Posted Jan 9, 2021, 4:36 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 46,735
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Developers Secure $349M For Bronx Point Affordable Housing Complex, In The South Bronx
Quote:
L+M Development Partners, Type A Projects, BronxWorks, and the City of New York have closed on $349 million financing package to complete phase one of Bronx Point, a new mixed-use affordable housing complex in the South Bronx. As a public-private partnership, the financing entities include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, Empire State Development, Wells Fargo, and additional private funding sources.
The overall funding includes $323.5 million for the building, along with $25.5 million from the NYC Economic Development Corporation for the construction of a waterfront esplanade along the Harlem River.
“A critical component to making our city fairer is strengthening neighborhoods for all New Yorkers,” said James Patchett, president and CEO of New York City Economic Development Corporation. “Today marks a major step toward advancing the administration’s key investments in the South Bronx. By bringing affordable housing, waterfront access, and a range of cultural facilities, we are creating a more equitable New York.”
Phase one of the development includes 542 units of permanently affordable housing. Qualifying households include those in incomes at 30 percent to 120 percent of the area median income. A portion of the units will also be reserved for the formerly homeless.
The mix of apartment layouts will include 135 studios, 192 one-bedrooms, 122 two-bedrooms, and 93 three-bedrooms. Occupants will have access to a private outdoor terrace, laundry facilities, a children’s room, a community lounge, a bike storage room, and a fitness center.
Additional components of phase one include 2.8 acres of public outdoor space, a permanent home for the Universal Hip Hop Museum, and an early childhood space run by BronxWorks. The development will also support a vibrant mix of cultural and community-focused programs and outdoor science programming facilitated by the Billion Oyster Project.
“For years, we’ve wanted a permanent home in The Bronx—the birthplace of hip hop—and we are proud to be a part of Bronx Point, which will be one of the great new destinations of the borough,” said Kurtis Blow, an award-winning hip-hop artist and chairman emeritus of the Universal Hip Hop Museum. “Hip hop grew from a seed that was planted at a house party on Sedgwick Avenue into a global movement, and our museum will celebrate that journey and the Bronx’s place in its history. For all those who rose with us and followed in our footsteps: this museum will be for you, forever.”
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Overall, Bronx Point will include up to 1,045 apartment units. Construction on phase one is expected to break ground in the coming weeks and be completed by late 2023.
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