Funding issues have stalled the redevelopment of the massive Kingsbridge Armory in the Bronx, but a sizable affordable housing project is in the works across the street at 2700 Jerome Avenue. Yesterday, developer Alan Bell of B&B Urban filed applications for a 13-story building with a mix of affordable units, supportive housing, and retail on a lot next to the Kingsbridge Road stop on the elevated 4 train.
The 120-foot-tall development would bring 137 apartments to a sizable site between Kingsbridge Road and West 195th Street in Kingsbridge Heights.
The developer told Norwood News that 30 percent of the apartments would be reserved for formerly homeless tenants. Another 55 percent would go to low-income households who make less than 60 percent of the Area Median Income, which is $51,780 for a family of four. The remaining apartments would rent to middle-income families, or those who earn no more than 90 percent AMI ($71,760 for a four-person family).
Bell is likely financing the project through the ELLA program, which offers federal tax credits and loans for developers building lower income housing. ELLA requires specific rents for the low-income units. Rents would be capped at $822 for studios, $882 for one-bedrooms, $1,065 for two-bedrooms, and $1,224 for three-bedrooms, according to the city’s term sheet.
2700 Jerome will hold 91,315 square feet of residential space, 41,785 square feet of community facilities (the units for the formerly homeless), and 1,235 square feet of ground floor retail.
Current plans call for a 27-car garage on the ground floor. But Bell hopes that the city will waive his parking under new zoning rules meant to encourage affordable housing development. If he gets the waiver, he could build 5,600 square feet of retail and a backyard. Back in 2011, he told Streetsblog that he’d walked away from several affordable projects because it would cost too much to build the required amount of parking.
Bell co-founded Hudson Companies in 1986 and left a few years ago to focus on his own firm, which is also known as B&B Supportive. They picked up the 19,500-square-foot site for $5.75 million a year ago.
Michael Gelfand’s MHG Architects will be responsible for the design.
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I can’t understand why the city would build that type of housing in an area that already isn’t that great and trying to improve with the Ice Center.
Why not? Maybe the goal is to not further displace existing residents and to try to keep the neighborhood diverse?
Jonathan – because the city doesn’t really care. Such a shame because a generation ago that was a solid middle class area. Then we all know what happened in the 1970’s. Sad indeed that it seems the city wants to fight this area becoming middle class again.
This is still mixed income housing. There’s nothing wrong with maintaining socioeconomic diversity.
Good density here. This is how I imagine much if the Bronx. The borough of apartment buildings.
Except this area hasn’t been maintained… It’s been lowered slowly but surely. Again this was solidly middle class. The houses in the area were lovely as well. It wasn’t “just” buildings. Te buildings built were also middle class. Socio economically this was basically like Sheepshead Bay is now.