Mayor Bill de Blasio’s administration has selected Jonathan Rose Companies and L+M Development Partners to develop a multi-building, affordable mixed-use project at 1691 Madison Avenue, located on most of the block bound by Park and Madison avenues and East 111th and 112th streets in East Harlem.
As presently proposed, the project, dubbed Sendero Verde, would include 655 residential units, commercial-retail space in the form of a supermarket and restaurant, and community facility space. The community components will include an 85,000-square-foot DREAM charter school, medical space operated by the Mount Sinai Health System, space for Union Settlement, and a job training hub, Politico reported.
All of the apartments will be rent-regulated and will be broken up into three brackets, the wealthiest bracket of which is expected to be “more expansive than market-rate apartments” in the neighborhood, according to Politico. Twenty-five percent of the apartments, or 163 units, will remain permanently affordable under the city’s Mandatory Inclusionary Housing law. An additional 12 percent, or 79 units, will be set aside for seniors. Handel Architects is responsible for the design. The project must be approved through the city’s Uniform Land Use Review Procedure (ULURP).