EAST 125TH STREET PROJECT
(MEDIA / ENTERTAINMENT / CULTURAL CENTER)
To participate in the development of affordable housing and cultural center at the East 125th St. project.
The affordable housing aspect of the project involves a Phase I construction of a 49-unit low-income apartment building with ground floor retail which will house low-income families at or below 50%AMI and 60%AMI have been underwritten with project-based section 8 rents; consisting of 7 studio units, 21 one-bedrooms and 7 three-bedrooms.
The 1.7-million-square-foot project includes office and retail space, a small hotel, a cultural center, open space and 900 apartments, 435 of which will be set aside for families with low and moderate incomes, the remaining units are slotted for co-op. The project will complement recent retail and commercial developments on 125th Street, Harlem’s main boulevard. The city, working with community groups, selected the development team for the East 125th Street project: Archstone Smith, El Barrio's Operation Fightback, Inc.; Hope community Dev.; Monadnock Coinstruction and Richman Group; a mix of national developers and local CDC's. The City Council approved new zoning for the three largely vacant parcels, which sit between 125th and 127th Streets, from Second to Third Avenues. The city controls 82 percent of the land and is negotiating with private owners for the rest.
Milestones are in the planning stages