Construction has officially wrapped up on a 12-story affordable housing development in the Mott Haven community of The Bronx. Located at 869 East 147th Street, the new “MLK Plaza” is the culmination of a partnership between private entity Radson Development, along with the city’s Housing Development Corporation (HDC) and the Department of Housing Preservation and Development (HPD).
MLK Plaza is one of the first projects to be completed under the city’s Mandatory Inclusionary Housing (MIH) amendment and will eventually offer housing to a range of income levels. All 167 units, ranging from studio to three-bedroom layouts, will come to market as permanently affordable. Amenities include a 722-square foot floor community room and a landscaped roof deck.
“MLK Plaza is a testament to our efforts to create new housing units and keep our borough and our city affordable,” said Bronx Borough President Ruben Diaz, Jr. “MLK Plaza will not only provide necessary affordable housing units for the borough but considering that permanent supportive housing is the key to preventing recurring homelessness, these new units will also help alleviate the homelessness problem.”
Total construction cost is approximately $64 million with funding sources that include government bonds, corporate subsidies, and more than $22 million invested by HSBC Bank.