Construction will soon get underway on a seven-story condo building set to rise in the South Bronx, making it the first market-rate condo building in the Lower Concourse Rezoning Area, Welcome2TheBronx reports.
Plans for the building at 221 East 138th Street were filed last summer, according to YIMBY. At the time the developer, Tahoe Development was planning a 10-story building with ground floor retail and 57 apartments. This area was rezoned in 2009 to include the Inclusionary Housing Program, and as a result the developer at first was going to have 20 percent of the apartments be affordable. Part of the program allows for a larger development in exchange of affordable housing.
However it seems the developer has since reneged on that offer. Instead Tahoe is now building a seven-story building with 50 condos.
"it doesn’t pay to construct affordable housing anymore including mandatory inclusionary affordable housing (MIH)," the head of Tahoe, Anthony Gurino told Welcome2TheBronx.
Apartments at the building will range from studios to two-bedrooms. Welcome2TheBronx estimates that studios will start at about $330,000.
The site was previously home to two warehouses, which have since been demolished.
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