Bronx Pro says it has completed new construction and renovation projects through the Neighborhood Entrepreneur and New Foundations programs, sponsored by the city's Department of Housing Preservation and Development. In the release, Peter Magistro, president of Bronx Pro, says, "this building is a testament not only to Bronx Pro's commitment to developing quality affordable housing, but our commitment to the creation of new communities in the Bronx."
The New York City Housing Development Corp. provided a $13.6-million construction loan, $5.7 million in permanent financing and a $4.95-million subsidy. Other partners included Enterprise Community Partners, who provided Bronx Pro with an acquisition loan equaling $3.4 million, $95 million in tax credit equity and a $40,000 Green Communities Grant.
The new building includes a 1,850-square-foot green rooftop garden that's certified a "natural habitat in the Bronx" that includes a sustainable native organic garden, birdhouses and a solar powered birdbath. According to he release, the roof will provide a "safe haven for migrating or native birds, butterflies and bees that may be seeking sanctuary in the Bronx."
The Morrisania neighborhood, located in the hilly southwest section of the Bronx. has a population of around 35,000. according to information from its Community Board Three. Over the past 40 years, the area has seen a number of severe economic challenges; in the 1970s, images of many of the area's burned-out or damaged multi-tenant residential buildings were often used to symbolize New York's urban ills. In 2003, the New York City Council approved rezoning that changed the area from primarily manufacturing and allows moderate-density housing along with retail and community facility uses.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
