St Ann's Terrace

In 2007, Joy Construction acquired a three acre site in the Melrose section of the Bronx and sponsored a private re-zoning initiative that led to the property being entitled for residential use pursuant to R-7x zoning. The site was the former home of the Ebling Brewery.

Financed during one of the most challenging economic times in history, financing covered over $160 million in multifamily housing revenue bonds including the issuance and use of the first recycled tax exempt housing bonds.

The project benefited from City Capital loans, roughly $50 million of Low Income Housing Tax Credits, and three separate real estate tax abatements. It also has both low income and mid income housing as well as over 100 units of housing reserved for formerly homeless tenants.

Joy Construction executed both the construction and development of this transformative 850,000 square foot project.