Press | January 12, 2010

The Briarwood Org., CPC and The Bridge to Complete 260-Unit Project

New York Real Estate Journal

 

CPC Resources, The Briarwood Organization and The Bridge have been chosen to develop a 260-unit affordable housing development in the South Bronx that is designed for LEED Silver certification. The mixed-use project will include low- to moderate-income family housing, subsidized senior housing, studios for a variety of populations, and 27,500 s/f of retail space.

 

The project site represents one of the last large city-owned tracts of land in the Melrose Commons North Urban Renewal Area (URA), the same neighborhood that became notorious for massive private-sector disinvestment and arson during the 1970s. Under the auspices of the City of New York’s Department of Housing Preservation and Development (HPD), 2,743 dwelling units have already been built or are currently under construction within the Melrose Commons URA. HPD commissioner Rafael Cestero announced the selection of the developers late last month, as well as development teams for two other sites in the URA.

 

Briarwood, CPC and the Bridge will develop the project and Briarwood will build it. A groundbreaking date has not yet been announced. The Melrose development represents the third project that the Bayside-based company will undertake with CPC, and it is first that Briarwood will co-develop with CPC and The Bridge.

 

“We’re extremely proud of the mix of housing, retail and green features in our proposal for the Melrose site, and we’re thrilled to be part of such an excellent team for the Melrose site,” said Briarwood principal James Riso. “Briarwood, CPC and The Bridge can now focus on getting the project ready for construction at the earliest possible date and providing housing to New Yorkers who need it the most.”

 

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