A respected developmental company has been recognized for its work in the borough.
L+M Developmental Partners, along with Procida Realty & Construction Corp. and We Stay/Nos Quedamos Inc., recently completed another affordable housing project in the Bronx.
Located at 3100 Third Avenue between East 157th and East 158th streets, La Terraza, an eight-story building with 107 housing units, is now being occupied by its first tenants.
On Wednesday, May 25, L+M Developmental Partners was presented with the 2011 Big Apple Brownfields Award in Affordable Housing, which recognizes the most exceptional brownfield projects in the city, for their participation in the development for La Terraza.
“We’re thrilled to be recognized with a Big Apple Brownfield Award this year,” said Ron Moelis, CEO and co-founder of L+M. “As affordable housing demand continues to rise, it’s especially important to remember that we can, and should, be cleaning existing communities for redevelopment. New Yorkers deserve to raise their families in comfortable, safe homes without concern for pre-existing conditions.”
L+M has been in business since 1984 and has contributed dozens of affordable housing projects in the five boroughs, including eight in the Bronx with over 1,000 housing units. Their goal is to not only provide affordable housing projects, but to improve the communities that they select to build in.
The land on which La Terraza was built was once contaminated as a result of a dry cleaning facility that used to be there. As part of the NYC Brownfield Partnership, the land was cleaned thoroughly so that the brownfield property could be re-used for business development or affordable housing.
Once the site was remediated, construction on La Terraza began in late 2009. Applications for the apartments went quickly and were being accepted until February 2.
A lottery is being used to determine future tenants, but most of the applicants have been accepted already. Residents of the building will have access to parking, a laundry room, a shared courtyard and groundfloor retail and community facility space.
Debbie Kenyon, COO of L+M, was present at the ceremony in Manhattan to accept the award. She believes La Terraza is another positive addition to a borough on the rise.
“It’s an honor and a wonderful achievement to be recognized for the award,” Kenyon said. “The process to clean the site and build La Terraza was a long one, but now that it is ready to open its doors, we are excited to provide more affordable housing to the residents of the Bronx.”