Portfolio Partner Profile
Cooper Park Commons (Greenpoint Hospital Redevelopment)
Calvert Impact Capital has collaborated with NYCEEC, a nonprofit launched by the City of New to advance the city’s climate and economic development goals through energy efficiency financing products and services, as a co-lender for the Green Predevelopment Loan. The loan will pay for energy modeling, feasibility analysis, design drawings, and land-use approvals for the Greenpoint Hospital campus, in East Williamsburg, Brooklyn.
Featured Impact Story
The redevelopment of the Greenpoint Hospital
The redevelopment of the Greenpoint Hospital will include apartments for extremely low-income and very low-income residents and seniors, a new 200-bed homeless shelter, a community facility, and a network of new open spaces to connect the campus to the surrounding neighborhood. A partnership between St. Nick’s Alliance, Project Renewal, and Hudson Companies was designated by New York City to redevelop the site, which has been primarily vacant since 1982 when the Greenpoint Hospital was closed.
The Greenpoint Predevelopment Loan directly supports the construction of a new 310-unit residential apartment building on an unused portion of the site. As part of its low carbon footprint design, it will use only electricity for heating, cooling, hot-water production, and cooking, and draw power from a roof-mounted solar photovoltaic array. Other energy efficiency measures include LED lighting with occupancy sensors, continuous exterior insulation, and energy-star appliances.
The completed building will provide high-quality, permanently affordable housing to families earning less than 50% of Area Median Income (AMI). Over its lifetime, the project is estimated to save 125,000 metric tons more of CO2e than a conventional project construction would save.
To learn more, check out this Brownstoner article on the project.
Photos Courtesy of Architecture Outfit / Hudson Companies