Construction of an affordable housing development is set to begin in Tremont in the next few months.
Bronx-based real estate agency Bronx Pro Group has announced plans for its new residential complex for a site at 4697 Third Avenue.
The eight-story project will consist of 53 units, including studios, one-, two- and three-bedroom apartments. All of the units, except for the one reserved for the superintendent, will be available as rentals.
Studios will range from $362 to $1,162, one-bedroom units will range from $465 to $1,465, two-bedroom units will range from $569 to $1,769 and three-bedrooms will range from $650 to $2,037, according to an individuals annual income.
Building amenities will include a large terrace, playground, garden, an indoor gym and bike room, as well as on-site laundry.
The rents and incomes are expected to be restricted to a maximum of between 30 and 80 percent of the area median income (AMI).
The mixed-use project will also include nearly 6,500 square feet of ground-floor retail and commercial space. The tenants have not yet been determined. It is unknown how many jobs will be generated.
Award-winning designers Curtis + Ginsberg are the architects for this project.
According to developer Bronx Pro Group, the project is designed and will be constructed to meet the Passive House certification, a criteria that includes quality, comfort and energy efficiency.
The Passive House certification means that the development requires minimal energy to achieve a comfortable year-round indoor temperature and does not need to rely solely on conventional methods such as heating and air conditioning to do so.
Bronx Pro Group also confirmed that this project is expected to be financed under the NYC Housing Preservation and Development’s New Construction Program, as well as a NYC HPD loan, a NYS Homes and Community Renewal’s 9% Low Income Housing Tax Credit equity, Middle Income Housing Program funds, a Community Investment Fund loan and a private bank loan.
Bronx Pro Group intends to break ground at the Third Avenue site in November 2019, with completion expected two years later in November 2021. The 9,500 square-foot lot, located between East 188th Street and Cyrus Place, is currently vacant.