South Bronx parking lots will become massive 750-unit development

Developer Maddd Equities has plans for a pair of South Bronx developments that would bring nearly 750 new apartments to the neighborhood, with the bulk of them functioning as low-income and supportive housing, reports The Real Deal.

The two developments are slated to sit opposite one another and will replace two parking lots near Yankee Stadium. Partnering with affordable housing nonprofit Community Access, Maddd Equities will construct a mixed-use building at 1159 River Avenue with 250 units of affordable and supportive housing, retail, and parking space.

At 1184 River Avenue, two 17-story buildings, called River Crest, will rise offering 500 apartments, a community space, retail space, and 354 parking spaces. A significant portion of those 500 units will be prioritized for low-income earning individuals and families and Maddd Equities is working solo to develop that portion of the project.

The development has been made possible by the recent rezoning of Jerome Avenue that gives developers the ability to replace low-rise warehouse buildings with residential buildings up to 145 feet tall. The rezoning, which was passed in March, affects a 92 blocks around Jerome Avenue between 165th and 184th streets.

• Maddd Equities planning massive affordable housing projects near Yankee Stadium [TRD]
• City Council approves rezoning of Bronx’s Jerome Avenue [Curbed]
• What happens to Jerome Avenue after its rezoning? [Curbed]