A developer has revealed renderings for two huge affordable housing developments coming to the south Bronx.
This development comes on the heels of the Jerome Ave rezoning that the City Council approved in 2018.
Maddd Equities is building Rivercrest at 1164-1184 River Ave. in Concourse, which will be a two phased, mixed-use, 100 percent affordable housing. They closed on financing on the Extremely-Low and Low -Income Affordability Program with the NYC Department of Housing Preservation and Development and the New York City Housing Development Corporation in June 2019.
“A lot of what we do is affordable housing,” said Jorge Madruga, CEO of Maddd Equities. “We’re always buying land to build affordable housing.”
Phase A consists of a one 17-story mixed-use building with 250 units of affordable housing, 22,000 feet of commercial space, 22,000 feet of community space and 67 parking spaces.
The second phase will be at 1184 River Ave. will also have 250 units. They have built the foundation, but have not received funding yet. Deemed essential because of affordable housing, they have been allowed to work during the pandemic.
“We’re trying to do good things with the community,” said Eli Weiss, principal of Joy Construction.
The site is expected to be completed by the middle of 2022. It will provide a 50 percent preference for residents of Community Board 4. The company initially filed plans in June 2018.
For the second affordable housing project, located across the street at 1159 River Ave., Madd is partnering with the nonprofit Community Access. This will be 240 units and be a mix of housing, community and retail space.
“It’s a win-win,” Weiss said. “We’ll be able to replace the parking lot and add much more affordable housing. The crucial unknown is obtaining funding for the final phase of the project.”
The site is expected to be completed by the end of 2022