Mixed-Income 'Pelham House' Project Advances With Financing In Place

PELHAM, NY — A project that will change the face of Pelham took a big step forward as financing has closed on the "Pelham House" residential development.

The deal comes as construction of the new municipal center that will house the village's fire department, police department and administrative offices, frees up space for the new mixed use development.

The Hudson Companies announced the closing of $73 million in financing for the construction of the five-story residential development that will transform the former parking lot and firehouse into a transit-oriented development with 127 mixed-income homes and 5,300 square feet of ground floor retail space.

As part of the project, the developer is building the 27,000-square-foot municipal center across the street to house the fire station, police department and administrative offices. The municipal center is expected to be completed this month, and construction for the residential project will be completed in the summer of 2027.

In 2019, a team led by a local developer, Pelham House, was awarded the opportunity to develop the site through a competitive "request for proposal" process. In 2020, Pelham House LLC formed a partnership with Hudson Companies to develop the properties.

"Hudson could not be prouder to deliver a transformational project that addresses a wide range of needs for the community with its much-needed housing and state-of-the-art Municipal Center," Hudson Companies' Joe Kohl Riggs said. "We are inspired by the Village’s initiative to revitalize this downtown corridor, Mayor Mullen and the entire Village Board of Trustees’ for their initiative to think creatively about solving New York State’s housing crisis. We are grateful for the opportunity to partner with and invest in the future of Pelham. With today’s milestone, we thank the Village of Pelham, our development partner Excelsior Development, our contractor Sisca Northeast, our architect United Design Works, and our financial and construction partners for all their tireless efforts to make this vision a reality."

Financing was provided by Santander, Related Debt Fund and equity through Hudson’s joint venture Green Fund with the New York City Employees' Retirement System and the Teachers' Retirement System of the City of New York. Sisca Northeast Associates, LLC was selected as the project's general contractor.

"Pelham House LLC is thrilled to partner with Hudson on this impactful and innovative project. From the beginning, one of our goals was to create a stunning new landmark for the Village and to help revitalize this part of the downtown," Patrick Normoyle, Pelham resident and one of the principals of Pelham House, explained. "With the imminent completion of the new Municipal Center, we think we have done just that and look forward to continuing work on the mixed-use part of the project."

Located at 217 Fifth Avenue in Pelham, Pelham Green, the residential component of the project, will provide 127 homes, with six affordable homes set aside for households earning 80 percent of area median income. Residents will have access to amenities, including a gym, roof terrace, business center, bike room, and 219 parking spaces with 60 reserved public municipal spaces.