Among the spate of new projects coming to the South Bronx are a pair of rental buildings being developed by Treetop Development. The project was first announced about a year ago, and the development firm is now moving forward with those plans, confirming that it will bring two 12-story rental buildings to Mott Haven, Crain’s reports.
The project is comprised of four sites—three contiguous properties along Gerard Avenue, between East 144th Street and East 146th Street, and a fourth property on East 144th Street between Gerard and Walton Avenues.
On Gerard Avenue, the rental building will span 260,000 square feet and come with ground floor retail, whereas the building on East 144th Street will measure just over 100,000 square feet. Treetops hasn’t yet revealed the apartment count on the project.
The rental development came about after Treetop purchased all four sites for a total of $20.6 million over the last few years. This particular development will cost $160 million to build, and construction will likely get underway by the end of the year. Treetops is hoping to benefit from a renewed version of the 421-a tax break program, and is holding off just a little longer for that.
The rental buildings are just one of several new developments transforming the southern portion of the Bronx.