A hospital in the Bronx is getting into the residential real estate business in a big way. St. Barnabas Hospital in Belmont, in partnership with L+M Development Partners, has filed plans to bring 181 apartments on a vacant plot adjacent to the hospital, YIMBY reports. Along with this property the hospital purchased two other adjacent, vacant lots in 2007 for just over $5 million, according to The Real Deal.
L+M Development has teamed up with Hornig Capital Partners to build one of those lots at 4439 Third Avenue, where the developers will build a 12-story, fully affordable rental building.
However with this new residential project at 4507 Third Avenue, the hospital is directly in charge of the development. According to the plans, two residential buildings will rise side by side on the plot. The eastern building will be taller with 11 stories, the western will have seven. There will be an ambulatory care center and retail on the ground floor. The development also features community facilities, recreational rooms, and a roof deck for one of the buildings.
Dattner Architects have been tapped to design the project, according the Department of Buildings filing for the project. It's unclear if the residential units here will be affordable as well.