Real Estate Development

palacio dorado in puerto rico

Acacia Network’s vision of healthy communities is deeply connected to high-quality, affordable housing. As a mission-driven developer, Acacia Real Estate Development provides much needed housing to at-risk populations and/or rehabilitates properties with complex challenges that are in need of retrofitting and upgrading.

Some of the projects currently in progress include:

  • Palmetto Gardens, Bushwick II and Hope Gardens – Brooklyn, NYC: Rehabilitation, modernization and upgrading of 1,321 units as part of the NextGeneration NYCHA plan. Acacia, in partnership with Pennrose, is utilizing programs such as the Rental Assistance Demonstration (“RAD”) program and the Low Income Housing Tax Credit Program (LIHTC) to safeguard long-term housing assistance, improve and modernize the buildings, and stabilize developments by placing them on a more secure and solid financial footing, while providing much-needed social and community services to the residents.
  • Sendero Verde – East Harlem, NYC: A mixed-use affordable housing development in partnership with Jonathan Rose Companies and L+M Development Partners, featuring 708 affordable units, as well as community, education, and social services, and community gardens.
  • La Plaza de Virginia – Buffalo, NY: An affordable housing development featuring 46 units for seniors 55 years of age and older. This project closed on financing in December 2020 and construction commenced in early 2021.
  • Palacio Dorado – Toa Alta, PR: An affordable housing complex developed by Acacia Network in Puerto Rico for seniors ages 62 and older; we recently applied for funding through the Community Development Block Grant – Disaster Relief (CDBG-DR) to make improvements such as solar panels, air conditioning in community rooms, and more. In September 2020, this project was awarded an ENERGY STAR Score of 100, which means it is more energy efficient than 100% of similar properties nationwide.
  • Resilient Prototype Home – Caguas, PR: A project that aims to provide long-term sustainable, green, and resilient housing for low-moderate income families, while creating a scalable model for implementation across the island and in other disaster and non-disaster areas.