Construction has broken ground at 1761 Walton Avenue, the site of a new mixed-use affordable housing building in the Mount Hope section of The Bronx. The project will debut as Mount Hope Walton Apartments and will eventually comprise 103 income-restricted apartments and a 9,500-square-foot community gymnasium.
The developers responsible for the project include Procida Development Group and Mt. Hope Housing Corporation.
“Mixed-use, community-focused housing developments are vital to tackling our housing shortage while also preserving neighborhoods for long-term residents, which is at the heart of ‘Housing Our Neighbors,’ a citywide blueprint for housing and homelessness,” said New York City chief housing officer Jessica Katz. These 103 new affordable apartments and the new gym will strengthen the Mount Hope neighborhood, help our neighbors experiencing homelessness, and better support the community’s current and future residents.”
Designed by Aufgang Architects, the building will top out at 14 stories and comprise roughly 102,500 square feet. The façade of the building will feature a mix of red and tan masonry and white cladding at the uppermost levels.
The building is also designed to meet the latest Enterprise Green Communities requirements for energy and water conservation. Energy-efficient facilities include high efficiency condensing boilers, variable speed pumps, high-output baseboard radiators, energy recovery ventilators, and variable refrigerant flow systems.
Within the building, the residential component will occupy about 94,000 square feet. A total of 16 units will be reserved for the formerly homeless, while the rest are reserved for households at or below 80 percent Area Median Income (AMI). Floorplans will range from one- to three-bedroom apartments.
Amenity spaces include laundry facilities, two indoor recreation rooms, an outdoor terrace, and bicycle storage.
Alternative rendering of 1761 Walton Avenue
Total development costs are estimated at $55 million. State financing for Mount Hope Walton Apartments include Federal Low-Income Housing Tax Credits that will generate $23 million equity and $2.6 million in subsidy from New York State Homes and Community Renewal.
Funding from New York City agencies include $15.8 million from the Department of Housing Preservation and Development (HPD) through the Mix and Match program. The New York City Economic Development Corporation (EDC) also deeded city-owned land to Mount Hope Housing for the development. The New York City Council and Borough President provided $2.25 million in combined Reso A funding. Additional financing is being provided by Webster National Bank.
“Every New Yorker deserves high-quality affordable housing, and this new housing development is part of my administration’s commitment to increase the supply of high-quality housing across the Bronx,” said Governor Kathy Hochul. “This $55 million mixed-use development will enhance the neighborhood, improve the lives of its residents, and strengthen the community they call home.”
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Is this neighborhood overbuilt? Drive around on a Friday or Saturday night and come to your own conclusion.
Hello,
I’m very interested in your new upcoming renovated development.
Can you list the price range for 1 bedroom apartments?
Thank you very much