Updated renderings have been revealed for 475 Bay Street, a 12-story affordable housing property in Stapleton, Staten Island. Designed by GF55 Partners and developed by BFC Partners, the 250,000-square-foot structure will yield 269 units.
The residential collection includes 131 apartments set aside for households at or below 80 percent area median income (AMI). In practice, that equates a family of three with an annual income of $85,920. An additional 138 units will be set aside for formerly homeless seniors and households at or below 30 percent AMI.
Planned amenities include outdoor roof decks, a fitness center, a children’s playroom, a communal lounge, and a collection of spaces designated for use by elderly residents. The latter includes a multi-function screening room, recreational space, and on-site supportive services provided by Selfhelp Community Services.
The latest renderings depict a ground level enclosed in floor-to-ceiling glass that abruptly transitions to a gray brick façade. Above the sixth level, the massing sets back to make room for several outdoor terraces. Additional outdoor areas are positioned above the 12th floor.
The development is the latest component of the Bay Street Corridor Neighborhood Plan, an initiative launched by New York City, private developers, and community groups to create new affordable housing properties, public open spaces, local retail and small business opportunities, and employment for community residents. All of the planned developments will take shape within a rezoned corridor surrounding Bay Street.
“As the first project to break ground on this newly rezoned piece of Bay Street, this development will pave the way for necessary development in the neighborhood,” said Joseph Ferrara, principal of BFC Partners. “BFC Partners is committed to the borough, and this latest project demonstrates our continued investment in the North Shore of Staten Island.”
Total construction costs for 475 Bay Street are estimated at $151 million. Financing for the project includes a first mortgage loan of $99,865,000 from New York State Housing Finance Agency. The developers have also secured an annual subsidy from the New York State Empire State Supportive Housing Initiative for the provision of housing to frail and older adult residents.