The Lirio
Update
04/05/24
Devs Land $119M Loan for Hells Kitchen Affordable Housing Project
Joint developers, Housing Works and The Hudson Companies, have just secured a $119 million loan for a 9-story, mixed-use project, set to rise at 364 West 54th Street in Manhattan's Hells Kitchen neighborhood. Primarily issued by Webster Bank, with additional contributions from Merchants Capital and Red Stone Equity Partners, this influx of capital will be used to fund most, if not, all construction costs.
Known as "The Lirio", the building will contain 112 affordable housing units, with 67 of these to be reserved for formerly homeless people (of which 59 units will be dedicated to long-term survivors of HIV/AIDS). The remaining 44 units will be offered to families.
The development will also feature 30,000 square feet of office space for the Metropolitan Transit Authority (MTA), and 9,000 square feet of ground-floor retail space. Plans additionally call for 15 open parking spaces and an enclosed garage, with enough room for 15 vehicles.
Designed by CetraRuddy, the structure will stand feet tall and total square feet. Although construction has yet to begin, work is estimated to finish sometime in 2026. The property is currently used as a parking lot and no demolition will be required.
