New development in Norwood holds many opportunities for the neighborhood and its residents.
A recently purchased property located between 202nd and 203rd streets will soon be the location of Norwood Gardens, a residential building.
The deal was made official in mid-January, when Ariel Property Advisors announced that the development site of 3084 Webster Avenue and 410-414 East 203rd Street had been purchased by the Stagg Group for just over $4 million.
Since then, the Stagg Group has evaluated their options, and have decided to construct a residential building which includes 130 units of affordable and market rate housing.
The new residence will include one-, two- and even three-bedroom apartments.
Additionally, it will include ample indoor parking, bicycle parking, a gymnasium and a recreation area for tenants, with landscaping in the front and back of the building.
The property will also include 5,000 square foot of retail space on Webster Avenue. The retail tenants have not been signed yet.
This new residential building is easily accessible to public transportation, only a short walk away from the Norwood/205th subway station of the D train and close to the New York Botanical Garden and Williamsbridge stations of the Metro North Harlem Line.
The building will also be served by the Bx15 and Bx41.
Nearby attractions include the Garden, Fordham University, the Bronx River and part of the Bronx Greenway.
The project is timely for the neighborhood. The property is located in the new R7-D zone, created as a result of the Webster Avenue Vision Plan, a study which focuses primarily on Webster Avenue from Fordham Road to Gun Hill Road in attempts to transform the stretch into a vibrant mixed-use district.
The Stagg Group is also exploring the possibility of using the NYC Housing Preservation and Development’s Mixed Income Program, also known as the Mix & Match Program, which funds new construction of mixed income and multi-family rental projects from affordable housing to households earning up to 165% of the Area Median Income.
“We look forward to working with Community Board 7, local elected officials, the city and HPD to produce quality housing to assist with the mayor’s goal of 80,000 units of new housing,” said Adolfo Carrion, Jr., executive vice president of the Stagg Group. “Our mission as a developer is to take advantage of transit and allow families to remain in New York City in affordable homes.”