Jackson Development Group, Ltd. purchased the lot that borders St. Ann’s Avenue, Eagle Avenue and East 159th Street for more than $18 million, and expects to begin construction on St. Ann’s Terrace, an eight-building, 600-unit apartment complex, this fall.
“It has all the components that will bring a quality of appropriate living for the community,” Councilwoman Maria del Carmen Arroyo said.
Presently zoned M1-1, the process is already underway to rezone the property into an R7X district with a C2-3 commercial overlay on the St. Ann’s Avenue side of the development.
“We are very excited about this project. It will transform a blighted 3-acre site in the heart of the Bronx into a vibrant development project,” William Bollinger, of Jackson Development, said.
Following the plans of Hugo S. Subotovsky Architects, the project, known at St. Ann’s Terrace, will also include 50,000 square feet of the ground level space for retail establishments and parking for an estimated 450 cars.
The company intends to lease the retail space to neighborhood and regional tenants. They don’t anticipate any large retailers.
An underground parking facility will serve the residents of the condo/co-op buildings, while the garage on St. Ann’s Avenue will host residents, retail tenants and the general public.
Maintaining their position to enhance the quality of the Mott Haven neighborhood, a company representative told Community Board 1 members at their April meeting that 60% of the space will remain green.
Built in coordination with City financing, the buildings will serve a mixed income, multi-generational community.
Based on household size and the area’s median income, according to Jackson Development, the apartments will be affordable for families earning between $16,000 and $98,000 per year.
Of the eight total units, which range from seven to 12 stories in height, middle income, senior independent, affordable tax credit and condo/co-op apartments will be offered.
“The Department of City Planning and the Mayor’s office have been very instrumental in facilitating the project,” Bollinger said. “Borough President Carrion and Councilwoman Arroyo have also been extremely supportive of our efforts.”
Jackson Development plans to begin the buildings’ financial closings in the fall of 2008, with construction beginning shortly thereafter.
Construction is expected to last between 28-30 months, with each building to be finished in 18-22 months.
©2008 Community News Group