Developer obtained rezoning in order to build 175-unit, mixed-income, affordable housing project. On June 9, 2010, the City Council approved CBC Associates and the South Bronx Overall Economic Development Corporation’s proposal to rezone an entire block in the Crotona Park East section of the Bronx from C8-3 to R7- 1/C2-4 to facilitate the development of an eight-story, affordable housing project. The developers will construct the building on a 48,992 sq.ft. lot at 1825 Boston Road between East 176th and East 175th Streets. The City had used the site as a bus and trolley repair facility until CBC Associates purchased the property through a formal RFP process.

The project will provide 174 rental units that will be available to households earning between 65 and 80 percent of area median income, 29,629 sq.ft. of ground floor retail space, 100 below-grade accessory parking spaces, and a 27-space surface lot for tenants. The developers plan to participate in the New York State Energy Research and Development Authority’s Multi-Family Performance Program, which offers subsidies to energy-efficient buildings. The $57 million project will receive financing from several public sources, including the Department of Housing Preservation and Development and the Bronx Borough President’s Office. (read more…)