The Inwood library redevelopment plans are here; the city along with the New York Public Library announced plans to transform the site at 4790 Broadway into a 14-story residential building with a three-story library at the base.
The Eliza, named after Eliza Hamilton, the wife of Alexander Hamilton, will have 175 affordable apartments that come in studio through three-bedroom variants and will be open to a range of low-income New Yorkers. Individuals earning between $20,040 and $40,080 annually will be able to apply for apartments here, as will families of three earning between $34,360 and $51,540. About 20 percent of the total units will be set aside for families of three earning less than $26,000 per year.
The development will be financed through the city’s Extremely Low and Low-Income Affordability Program (ELLA), and between 25-30 percent of the apartments here will be permanently affordable through the city’s Mandatory Inclusionary Housing (MIH) program. In addition, the city will retain ownership of the land, so at the end of the affordability period on the remaining units, the city can take back control unless the developer chooses to extend the affordability period.
Plans for the development will also include a Pre-K facility and a Activities, Culture, Training (ACTS) center.
“The Eliza—fittingly named for one of the earliest supporters of the Inwood library and a champion of literacy and education—weds deeply affordable homes with a beautifully redesigned library and a new pre-K facility that will benefit the Inwood neighborhood for generations to come,” said HPD Commissioner Maria Torres Springer, in a statement.
The city is handing off the development reigns to a group comprised of Community League of the Heights (CLOTH), Ranger Properties, Alembic, and the Children’s Village. While construction is underway, Inwood residents will have access to a temporary library for the duration of construction. The new building was designed by Fogarty Finger Architecture along with Andrew Berman Architect.