A Bronx local community board approved the rezoning of a massive site on the Harlem river, potentially paving the way for a 1000-unit complex to be built.
The rezoning of Lower Concourse North, a 158,000-square foot city-owned development site, could allow for a new affordable housing complex and acres of new parkland, Crain’s reported. The board made a list of the changes it wants, and the plan is now before Bronx borough president Ruben Diaz Jr., who will address it in the coming weeks, according to the publication.
No developer has been selected for the project as yet, and council speaker Melissa Mark-Viverito will have the final say on the project.
Critics of the project say the city is not adequately replacing the green space that was lost in the construction of Yankee stadium.
Last year, real estate investors pumped $3.3 billion into the Bronx. However, while sellers in the area have made big profits, a recent analysis from The Real Deal showed that many of the buildings aren’t generating nearly enough income to keep pace with the sales prices. [Crain’s] — Miriam Hall