What was formerly a vacant parcel at 4697 Third Avenue in the Bronx, will be transformed into a thriving affordable, sustainable mixed-use, mixed-income housing community. The project supports Mayor de Blasio’s goal to provide housing to a broad range of income bands. It is designed and constructed to a rigorous Passive House standard that will significantly reduce the development’s environmental impact. The building activates healthy living conditions through active design, quality indoor air systems and building uses that feature fitness and exercise elements. The ground-floor commercial space enlivens the retail corridor and the space will be leased to a tenant who can contribute to the health and vitality of the neighborhood.
The project will be developed by Bronx Pro Group and managed and built by their affiliates TPM Management and Home Builders 1 LP. The company is a neighborhood-based developer with an established track record in development and a sustained commitment to investing in community development strategies. Bronx Pro is complemented by the design expertise of architects Curtis + Ginsburg, as well as by the building-science skill of Steven Winters Associates and engineering services of AKRF, Rodkin Cardinal and DeNardis Engineering. This team has a proven skill set to execute a project of the size and scope put forth in this proposal. This team successfully designed and built a Passive House, financed by HPD’s NCP program at 3365 Third Avenue in the Bronx.
The project is expected to be financed under the HPD Extremely Low- and Income Affordable Program (ELLA) utilizing a Bank Loan, a NYC HPD loan, tax credit equity, an enforcement mortgage, deferred developer fee and sale proceeds from the retail condominium. The total development cost is estimated at $23.6 million.
The 8-story building will contain approximately 11,000 SF of retail space and 53 apartments including 8 Studio’s, 19 one-bedrooms, 18 two-bedrooms and 7 three-bedrooms. The rents and Incomes on 83% of the units are expected to be restricted to a maximum of 60% of AMI and 17% of the units are expected to have rents restricted to 80% of AMI and be rented to families with incomes of up to 100% AMI.