Construction is underway at the new Tremont Renaissance in Mt. Hope.
The 12-story, 256-unit building will sit on the corner of Webster and E. Tremont Road and offer affordable housing in half of its units.
The affordable units will rent to people making $38,100 annually and families of three earning $48,960 annually.
The rest of the units, will be open to individuals earning $76,200 annually and families of three earning $97,920.
Radame Perez, chief operating officer for the project’s developer, Mastermind, Ltd, said Tremont Renaissance is not enabling displacement in the Bronx.
“Instead of contributing to the forces of gentrification, Tremont Renaissance offers a great opportunity for low-, moderate-income and upward-bound families,” said Perez said.
He added, “The development represents an opportunity for families to remain in the community instead of leaving the city due to rising housing costs and will create about 175 permanent jobs.”
Tremont Renaissance will provide its tenants with multiple amenities.
Families will have access to a health and fitness center, a children’s play area, and an internet lounge.
The building will also include private terraces, several landscaped rooftops and a studio for yoga, Pilates and dance instruction.
In addition, the project offers easy access to the Tremont Metro-North station, the Tremont Avenue B and D subway stops and multiple bus routes serving the area.
Apart from the housing, Tremont Renaissance will feature 40,000 square feet in retail space on the ground floor.
According to Kathy Zamechansky, president of KZA Realty Group – the leasing agent for the retail space, the firm is already in talks with several potential tenants.
KZA is in talks with a supermarket, eyeglass store, discount store, and a children’s clothing retailer, Zamechansky said.
In addition, the agency is speaking to a local pharmacy and a beauty supplier.
Zamechansky said she was not able to provide any specifics at this time.
The stores will be slightly different from some of the stores in the area, she said, because the older retail space is narrow and not conducive to today’s larger retailers.
Zamechansky added that a sit down restaurant is also a possibility.
KZA modifies the space to conform to the user’s needs.
The NYC Department of Housing Preservation and Development partially funded the $117.7 million project because it met standards for the agency’s Mix and Match program, the realtor said.
The program provides funding for projects that offer affordable housing – households earning up to 60 percent of the Area Median Income – in 50 percent of its units.
The other fifty percent of the units must go to households earning up to 130 percent of the Area Median Income.
According to Gina Watson of KZA, construction on the Tremont Renaissance is expected to reach completion in 2017 and tenants occupancy will begin by spring 2018.