Real Estate Weekly
Image default
Deals & Dealmakers

Botanical Gardens taps Douglaston to build affordable housing

Douglaston Development announced a partnership with The New York Botanical Garden (NYBG) to construct a two-building, more than 450-unit development on property owned by NYBG along the Webster Avenue corridor in the Bronx, located one block from NYBG’s 250-acre grounds.

Douglaston is entering into a 99-year lease with the NYBG after the Botanical Garden selected the New York developer through a request for proposals process. Construction on the two-phase project is anticipated to begin this year.

“Douglaston is thrilled to begin a new partnership with The New York Botanical Garden on this community-driven development,” said Jeffrey Levine, founder & chairman of Douglaston Development.

“We are looking forward to continuing to expand upon our Bronx footprint through a project that will not only bring more affordable housing options to the area, but additional benefits to the greater community.”

The first phase of development will include a more than 188-unit affordable senior housing structure at 2856 Webster Avenue, available to those earning up to 50 percent of the Area Median Income (AMI). Additionally, on-site social services will be provided through the Fordham Bedford Community Services.

The two phase development will bring 450 apartments to the Bronx.

Phase II of construction, of 410 Bedford Park, will include approximately 260 affordable rental units earning between 30 to 130 percent of the AMI.

The ground floors of each building will include the current Cherry Valley grocery and its new 20,000 s/f grocery store.

2856 Webster Avenue and 410 Bedford Park Boulevard are located on an acre-plus piece of land owned by The New York Botanical Garden on the southeast corner of Webster Avenue and Bedford Park Boulevard in Bronx Community District 7.

Following the rezoning of the land (the previous zoning restricted Webster Avenue to heavy commercial uses), a second and public planning process was facilitated by the New York City Economic Development Corporation.

This process led to the Webster Avenue Vision Plan, which is being brought to fruition via development and the promotion of mixed-income housing in the area.

Upon the start of construction, the project will take a total of two years to complete.

Related posts

Hitmaker Moving Recording Studio to 60 Charlton St.


324West108 Launches Sales of Luxury Townhouse Conversion in the Upper West Side


The Feil Organization and First Look Media Sign 8,000 Square-Foot Lease at 853 Broadway