L+M Development Partners has made it its primary business to develop mixed-income and affordable housing projects in greater New York and as far away as New Orleans and San Francisco. Because of its savvy use of housing tax credits and other initiatives, as well as a stated commitment to enhance communities where it builds, the firm has been named ENR New York's Owner of the Year.
Within ENR New York's preliminary Top Starts rankings, L+M has three projects worth a combined $660 million, according to Dodge Analytics. Two of those preliminary Top Starts for 2018 are both in Essex Crossing, which will contain a 50/50 mix of affordable and market-rate units; the third Top Start is another mixed-income project on Coney Island.
The firm's other notable projects that broke ground in 2018 include the $75M mixed-use project at the old Bell Telephone Company building in Newark, N.J. And in 2019, L+M slated to break ground on Bronx Point, a 1000-unit affordable housing complex that will also house the Universal Hip Hop Museum.
L+M also calls itself “the first developer to integrate federal low-income housing tax credits with New York City’s Vacant Building Program” and says it works “with national government and financial institutions to create new programs that utilize private activity bonds and the as-of right tax credits that accompany them.” The firm says it builds mixed-income and affordable housing projects to “improve the neighborhoods in which it works.”
ENR New York will report more details in the Owner of the Year feature story publishing in the March 18-25, 2019, print issue. The same edition will include our final Top Starts rankings.