New York City Mayor Eric Adams has announced the next stage in the long-term vision for Coney Island, a project set to deliver about 1,100 new homes, which will include more than 720 affordable and supportive homes. Along with these residences, approximately 10,700 square feet of commercial space and roughly 9,700 square feet of community facility space will be developed. In a push for more family-friendly neighborhoods from Coney Island to Inwood, this announcement is part of the "City of Yes for Families" plan, an attempt to address New York's housing needs with a target of creating 500,000 new homes by 2032, according to a statement from the NYC Mayor's Office.
Mayor Adams has partnered with BFC Partners Development LLC for Coney Island Phase III, seeding the project with over $90 million in city subsidies and a construction loan of $116 million supported by bonds issued by the New York City Housing Development Corporation (HDC). Furthermore, a collaboration with Settlement Housing Fund Inc. will add 178 units of affordable and supportive housing in an adjacent development known as the Coney Landing Project. Also, the city is in the process of selecting a developer to build over 500 new units of housing on a city-owned lot along Surf Avenue, with the expectation to have a choice by year-end. Mayor Adams was quoted saying, "Finding a home in Coney Island should not be a rollercoaster ride. That’s why we’re creating 1,100 new homes in this neighborhood so that more families can live in this iconic New York City community," as per the news release from NYC Mayor's Office.
The city is also investing in new infrastructure, including a $42 million renovation of the Abe Stark Sports Center, to accompany the residential development. The area has seen a general uplift with recent projects such as the construction of the Surf Vets Place and Raven Hall affordable housing developments. In addition to residential growth, infrastructure improvements like the newly completed Ocean Way and West 20th street openings support the developing beachfront district, where the intent is to foster an environment where residents and visitors can thrive economically and socially.
The revitalization efforts in Coney Island can be traced back to the 2009 rezoning, with public investment surpassing $750 million over the past 15+ years. This sum has been pumped into new homes, neighborhood infrastructure, and the amusement district. “At BFC Partners, we remain committed to building and preserving high-quality affordable housing," Win Wharton, principal at BFC Partners, explained, emphasizing the importance of projects like Coney Phase III in strengthening New York City neighborhoods. Judy Herbstman, president of Settlement Housing Fund, highlighted their project's emphasis not only on affordability but also on inclusivity and sustainability, stating, “We’re especially proud that our supportive housing units will be LGBTQ+ affirming, with dedicated on-site services provided by the Jericho Project, tailored to the unique needs of our supportive housing residents," according to the news release from NYC Mayor's Office.
The City of New York is making strides toward meeting Mayor Adams' ambitious housing goals, including the passage of "City of Yes for Housing Opportunity" aiming to build 80,000 new homes and invest $5 billion in essential infrastructure over 15 years. The most recent city budget fortifies the thrust for affordable housing with an allocation of $2 billion in capital funds across the next two fiscal years to housing development entities such as HPD and NYCHA, as noted by the NYC Mayor's Office.
