Hell’s Kitchen Mixed-Income Development Secures $125 Million Financing

Hell's Kitchen Mixed-Income Development Secures $125 Million Financing

Douglaston Development and the Entertainment Community Fund have successfully obtained construction financing for Rialto West, a 158-unit affordable housing development located in Hell’s Kitchen. This $125 million project will include 5,500 square feet of cultural space and a public plaza named after renowned playwright Lorraine Hansberry. Funding for this project is being provided by HDC and HPD with over $106 million allocated towards its completion. Construction is set to commence this month with an expected completion date of 2026.

Rialto West will offer studios, one-, two-, and three-bedroom units designed specifically for low- to middle-income households, including designated units for formerly homeless individuals. The building will also feature amenities such as a fitness center, laundry room, and bicycle storage.

IndieSpace has been selected to lease and operate rehearsal spaces as well as co-working spaces tailored towards artists’ needs within the development. This project fulfills a commitment made fifteen years ago in the Western Railyards Rezoning Points of Agreement.

According to HDC president Eric Enderlin: “Once completed, Rialto West will provide over 150 brand new affordable homes in one of New York City’s most expensive areas.”

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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