NY Botanical Garden and Douglaston reach deal on ground leases at Bronx affordable housing project
Courtesy of Douglaston Development
Plans to bring hundreds of new affordable apartments for seniors and low-income families in the Bronx are moving forward. The New York Botanical Garden and Douglaston Development this week closed on two separate 99-year ground leases at 2856 Webster Avenue and 410 Bedford Park Boulevard, which will hold a two-building, 100 percent affordable development. Located just a block from the Botanical Garden, the project includes a new 12,000-square-foot Cherry Valley Marketplace store on the ground floor. The existing Cherry Valley grocery store, located at the site of the project, will remain open throughout construction.
“With a 40-year development track record in the New York City area and beyond, we’ve seen the critical need for more affordable housing options in our City, especially for our senior population,” Jeffrey Levine, chair of Douglaston Development, said.
“We’re thrilled to be joining forces and visions with The New York Botanical Garden on this project, an institution with roots in the Bronx community dating back 129 years to provide this vital housing resource to the community.”
Phase one of the project includes a building at 2856 Webster Avenue with 188 units designated for seniors earning up to 50 percent of the area median income (AMI). Fordham Bedford Community Services will provide on-site social services.
The site is currently home to the Cherry Valley Marketplace, which has operated at the location for over a decade. Developers will retain the existing store on the ground floor of the development, with both buildings connected to the store.
The new 12,000-square-foot Cherry Valley will operate as a Food Retail Expansion to Support Health Programs (FRESH) store, a city program that provides tax breaks to store operators that offer healthy and affordable food options.
As part of phase two, a 260-unit rental at 410 Bedford Park Boulevard will set aside apartments for New Yorkers earning between 30 and 130 percent of the AMI. There will also be an additional 8,000 square feet of community retail space.
The developer expects construction financing arranged in agreement with the New York City Department of Housing Preservation and Development and New York State Housing and Community Renewal to close in December, with work wrapping up in 2022.