The team behind the La Central Development has closed a deal for financing towards the construction of their massive mixed-use project in the Melrose Community of the South Bronx. This is one of the largest mixed-income projects currently under construction in New York City. Once complete, the project will span 1.1 million square feet, with five buildings and 992 units entirely devoted to affordable housing.
A public skate park and 25,000 square feet of retail space will also be included. The first phase was closed in 2016, and the final project is expected to receive financing by 2019. The total construction cost is expected to reach approximately $600 million.
$335 million has been secured for the construction of phase two of three for the project, which will include buildings at 556 and 600 Bergen Avenue. Combined, they will yield 496 units, a 50,000 square feet YMCA facility, the second studio for BronxNet TV, a Grow NYC rooftop garden, as well as space for retail on the ground floor. Solar panels will be built on the rooftop, with an estimated output of 250,000 watts.
Apartments will be awarded by lottery to those earning 30 to 100 percent of the NYC area median income. It is unclear when the application process will begin.
“Transforming our remaining City-owned sites into affordable housing is a key strategy of Housing New York. This next phase of La Central brings 496 affordable, sustainable and resilient homes to this vibrant Bronx community, along with a host of other amenities, including a YMCA that will give residents access to healthy lifestyle choices,” said Housing Preservation and Development Commissioner Maria Torres-Springer.
Construction for phase one started in the summer of 2017. Phase three is expected to see groundbreaking in eighteen to twenty-four months.
The Hudson Cos., BRP Companies, ELH-TKC LLC, Breaking Ground, and Comunilife are developing La Central. MHG Architects, FXFOWLE, and Future Green Studio are responsible for designing the complex.