TerraNueva

TerraNueva is NYC HPD’s RFP-winning vision for equitable, resilient development on Inwood’s last publicly owned waterfront. It reclaims the Harlem River edge as a place for families to live, learn, and thrive — bringing together community priorities, climate-forward design, and long-term public benefit.

Design & Program

A 517-unit, 100% affordable mixed-use development on a 70,942 SF waterfront site in Inwood. Designed in response to NYC HPD’s Inwood 9th Avenue RFP, TerraNueva delivers deeply affordable housing, a STEM workforce center in partnership with SolarOne, and a 1.4-acre public esplanade along the Harlem River.

The project is fully publicly financed with $456.3M TDC and no developer equity. The building rises 24 stories, balancing zoning compliance with comfort, openness, and public accessibility. The first two floors house the STEM Center and commercial spaces, creating a transparent and welcoming base along 9th Avenue. Residential floors follow with a 10-foot height for spatial efficiency and livability.

Financial Strategy

The capital stack is structured using 4% LIHTC and SLIHC equity ($128.7M), HFA first mortgage ($111.4M), HPD/HDC ELLA ($76.9M), HCR programs ($93M), and NYSERDA grants. The 15-year operating pro forma projects $10.2M stabilized NOI, 4.6% yield on cost, and DSCR growing from 1.15 to 1.42.

The unit mix spans five AMI bands (37–100%) plus a 15% formerly homeless set-aside, programming 517 units with over 55% two-bedroom or larger. Market analysis including rent burden data and comparable affordable projects validated demand.

Community & Public Benefit

TerraNueva’s public waterfront is anchored by Stokely Carmichael Park — a 1.4-acre continuous esplanade with shaded seating, a children’s playground, a boathouse for the local rowing community, and a 40-foot-wide public shorewalk. The ground floor retail program is shaped by community input, including a grocery store, pharmacy, and riverfront cafe.

The 23,915 SF STEM Center, developed in partnership with SolarOne, offers hands-on training in solar installation, high-efficiency HVAC systems, and electrical work for both adults and K–12 students — directly supporting NYC’s goal of creating 400,000 green jobs by 2050.

The development is 100% electric and Passive House certified, with a high-performance envelope that dramatically reduces energy consumption and carbon emissions. Every design decision treats sustainability not as an add-on but as the project’s structural logic.