Albanese celebrates opening of $38 million Phase 1 of Wyandanch Village; Beatty Harvey Coco was architect; A3 Construction was builder

Joined by their public and private partners, the Albanese Org. opened the doors of 40 Station D., the first building in Phase 1 of Wyandanch Village. Russell Albanese, chairman of the Albanese Org., which is the master developer for the Wyandanch Rising Initiative, Babylon town supervisor Richard Schaffer, Suffolk County executive Steven Bellone, Gregory Watson, representing Darryl Towns, commissioner and CEO of NYS Homes and Community Renewal, participated in the ceremonial ribbon cutting. The team for the $38 million project includes Beatty Harvey Coco Architects, LLP as the architect and A3 Construction as the builder. "It seemed most fitting to welcome the community to celebrate the Grand Opening of 40 Station Dr. in conjunction with Earth Day," said Albanese. "Not only are we proud of the many sustainable features that have been incorporated into the development of 40 Station Dr., but Wyandanch Village, as a walkable Transit Oriented Development reflecting Smart Growth principles, serves as a model for future community development on Long Island." Bellone, who began efforts on what is known as Wyandanch Rising when he was town supervisor, said, "This a great day for the hamlet of Wyandanch and for Suffolk County. From the inception of the Wyandanch Rising initiative a decade ago, we now have the creation of Wyandanch Village. This development serves as model for the region as to how to leverage community vision, private investment and municipal leadership to support much needed economic development initiatives. The Albanese organization is to be commended for their commitment to uplifting communities and creating sustainable development." Rich Schaffer, supervisor of the Town of Babylon joined in praise of the efforts when he said, "Today is a historic day for our region, as we open the doors to Wyandanch Village. This grand opening shows the success of the Town's initiative to revitalize a key downtown area through private-public partnerships in ways that make sense for the surrounding community. This is a true model for development in our area and I thank the Albanese Organization for their role in this landmark project. 40 Station Dr. is a promising sign of things to come for Wyandanch." NYS Homes and Community Renewal played an instrumental role in coordinating the financing of both 40 Station Dr. and 10 Station Dr., which is under construction. Gregory Watson, representing Towns, New York State Homes & Community Renewal Commissioner and CEO said, "It is gratifying for us as public servants to see the bricks and mortar results of our collective efforts. It is so much more gratifying for the residents. Wyandanch is indeed rising. It took multiple state agencies and the Regional Economic Development Council, working in concert with the County and Town, and all of our private partners to see the success of Wyandanch Village as this sustainable thriving community hub. And I know we will be here soon again to celebrate the ribbon cutting for Building B." The Wyandanch community is advancing with the completion of Building A and the active construction of Building B of Wyandanch Rising in the Town of Babylon. With the first phase, more than 177 apartments in two buildings will anchor the transit-oriented development. The retail and residential components of Wyandanch Rising will support a sustainable, community-centric 40-acre $500 million neighborhood - Wyandanch Village. Building A, formally known as 40 Station Dr., completed in February, has a total of 91 units, with 61 units with rents tied to household income. Gross rents for the affordable units range from $993 to $2,364 a month, and the remaining 30 apartments are available at market rents. There is also a commercial component to the complex which is in the process of being leased. New York State Homes and Community Renewal allocated $18 million in housing tax credits and a $2 million loan from the Housing Trust Fund for Building A. That is in addition to $1.7 million in critical infrastructure financing from Suffolk County and $14 million in private resources. Building B, known as 10 Station Dr., is more than 35% complete and will provide for 86 units of multifamily housing. Fifty-three of the units are expected to be occupied by households with incomes at or below 60% of the Area Median Income and nine units will be set aside for households with incomes at our below 90% of the America Median Income. The additional twenty-four units will be available at market rate. Building B will also have a retail component on its ground floor to further sustain economic engagement and create jobs. Building B is financed with more than $26 million in tax exempt bonds and $1.7 million in a subsidy loan. Additional financing included: $1.9 million in a Suffolk County Infrastructure Loan; $330,000 from the Town of Babylon Home Program Loan; $1 million through the Neighborhood Stabilization funds with the balance from private resources. "Capital One Bank is a proud partner in developing 40 Station Drive. This is a tremendous opportunity to invest in Wyandanch Rising by creating affordable housing and additional jobs," said Desiree Francis, senior vice president, community finance, Capital One Bank. "At Capital One, we believe investing in affordable housing is about more than financing housing. It's about investing in economic opportunities for individuals, families and communities." Following the official ribbon cutting, the community and the new residents were invited to participate in a family-friendly day including a farmers market, reading room, face painter, arts & crafts, an electric car demo. Tours of the model apartment as well as the available retail space were conducted throughout the day's events. Shown (from left) are: Christopher Albanese, President of Albanese Organization, Vincent M. Albanese, Co-Founder and Vice Chairman of Albanese Organization, Vanessa Pugh, Suffolk County DOLLCA Chief Deputy Commissioner, George Aridas, Executive Vice President of Albanese Organization, Russell Albanese, Chairman of Albanese Organization, Gregory Watson, Assistant Commissioner NY State Homes and Community Renewal, Rev. Dr. Robert Alexander, Pastor of New Shiloh Baptist Church, Steve Bellone, Suffolk County Executive, Jacqueline Gordon, Town of Babylon Councilwoman, Richard Schaffer, Supervisor Town of Babylon, Rev. David Solomon, Implementation Committee, Stephanie Williams, Implementation Committee, Phyllis Henry, Implementation Committee, DuWayne Gregory, Presiding Officer of Suffolk County Legislature, Kimberly Jean-Pierre, Assemblywoman 11th AD, and Risco Mention-Lewis, Deputy Police Commissioner