A massive new residential project may rise on the eastern shore of Staten Island, YIMBY has learned. A zoning application filed by developer V Capital Management has revealed their plans to bring nearly 400 apartments to 125 Edgewater Street, just south of Stapleton, where another massive rezoning effort has been proposed.
The project on Edgewater Street will comprise of three buildings spread out over 18 acres of land. The three buildings will stand 13, 12, and six-stories respectively. The waterfront plot is currently zoned for manufacturing, and of the two proposals the developer has put forward, one would create 371 apartments, and the other 396.
In the first case, there would be more retail, hence the lower count on apartments. In either case, 20 percent of the apartments would be offered up as affordable units for families making 80 percent of the area median income, which works out to $78,336 for a family of three. There are also plans to create parking for 346 cars, and a public waterfront esplanade spanning 60,000 square feet.
If either of the proposals are approved, construction could get underway by fall of this year with an anticipated completion sometime in 2019.