Related is looking to take advantage of an “inclusionary housing” bonus that will allow it to build bigger than zoning allows in exchange for affordable housing at its 261 Hudson Street development site.
Last year, Related tore down a one-story brick building to make way for a 201 unit — 160 market rate and 41 affordable – residential building. Now the developer has submitted an inclusionary housing application asking for a big floor-area bonus, a spokesperson for the Department of Housing and Preservation and Development told the Villager.
However, since 261 Hudson lies outside of the Hudson Square Special District in a separate zoning district, Related will not be able to use the bonus on site. Instead, the developer will transfer or sell the bonus to another site within Hudson Square.
“Related are the masters of working the system,” said Andrew Berman, executive director of the Greenwich Village Society for Historic Preservation. “They definitely know how to work the system to get the maximum advantage.” [The Villager] – Christopher Cameron