Public Housing Redevelopment

Washington, D.C.

The Park Morton Redevelopment is anticipated to be completed in 3 phases. Each of the phases (Phases 1 and 2 – Park Morton Proper; Phase 3 – Bruce Monroe) will be financed utilizing tax-exempt bonds (debt), equity from the sale of LIHTC (4%), New Communities Initiative gap financing, and deferred developer fee.

Leveraging its track record of developing and preserving complex affordable housing communities, Dantes Partners, in partnership with The Community Builders, was selected to redevelop the Park Morton public housing complex in the Park View neighborhood of Washington, DC – a targeted site of the District’s New Communities Initiative. The 456-unit redevelopment will be completed in multiple phases creating a mixed-income community consisting of public housing, affordable and market-rate units; and features 1-for-1 replacement of the existing public housing units. Park Morton Proper will serve as the first and second phase of the redevelopment. Phases 1 and 2 will be developed on the site of the current Park Morton Public Housing development and will include 142 multifamily units and 41 townhomes, 40 of which will be public housing replacement units. Phase 3 will include 273 units, 90 of which will be public housing replacement units. The $200 million redevelopment is slated to begin in 2022. The DC Housing Authority is a joint venture development partner and co-owner. The project will be funded by DC Housing Finance Agency, New Communities Initiative Fund – via The Deputy Mayor of Planning and Economic Development and 4% LIHTC equity.

Park Morton will become part of a new mixed-income and mixed-use development along highly trafficked Georgia Avenue Corridor. This includes a proposed new development utilizing a city-owned site to create a mixed-income community that includes replacing all of the existing units at Park Morton, and the redevelopment of the existing Park Morton Site.

Brooklyn, NY

Dantes Partners, in partnership with Douglaston Development, L&M Development Partners, and SMJ Development, will renovate and preserve 1,922 affordable housing units across 22 residential buildings in the East New York neighborhood in Brooklyn, New York. In partnership with the New York City Housing Authority (NYCHA) under its Permanent Affordability Commitment Together (PACT) program, the units will convert to the Project-Based Section 8 housing. The anticipated project rehabilitation, worth over $534 million, will cover physical improvements that will not only enhance the quality of life for residents but also create new employment opportunities while at the same time prolong the life of the assets for years to come. Improvements include upgrades to elevators, mechanical systems, façade repairs, roof replacements, common areas, renovations to apartments including new kitchens, bathrooms, flooring, safety enhancements by upgrading entries, increased lighting, and new security systems, landscape improvements, and upgrades to the existing Community Center. Residents will also benefit from expanded social support services to include resident services for both seniors and young adults, and workforce development for those seeking career advancement.

New York, NY

Dantes Partners, as sole developer, was selected by the New York City Housing Authority (NYCHA) to upgrade and preserve much-needed affordable housing while creating new employment opportunities in the Harlem/Washington Heights neighborhood. As part of NYCHA’s Permanent Affordability Commitment Together (PACT) program, the project includes 557 units across 3 high-rise buildings – all located within a block of one another along Amsterdam Avenue.

Audubon Houses (a mix of families and seniors) consists of 167 income restricted units, Bethune Gardens (seniors) consist of 210 income restricted units, and Marshall Plaza (seniors) consist of 180 income restricted units. Audubon Houses and Bethune Gardens were also listed on the National Register for Historical Places in 2022, which enabled the development team to secure approximately $22M of historic tax credit equity for the development. As part of the program, 100% of the units will be converted from Section 9 to the Section 8 program via a RAD disposition.

The anticipated project rehabilitation, which commenced following the January 2023 closing and worth over $166 million, will cover physical improvements that will enhance the quality of life for residents and improve the long-term financial viability of the properties. Improvements include building restoration (building envelope, heat and hot water, elevators, apartment renovations), safety enhancements (upgraded entries, increased lighting, improved security), and community space upgrades (landscaping, community room, laundry area). Funding will also be provided for an additional on-site Social Services Provider for an array of support services which will include but not limited to, senior services, workforce development for new employment and career advancement, and financial literacy.