Three adjacent properties, on and alongside Webster Avenue have recently been purchased in a $4.125 million deal.
On Tuesday, January 20, Ariel Property Advisors announced that a development site, 3084 Webster Avenue and 410-414 E. 203rd Street had been purchased.
According to Ariel PA, the property’s zoning allows for approximately 93,000 buildable square feet as-of-right and approximately 124,000 buildable square feet with inclusionary housing, after also confirming that the Stagg Group is planning to develop a residential rental building.
Inclusionary housing offers new residential developments an optional floor area bonus as long as affordable housing is created, preserved, or a percentage of affordable housing units are set aside.
This property’s purchase follows a rezoning of Webster Avenue, in Bedford Park and Norwood, which took place in 2011 at the request of Community Board 7.
The rezoning now permits mid-density housing and retail on Webster Avenue while still preserving the adjacent residential areas, in order to turn Webster Avenue into an inviting, vibrant and walkable corridor and to preserve certain residential areas while encouraging new development on Webster Avenue.
“This building will add to our overall vision of Webster Avenue – which will be a safe, encouraging section of the Bronx,” said Adeline Walker-Santiago, chairwomen of CB 7.
“Our goal is to show Bronx residents that this area, from East Gun Hill Road to Fordham Road on Webster Avenue, has greatly improved, and the community board has worked with everybody, from the Housing Committee members and council members to make sure this building compliments the area.”
Walker-Santiago explained the board is actively seeking businesses that would be a proper fit for the neighborhood and that a safety committee will be selected based on the plans of the residence.
She also added that the there will be a meeting on Wednesday, February 18, the day after the CB7’s monthly board meeting, where the Stagg Group, Housing Committee, CB 7 and neighborhood residents are invited, and more than welcome to offer their opinions and thoughts about the property’s proposed use.
No matter the outcome of the property, having a brand new residential building on Webster Avenue will be very timely for the neighborhood and its residents, in an area of the west Bronx where housing is in demand.
The Webster Avenue site, located just north and west of the Metro North Harlem line, has Manhattan express bus service, and is walking distance from the Bronx Zoo and New York Botanical Garden.
According to Walker-Santiago, there is a chance one will be able to see NYBG from the building’s rooftop.
“It’s a great opportunity for this up and coming, developing area,” she said. “I am optimistic that this building will contribute to the neighborhood’s growing improvement.”
The Stagg Group could not be reached for comment.