New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
HPD Selects Development Team for Affordable Project in Jerome Avenue District
The New York City Department of Housing Preservation and Development (HPD) selected Type A Projects, L+M Development Partners, and BronxWorks as the development team for River Commons in the Bronx’s Jerome Avenue Rezoning district. The site along River Avenue is owned by the New York City Health and Hospitals (H+H) Corporation and is currently used as a surface parking lot.
HPD’s design for the site provides a mix of permanently affordable unit sizes, including family-sized units. There will be 112 studio apartments, 89 one-bedroom, 63 two-bedroom and 14 three-bedroom units.
The project integrates with the surrounding H+H campus and provides ground-floor uses that will activate a stretch of River Avenue that is situated below an elevated train throughout the day.
As part of the development agreement, L+M is expected to exit the ownership structure at year five, offering its initial ownership stake to service provider BronxWorks for a nominal fee.
- ◦Development
