The first Bronx Point housing building in New York is completed
The Bronx Point, a US$349 million mixed-use project in New York’s South Bronx, recently completed its first high-rise building. The 22-story mixed-use building is intended to bring 1,045 apartments to the area. Additionally, this 530,000 square foot master plan includes 2.8 acres of public green space, designed by Marvel Architects and Abel Bainnson Butz.
The new tower is intended to offer 542 affordable units ranging from studios to three bedrooms. With this in mind, the available shares will be reserved for people earning between 30 and 120% of the AMI. In addition, some units will also be reserved for formerly homeless people.
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Bronx Point Tower Featured Amenities
The residential units will include a mix of 135 studios, 192 one-bedroom, 122 two-bedroom and 93 three-bedroom. Other amenities provided include an outdoor patio, community lounge, bike storage, and on-site laundry facilities.
9 Architecture designed this development while L+M Development Partners, Type A Projects and BronxWorks developed it. Construction of Bronx Point Tower is expected to be completed by the end of 2023.
Along with affordable housing, the development also includes a 56,000 square foot community facility and 120,000 square feet of retail space. Additionally, the building will be used as the headquarters of the Universal Hip Hop Museum; this will include BronxWorks’ early childhood program and an outdoor science program run by the Billion Oyster Project.
The Universal Hip Hop Museum, part of the Bronx Point Tower development, will feature several hip-hop artifacts. Amenities featured in the museum space include a DJ booth, recording studio, and virtual reality (VR) theater. Construction of the VR theater will be done in partnership with Microsoft and is expected to open by 2024.
In addition to all of this, the Bronx Point Tower will also feature several outdoor amenities. The surrounding green space will include expansive lawns, a public plaza, fitness area and waterfront views. In addition, the green space will also include a playground, barbecue area, public restrooms and several trails.
Approximately $323.5 million of the funds for the entire Bronx Point development will be generated through a public-private partnership. This partnership is between the Department of Housing Preservation and Development, New York Housing Development Corporation, Empire State Development and Wells Fargo. Additionally, $27 million will also come from the NYC Economic Development Corporation’s waterfront plaza.
Construction of the Bronx Point affordable housing project will begin next year
The New York City Economic Development Corporation is about to begin construction on the Bronx Point affordable housing project on the Harlem River. The project will be built on vacant land along the river owned by the City of New York.
The project will include 542 affordable housing units, community and commercial spaces, a new public park and a museum dedicated to the history of hip-hop. The project is being developed by the New York City Economic Development Corporation in partnership with several city agencies whose primary goal is to address the lack of affordable housing and jobs in low-income, high-rent areas of the South Bronx.
Unlike typical mixed-use projects that are developed at market rates, the Bronx Point affordable housing project was designed to specifically meet the needs of the neighborhood, including the inclusion of additional cultural and community amenities.
Thanks to its ambitious plan, the project recently won the annual Design Excellence Awards from the Public Design Commission, which is responsible for reviewing the designs of city projects.
The project will include a cluster of U-shaped building towers on the riverfront with community, commercial and museum spaces at the base. The mixed-use project was all the more necessary as the city tries to meet the high demand for affordable housing. In addition, the project ensures a certain equity in the distribution of employment opportunities.
“One thing that sets this project apart is simply its scale. We’re able to get so many of these benefits because the project is so large,” said Douglas Land, senior real estate transaction partner at the New York City Economic Development Corporation.
The more than half a million square foot project will be 50,000 square feet for the Universal Hip Hop Museum’s first permanent home and 10,000 square feet of retail space. The new museum will be dedicated to highlighting the local creative history of hip-hop.