The total development budget for the Lee is $59 million, including an $11-million acquisition cost. According to the US Green Building Council, a one-time investment of less than 4% of initial costs can increase energy efficiency over standard building code practices by up to 30%. Through reduced water usage and energy savings alone, Common Ground projects a minimum of 20% savings in utility expenses.

Scheduled for completion by the end of 2008, the 99,000-sf residence is named for Lee Larson, president of the Larson Family Foundation. Guests at the ground-breaking ceremony were greeted by Peter Ezersky, chairman of Common Ground's board of directors, who introduced the speakers: Rosanne Haggerty, founder and president, Common Ground; Peter Larson, Larson Family Foundation; David Hansell, commissioner of the NYC Office of Temporary and Disability Assistance; Laura Lazarus, deputy commissioner of Housing Prevention & Development; Emily Youssouf, president of NYC Housing Development Corp.; Alfred A. DelliBovi, president of Federal Home Loan Bank; Vanessa Fuentes, Common Ground resident; Susan M. Hyman, VP of Community Development Real Estate, JPMorgan Chase; and Thomas Maxwell, principal of MMA Financial.

Common Ground will reserve 104 units for formerly homeless individuals, 105 units for low-income workers, and 54 units for young adults at risk for homelessness. On-site support services will be provided by the Center for Urban Community Services and the Door, an affiliate of University Settlement House.

“OTDA and Common Ground have a shared vision of helping low-income people and those with special needs to achieve their greatest level of self sufficiency, which is why this is such a strong partnership,” notes OTDA commissioner David Hansell. “Supportive housing projects like the Lee Residence offer more than shelter; they provide hope for a brighter future.”

In addition to a major contribution by the Larson Family Foundation, the project was creatively funded through tax-exempt bonds for construction financing from NYC's Housing Development Corp. and a letter of credit enhancing the bonds provided by J.P. Morgan. Other sources of construction financing include the NYC Department of Housing Preservation and Development, the New York State Homeless Housing Assistance Corp., the Federal Home Loan Bank of New York, Manhattan Borough President Scott Stringer, the New York City Council, HSBC Bank USA, N.A., and equity raised by MMA through the syndication of low-income housing tax credits. Funding from the New York State Energy Research and Development Authority, as well as private funds raised by Common Ground, will help defray the cost of the project's green elements.

“Common Ground is committed to building supportive housing at the highest standard of architecture and design,” notes Rosanne Haggerty, founder and president of Common Ground. “The Lee will not only help transform the lives of a vulnerable population, it will enhance the well being of the surrounding community.”

HPD commissioner Shaun Donovan notes that “Mayor Bloomberg is committed to creating 12,000 units of supportive housing through his Campaign to End Homelessness and the New York/New York III agreement. This goal cannot be accomplished without the partnership of not-for-profits like Common Ground, a leader in the development of supportive housing. The Lee demonstrates that sustainability can be successfully integrated with affordability and should no longer be considered a luxury available to only a few New Yorkers.”