Posted Aug 27, 2010, 3:31 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://www.observer.com/2010/real-es...verside-center
Extell Ups Below-Market Rate Housing at Riverside Center
By Eliot Brown
August 26, 2010
Quote:
Extell Development has increased the level of below-market rate housing to go in its planned Riverside Center mega-development, a 2,500-unit project planned for the western reaches of the Upper West Side.
Based on Extell submissions to the Department of City Planning filed last week, the developer apparently intends to increase the level to 20 percent of the units, up from 12 percent. The paperwork filed shows that Extell plans to rezone the area, by the West Side Highway and 59th Street to qualify for the city's inclusionary zoning program, which gives an extra density bonus in exchange for low- or moderate-income housing.
The move is all part of the negotiating dance toward an approval. Extell is in the midst of the city's seven-month review process, and the community board recently weighed in with a large number of criticisms over density and other issues (notably, they want one of the towers to be removed).
The housing issue is one that was expected, given that 12 percent is rather low for developments these days (but was more customary back when the larger Riverside South area was initially planned). In addition, it was urged by City Planning director Amanda Burden.
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