The development team behind the massive Fordham Landing project is seeking zoning changes for its first phase as the long-delayed megaproject begins to move forward again.
Dynamic Star LLC is pursuing what they describes as a “relatively minor” zoning change for Fordham Landing South that would add a commercial overlay to a district currently zoned for residential use.
The massive development along the Harlem River is planned in two phases, north and south of the University Heights Bridge. The southern portion, Fordham Landing South, which is seeking approval through the city’s Uniform Land Use Review Procedure (ULURP), would include one 33-story building and three 18-story towers rising from a shared podium, with a total of 927 affordable housing units, and a portion dedicated to supportive housing.
BronxWorks will provide social services for those units.
The development would also include a community supermarket and a waterfront café, leasable community space and an entrance to the University Heights Metro-North station. Three-quarters of an acre of public open space will also be included under the city’s waterfront zoning regulations.
While their zoning change would enable the developers to include the amenities, current zoning allows the developers to build the housing as-of-right.
Regardless, several representatives from Dynamic Star, architecture firm Perkins Eastman, and nonprofit developer Urban Builders Collaborative and Lettire Construction, presented their application, and the larger project, to a Community Board 7 public hearing.
Fewer than 10 members of the public attended in person, with several others listening in over Zoom. During the public hearing, one member of the public raised concerns about the unit’s AMI levels and the project’s environmental impact.
The Fordham Landing site was originally rezoned for residential development under then-Mayor Ed Koch’s affordable housing program. The original owner, the LaSala family, planned to build a 450-unit condominium complex, but the proposal was eventually abandoned.
The waterfront property was long vacant before Dynamic Star acquired the property in 2019. The $2 billion project was touted as one of the largest residential development projects since Hudson Yards, and received $55 million in funding from Empire State Development to help advance the South phase.
Since the announcement, the project experienced delays that Dynamic Star Director of Planning Penny Lee attributed to being “sidetracked by the pandemic.”
“This was taken a little bit ago. It was taken two years ago. It’s not much different now,” said Lee as she presented a photo of the still-vacant site.
The project has also faced significant financial and legal challenges. Last year, Cremac Asset Management alleged that the developers defaulted on a $55 million and a $18.9 million loan and Dynamic Star filed for bankruptcy to halt foreclosure proceedings, according to the Real Deal. The company filed for bankruptcy again in March.
Bronx Community Board 7 is expected to vote on Fordham Landing South’s zoning application at the end of November.
Regardless of the board’s advisory vote, the project is expected to proceed through the notoriously lengthy ULURP process for several more months.
Lee said the earliest closing date would be in June 2027, with construction expected to take between 30 and 36 months. Under that timeline, the project would not be completed before 2030.
Before work on the project is allowed to proceed, approval must be granted by the local community board and Bronx Borough President Vanessa L. Gibson following their own reviews. As a result, there is not yet a starting date for construction, nor an estimated completion date.
Reach Marina Samuel at msamuel@schnepsmedia.com. For more coverage, subscribe to our newsletter and follow us on Twitter, Facebook and Instagram!
