Developers Secure $349M for Bronx Point Affordable Housing Complex, in the South Bronx – New York YIMBY

L+M Development Partners, Type A Projects, BronxWorks, and the City of New York have closed on $349 million financing package to complete phase one of Bronx Point, a new mixed-use affordable housing complex in the South Bronx. As a public-private partnership, the financing entities include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, Empire State Development, Wells Fargo, and additional private funding sources.

The overall funding includes $323.5 million for the building, along with $25.5 million from the NYC Economic Development Corporation for the construction of a waterfront esplanade along the Harlem River.

A critical component to making our city fairer is strengthening neighborhoods for all New Yorkers, said James Patchett, president and CEO of New York City Economic Development Corporation. Today marks a major step toward advancing the administrations key investments in the South Bronx. By bringing affordable housing, waterfront access, and a range of cultural facilities, we are creating a more equitable New York.

Phase one of the development includes 542 units of permanently affordable housing. Qualifying households include those in incomes at 30 percent to 120 percent of the area median income. A portion of the units will also be reserved for the formerly homeless.

The mix of apartment layouts will include 135 studios, 192 one-bedrooms, 122 two-bedrooms, and 93 three-bedrooms. Occupants will have access to a private outdoor terrace, laundry facilities, a childrens room, a community lounge, a bike storage room, and a fitness center.

Additional components of phase one include 2.8 acres of public outdoor space, a permanent home for the Universal Hip Hop Museum, and an early childhood space run by BronxWorks. The development will also support a vibrant mix of cultural and community-focused programs and outdoor science programming facilitated by the Billion Oyster Project.

For years, weve wanted a permanent home in The Bronxthe birthplace of hip hopand we are proud to be a part of Bronx Point, which will be one of the great new destinations of the borough, said Kurtis Blow, an award-winning hip-hop artist and chairman emeritus of the Universal Hip Hop Museum. Hip hop grew from a seed that was planted at a house party on Sedgwick Avenue into a global movement, and our museum will celebrate that journey and the Bronxs place in its history. For all those who rose with us and followed in our footsteps: this museum will be for you, forever.

Rendering of Bronx Point S9 Architecture

Rendering of Bronx Point S9 Architecture

Designed by S9 Architecture & Engineering, Bronx Point comprises four interlocking volumes that gradually step up and top out at 22 stories. The volumes take rise from a large retail podium and surround a large rooftop courtyard above the podium levels.

The grounds and open spaces are designed by Marvel Architects with landscape architect Abel Bainnson Butz. Areas open to the public will include a playground and landscaped area adjacent to the existing Mill Pond Park and the Bronx Childrens Museum, a landscaped esplanade along the Harlem River with walkways, seating areas, an extended BBQ area, fitness zones for adults, and publicly accessible bathrooms. Collectively, these open space improvements will advance the city and communitys long-standing goal of providing access to the Harlem River waterfront and increasing public open space in the South Bronx.

Being born and raised in the South Bronx, its particularly meaningful, said Josue Sanchez, senior director at L+M Development Partners. At a moment when New Yorkers continue to struggle through the impacts of the pandemic, its even more critical for us to begin work on a project that will serve so many in a way thats true to the borough, from high-quality affordable housing and community programming, to much-needed open space along the Harlem River, to a permanent home for the Universal Hip Hop Museum.

Rendering of Bronx Point esplanade S9 Architecture

Overall, Bronx Point will include up to 1,045 apartment units. Construction on phase one is expected to break ground in the coming weeks and be completed by late 2023.

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Developers Secure $349M for Bronx Point Affordable Housing Complex, in the South Bronx - New York YIMBY