The Stagg Group hopes to construct yet another development in the Bronx, filing plans on Friday to construct a mostly market-rate 11-story residential building on a vacant lot.
The project would include 68 units along with a rooftop terrace and recreation space spread across 55,576 square feet, according to filings with the city’s Department of Buildings. The building would be located in Bedford Park at 186 St. Georges Crescent, right between Grand Concourse and the Mosholu Parkway Greenway.
About 70 percent of the apartments in the $9 million project would be market-rate units, with the remaining 30 percent designated as affordable units, according to Stagg Group President Mark Stagg. Construction is expected to begin in the fall.
The Stagg Group, founded in 1966, has several developments in the Bronx and Westchester. The company has recently become well-known for constructing affordable housing in the Bronx and has been one of the most prolific builders in the borough in recent years.
Stagg purchased 186 St. Georges Crescent for approximately $2.5 million in March and said he was motivated to build on the land because his company is also working to construct a much larger project at 150 Van Cortlandt Avenue East, located right next door. That 134,034-square-foot project will include 163 apartments and a 5,000-square-foot community center.
“If it made sense for anyone to develop this piece, it was me,” Stagg said.
(To view more properties owned by the Stagg Group, click here)