Story Avenue

Soundview, Bronx
435 Affordable Rental Units

Our Role:
Not-for-Profit Sponsor
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 brought 435 affordable rental units of low, middle income and senior housing to the Soundview neighborhood of the Bronx.

The project was constructed on the northern end of the existing Lafayette-Boynton complex containing four former Mitchell-Lama towers. The development reconfigured 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 complements the area’s recreational landscape. A new central greenway was constructed on the site and 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 consists 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 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 has approximately 240,000 square feet with the west building providing 223 units and the east building provided 212 units. The project exceeds the Enterprise Green Communities minimum standards.

The project was 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 was financed in two phases, one for each building. In each phase, half of the units were tax credit units for households earning up to 60% of AMI. The other half of the units in each phase were for moderate income households: 30% of the units have rents set at 80% of AMI and are leased to households earning up to 100% of AMI, and the remaining 20% of the units have rents set at 100% of AMI and are leased to households earning up to 130% of AMI. This project was completed in 2019.

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