Developer: L+M Development Partners, Inc. and Nelson Management
Architect: Curtis + Ginsberg Architects
Financing: NYC HDC, LIHTC, NYC HDC
Story Avenue is a mixed-use project in the Soundview neighborhood of the Bronx developed by a partnership between Nelson Management and L+M Development Partners, Inc. and the Housing Partnership as the non-profit partner. Designed by Curtis + Ginsberg Architects, the project will bring 435 units of low, middle income and senior housing to the Soundview neighborhood of the Bronx.
The project will be constructed on the northern end of the existing Lafayette-Boynton complex containing four former Mitchell-Lama towers. The development will reconfigure existing parking and landscaping, replacing underutilized and deteriorating green space. The complex is located adjacent to Soundview Park, which has recently received substantial city investment, and will complement the area’s recreational landscape. A new central greenway will be constructed on the site and is anticipated to include new lawns and trees, bioswales to improve drainage of the property, two separate playgrounds designed for toddlers and older children, walking paths for residents, community gardens, and other programmed spaces.
The project will consist of two buildings that will frame a grand entrance and are designed to pay tribute to the Art Deco style famous to the Bronx. The building segments extending south into the site will gradually step down towards the southern exposure allowing light further into the central pedestrian pathway, creating residential terraces and enhancing the views from the existing buildings. Each new building will have approximately 240,000 square feet with the west building providing 223 units and the east building provided 212 units. The project will exceed the Enterprise Green Communities minimum standards.
The project will be financed under the HPD “Mix and Match” program utilizing tax-exempt bonds with Low Income Housing Tax Credits and HDC and HPD debt. The project will be financed in two phases, one for each building. In each phase, half of the units will be tax credit units for households earning up to 60% of AMI. The other half of the units in each phase will be for moderate income households: 30% of the units will have rents set at 80% of AMI and will be leased to households earning up to 100% of AMI, and the remaining 20% of the units will have rents set at 100% of AMI and will be leased to households earning up to 130% of AMI. The east building is anticipated to close first in June 2016 and the west building is anticipated to close in September 2016.