New York City Council Approves Bronx Point Mixed-Use Project
John Jordan | October 18, 2017
NEW YORK—The New York City Council approved the massive Bronx Point project along the Harlem River waterfront in the South Bronx on Oct. 17th that will be led by a Larchmont-based developer, which will bring approximately 1,000 new housing units to the area as well as a new school and hip-hop museum.
City officials announced on Sept. 22 that L+M Development Partners of Larchmont and Type A Projects of New York City was selected to develop Bronx Point. The multi-phased project will also include a state-of-the-art multiplex theater, community space, educational programming, a neighborhood food hall and incubator. The City Council’s approval marked the final step in the city’s Uniform Land Use Review Procedure process.
The project is to be developed on one of the largest city-owned vacant parcels in the Bronx. Located in the Lower Concourse, the site is adjacent to Mill Pond Park and the 145th Street Bridge that connects the Bronx to Upper Manhattan and is nearby the 149th Street corridor where Hostos College, the Bronx General Post Office, and Lincoln Hospital are located.
Bronx Point is a key component of a $194 million capital investment strategy for the Lower Concourse neighborhood, announced by the de Blasio Administration in 2015 and led by NYCEDC. The unprecedented capital investment into the South Bronx neighborhood’s assets was developed through a two-year community process led by NYCEDC that included interactive workshops and visioning sessions to engage the local community in prioritizing the area’s needs.
Phase one is anticipated to be completed in 2022 and will include approximately 600 units of permanently affordable housing that targets households with incomes ranging from extremely low to moderate. Half of the permanently affordable housing will consist of larger, two-and three-bedroom apartments, city officials stated. Phase two is expected to commence within approximately three years after the completion of phase one.
Other components of phase one are projected to include a new waterfront esplanade, an outdoor performance space, a public plaza, a multiplex theater, community-based programming space for BronxWorks, the Universal Hip-Hop Museum, which city officials maintain will be the nation’s first brick and mortar hip-hop museum. Also planned are a food and beverage hall and incubator that will target Bronx-based small food vendors, and educational programming to be operated by organizations such as CityScience and Billion Oyster Project.
The City Council’s approval also calls for a new 572-seat school in Community School District 7 at 639 St. Ann’s Avenue and improvements to Franz Siegel Park that will include reconstruction of ballfields, recreational lighting upgrades and other enhancements.
“I am excited about the rezoning of the Lower Concourse North, which will revitalize and bring much-needed affordable housing to my district, in the South Bronx,” says City Council Speaker Melissa Mark-Viverito. “Moving forward, the Council will continue to look for ways to improve the quality of life of all New Yorkers by preserving and promoting affordable housing, and promoting cultural institutions.”
New York City Economic Development Corp. President and CEO James Patchett says, “Today’s City Council vote marks a critical milestone in our work on this dynamic project. NYCEDC is grateful for the leadership of Speaker Mark-Viverito and Bronx Borough President Diaz in moving this effort forward. We’re excited to continue our work with our partners at HPD, NYC Parks, Community Board 4, the development team and other local stakeholders.”
In the first phase, Bronx Point is expected to create more than 100 permanent jobs and approximately 915 construction jobs. The project is targeting to meet or exceed a 35% M/WBE participation goal. At full build-out, Bronx Point is expected to create more than 150 permanent jobs and more than 1,200 direct construction jobs.
“We’re honored by the opportunity to develop this extraordinary site along the South Bronx waterfront. Bronx Point will deliver hundreds of units of permanently affordable housing while establishing a destination for residents from across the borough and beyond. From a state-of-the-art multiplex theater and top-notch educational programming, to a locally-driven food hall and the first-ever brick and mortar Hip Hop Museum, we believe this is a project South Bronx residents can be proud of for years to come,” says Josue Sanchez, project director, L+M Development Partners.
Bronx Point is a key component of a $194-million capital investment strategy for the Lower Concourse neighborhood, announced by the de Blasio Administration in 2015 and led by NYCEDC. Redevelopment of the Lower Concourse North site is part of the De Blasio Administration’s commitment to establishing pedestrian connectivity along the Harlem River waterfront, furthering the goal of creating or preserving 200,000 units of affordable housing, building new infrastructure, strengthening the shoreline and creating commercial and community facilities that provide amenities and services to the surrounding neighborhood, city officials note.
Editor, Real Estate In-Depth