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.