Bronx Pro Group and Curtis + Ginsberg Architects have partnered on an eight-story, mixed-use development at 4697 Third Avenue in Fordham, The Bronx. The affordable housing development, which will contain both residential and retail components, will join a number of other projects the two firms have collaborated on in underrepresented neighborhoods of the borough in 2019.
Located between East 188th Street and Cyrus Place, the project is currently in pre-development. If it is approved, the building will contain 53 rental units and approximately 11,000 square feet of ground-floor retail space. Available apartments include eight studios, 19 one-bedrooms, 18 two-bedrooms, and seven three-bedroom units. As an affordable development, 83 percent of the units will be reserved for occupants at a maximum of 60 percent of Area Median Income (AMI). The remaining units will be marketed to individuals and households between 80 and 100 percent AMI.
The building will also be constructed within strict sustainable design parameters to achieve Passive House accreditation.
The total development cost is estimated at $23.6 million. According to Bronx Pro Group, the project is expected to be financed under the Department of Housing Preservation and Development‘s Extremely Low and Income Affordable Program (ELLA) as well as a loan from the agency, a private bank loan, tax credit equity, an enforcement mortgage, a deferred developer fee, and sale proceeds from the retail component.
Timeframes for construction have not been announced. Demolition will likely not be required as the lot is vacant.