Domain Cos. Breaks Ground on $310M Bronx Project
- Jan 11, 2021
The Domain Cos. has obtained financing and begun construction on Lyra, in the Mott Haven neighborhood of the Bronx, N.Y. The $310 million development at 414 and 445 Gerard Ave. is being financed by the Goldman Sachs Urban Investment Group. It is being developed in partnership with The VOREA Group. The mixed-income, mixed-use project will feature 544 apartments and 10,000 square feet of retail space across two buildings.
Approximately 30 percent of the apartments in Lyra will be affordable to households earning 80 to 130 percent of Area Median Income (AMI). It will take part in the Inclusionary Housing Program, receiving a 421-a tax incentive from the New York City Department of Housing Preservation and Development. One of the city’s most sustainable multifamily buildings, Lyra will participate in the New York State Brownfield Cleanup Program and three New York State Energy Research and Development Authority programs. They are NY-Sun Solar Initiative, Charge Ready NY and Multifamily New Construction. In addition, Lyra will qualify for LEED Platinum certification, and will likely receive tax credits from the Department of Environmental Protection’s Green Infrastructure Program.
It will also make substantial investments in efficient building design and systems, rainwater harvesting, solar panels, vehicle charging and a co-generation plant.
“Given Mott Haven’s excellent transportation infrastructure, proximity to employers and services and expanding waterfront parks, it’s been a desirable place to invest for some time,” Matt Schwartz, Domain co-CEO, told Multi-Housing News.
“The city’s nearly $200 million commitment to infrastructure improvements, including parks and playgrounds, has accelerated interest in the area. And recent investments in new charter schools, office space and a major grocery store continue to make the area attractive for multifamily. Projects like Brookfield’s Bankside and L&M’s Bronx Point, including the new Universal Hip Hop Museum, are adding to that momentum.”
In Lyra, Domain is unveiling a new level of product and service to the submarket, Schwartz said. It is doing so with a mixed-use, mixed-income development that will transition from a brownfield site to one of the city’s most sustainable multifamily buildings.
“That would be a challenge under any circumstances, and the tumultuous financing and capital markets environment of 2020 didn’t make it any easier,” he added.
“Fortunately, we were able to leverage our long-standing relationship with trusted financial partners in Goldman Sachs, Freddie Mac and Hunt.
“By collaborating with that team, New York City and New York State we were able to create a structure that enabled an ambitious project to advance in this environment.”
Completion is slated for early 2023. Last month, the Bronx Point project garnered headlines.