Construction Starts on $80 Million Soundview Housing Project in the Bronx
- Nov 25, 2013
The first phase of construction at a new affordable housing community in the Soundview neighborhood of the Bronx has begun.
A joint venture between CPC Resources, Inc., L + M Development Partners, Lemle & Wolff and The New York Housing Partnership, the $80 million Soundview Housing project will be developed under the New Housing Marketplace Plan (NHMP), Mayor Michael Bloomberg’s multi-billion initiative to finance 165,000 units of low-income housing by the close of the 2014 fiscal year.
Soundview Housing is located next to Soundview Park, a 205-acre green public space along the Bronx River. As reported by Crain’s New York Business, the residential project will occupy a vacant lot owned by the New York City Housing Authority (NYCHA). Scheduled to be built in three phases, Soundview Housing will provide 206 units of affordable housing for the borough’s low-income families and also for individuals and families on NYCHA’s waiting list.
Soundview Family Housing, the project’s first and largest stage of construction, will cost $46.9 million to build. According to an official statement, the funds will be provided by a combination of tax exemptions from HDC, HPD, NYCHA, Wells Fargo financing and Resolution “A” funding.
Designed by Magnusson Architecture and Planning to reference mid-20th century brick structures already existing in the area, the eight-story building will comprise 120 rental units of various sizes which will be available to families earning up to 60 percent of the Area Median Income (or less than $51,540 annually for a family of four). Residents will also have access to 42 parking spaces.
The second phase of the project, a $34 million complex called Soundview Senior Housing, will break ground by the end of 2013 and will include 86 affordable senior housing units. Phase III of construction, which would comprise 16 two-family market-rate townhomes, will be developed depending on market conditions.
Soundview Family Homes rendering by Magnusson Architecture and Planning