Massive LES development finally takes step forward

New York /
May.May 23, 2012 02:30 PM

The Lower East Side’s Community Board 3 gave its expected seal of approval to development plans for the Seward Park Urban Renewal Area last night, Crain’s reported, but with one condition. The board demanded the affordable housing slated for the site, composed of five city-owned lots southeast of the corner of Delancey and Essex streets, be permanent.

The project calls for 1.65 million square feet of mixed-use development, two-fifths of which would be commercial. The remaining residential component would have 900 apartments, half of which would be affordable. But rather than remain so for 30 or 60 years as had been suggested, the community board wanted assurances that the affordable housing be permanent.

The demand represents a departure from previous calls for the entire residential component to consist of affordable housing and so the city agreed to accommodate the request.

Though the vote is just one step in what will likely be a long public review process, it marks the first advancement for a project that’s been 40 years in the making. The community also secured assurances that it would remain involved in the development process as the project passes through city bureaucracy. [Crain’s]


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
(iStock)
Landlords seek up to 5% rent hike on stabilized apartments
Landlords seek up to 5% rent hike on stabilized apartments
Andrew Yang (Getty)
Does Andrew Yang’s housing plan make sense?
Does Andrew Yang’s housing plan make sense?
The Altana Complex and Waterford CEO John Drachman (Waterford)
Waterford Property venture acquires luxury rental complex from Carmel Partners
Waterford Property venture acquires luxury rental complex from Carmel Partners
Inside the quest to change single-family zoning
Inside the quest to change single-family zoning
Inside the quest to change single-family zoning
Dianne Morales and Phipps Houses in Kips Bay (Dianne Morales, Google Maps)
Mayoral candidate runs away from ex-employer Phipps Houses
Mayoral candidate runs away from ex-employer Phipps Houses
420 Stockholm Street in Bushwick with State Attorney General Letitia James (Google Maps, Getty)
Ownership dispute at Brooklyn rental puts affordable tax break at risk, city says
Ownership dispute at Brooklyn rental puts affordable tax break at risk, city says
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...