search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealHarry Macklowe faces major losses on Miami, Midtown projectsHarry Macklowe faces major losses on Miami, Midtown projects
New York

Sobro waterfront project one step closer to reality

A new plan doubles the number of residential units to 4,000

Ruben Diaz, Jr. and the rendering of the South Bronx waterfront redevelopment project
Ruben Diaz, Jr. and the rendering of the South Bronx waterfront redevelopment project

It’s been years in the making, but now Bronx borough president Ruben Diaz Jr.’s South Bronx waterfront redevelopment project is moving forward.

The non-profit SoBRO has released another study assessing the feasibility of the massive project, according to Curbed. The new plan calls for double the number of units from 2,100 in the initial March report to 4,000, spread across 2.8 million square feet.

The study brought together “over 75 percent of waterfront property owners, community, City, State, and Federal representatives” and was funded by the New York Department of State, Magnusson Architecture and Planning architects and consulting firm Allee King Rosen & Fleming, according to Curbed.

Sign Up for the undefined Newsletter

“A mixed-use district will house thousands of residents, as well as numerous retail shops, theaters, restaurants and other street life activities and amenities,” Diaz said in the March review. “All new development will require the construction of a publicly accessible waterfront esplanade.”

However, the expanded project could also cost exponentially more than Diaz initially predicted.

Diaz believed that the project would cost $500 million to develop, but Welcome2theBronx argues that, “with the necessary infrastructural improvements (the site is located in a flood zone) and other factors, that number will likely be closer to $5 billion.” [Curbed] –Christopher Cameron

Tags
Ruben Diaz Jr.The Bronx