility space. The buildings will have sustainable design elements to harvest rainwater and solar roof panels. Construction completion is projected for July 2026.
This milestone builds on the success of the first phase of The Peninsula, which was completed in 2022 and delivered 183 affordable apartments, a 14,000-square-foot cultural arts center, and a 57,000-square-foot industrial space building. The first phase included space that is home to many minority and women-owned businesses and local food entrepreneurs, including Cake Pops NYC, Guang De Noodles, Nut Hatch, Bevi-Still, Birley Bakery, and AI-Rides, along with affordable artist studios, and a performance theater.
Once complete, the Peninsula campus will include four mixed-use residential buildings and a light-industrial manufacturing building. The campus will consist of 740 affordable homes, 15,000 square feet of retail space, including a grocery store, and 57,000 square feet of open plaza space. In addition, it will include 52,000 square feet of community facility space, occupied by a DOE administered Head Start Facility, Inspiration Point’s cultural arts facility, and a Health and Wellness Center operated by UrbanHealth Plan.
About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, X, LinkedIn, and Instagram.
