Habitat Co. starts first phase of 730-unit Marine Drive Apartments redevelopment

Buffalo, NY The Habitat Company, a U.S. multifamily developer and property manager, joined development partners Duvernay + Brooks and Bridges Development, an affiliate of the Buffalo Municipal Housing Authority (BMHA), along with governor Kathy Hochul, residents and community stakeholders to celebrate the start of construction on the first phase of the redevelopment of Marine Drive Apartments public housing complex. The project represents an unprecedented investment in the city’s waterfront and will preserve and expand affordable housing opportunities.

The ceremonial event marks a major milestone in a redevelopment effort years in the making. Following the development team’s acquisition of the property in late 2025, below-ground construction commenced on phase I earlier this year, and above-ground construction is now actively underway. The $250 million first phase will deliver 254 affordable apartments across four newly-constructed residential buildings and is expected to be completed in 2028.

“The start of construction at Marine Dr. is the culmination of years of collaboration, planning and commitment to ensure Buffalo residents have access to high-quality, affordable housing,” said Matt Fiascone, president of Habitat. “Since closing on the property in late 2025, our team and partners have worked diligently to advance construction, which is why seeing the first structures rise above ground level is a momentous sign of the progress being made. We are proud to celebrate this milestone alongside gov. Hochul, residents and community leaders as we continue delivering on a vision that preserves affordability and creates new opportunities for future generations.”

Built in the 1950s, the existing seven-building Marine Dr. public housing complex has served Buffalo residents for more than 70 years and now faces significant challenges associated with aging infrastructure and outdated building systems. The comprehensive three-phase redevelopment will replace the original 616 apartments with 730 new homes, creating a vibrant residential community that supports the continued revitalization of Buffalo’s waterfront while ensuring long-term housing affordability. Habitat’s “build first” approach ensures no current residents are displaced during construction, allowing them to remain in their homes until newly completed apartments are available for occupancy.

Phase I will include a mix of studio, one-, two-, three- and four-bedroom apartments affordable to households earning up to 120% of the Area Median Income (AMI). The first phase will feature four residential buildings, along with a collection of townhomes, a three-level parking structure, 5,000 s/f of retail and commercial space and extensive site improvements designed to support future phases of development.

The Phase I buildings will be fully electric and include energy-efficient appliances, water-conserving plumbing fixtures, LED lighting and Energy Recovery Ventilation systems that improve indoor air quality. The new homes will feature enhanced accessibility throughout, including 27 apartments designed to accommodate residents with mobility disabilities and seven apartments designed for residents with sensory disabilities.

When completed, the full $600 million multi-phase redevelopment will represent one of the largest affordable housing investments in Buffalo’s history. In addition to creating hundreds of new homes, the project will include substantial infrastructure improvements, including upgraded electrical systems, sewer and water lines, enhanced streetscapes, publicly accessible open space and parking facilities.

“This transformative project will have a positive ripple effect well beyond its first residents,” said Jeff Head, vice president of development at Habitat Affordable Group. “Through strong public-private partnerships, visionary leadership on the local and state level and ongoing engagement with residents, our team is creating a community that will provide safe, modern and accessible housing while preserving the affordability and sense of inclusiveness and community that have defined Canalside for decades.”

The redevelopment at Marine Drive advances New York State’s broader affordable housing objectives. Under gov. Hochul, New York State Homes and Community Renewal (HCR) has created or preserved more than 11,600 affordable homes in Erie County, including more than 8,300 in the city of Buffalo. Marine Drive Phase I is part of the governor’s $25 billion five-year Housing Plan, which is on track to create or preserve 100,000 affordable homes statewide.

Marine Drive Phase I financing includes HCR’s Federal Low-Income Housing Tax Credit program, which is expected to generate approximately $81 million in equity; the State Low-Income Housing Tax Credit program, which is expected to generate approximately $18 million in equity; and $93 million in direct subsidy support. The project also benefited from participation in the New York State Department of Environmental Conservation’s Brownfield Cleanup Program, making the development eligible for approximately $31.6 million in tax credits administered by the New York State Department of Taxation and Finance. Additional funding includes $4 million in capital support from the Buffalo Municipal Housing Authority, $2 million in HOME funding from the Buffalo Urban Renewal Agency and $900,000 in infrastructure funding from the city of Buffalo.

The Marine Drive redevelopment being undertaken by Habitat in partnership with Duvernay + Brooks and Bridges Development, an affiliate of BMHA, is supported by New York State Homes and Community Renewal, Enterprise Community Partners, M&T Bank, HUD, the city of Buffalo and numerous public and private stakeholders committed to advancing affordable housing, economic opportunity and waterfront revitalization in Buffalo.