Press | May 21, 2005

Multifamily Development Spotlight: Parkview Commons

Northeast Real Estate Business

 

Parkview Commons, a new mixed-use affordable housing development on Elton Avenue and East 161st Street in the South Bronx, broke ground in March.

 

The nine-story apartment building is in the Melrose Commons Urban Renewal Area, a 35-block area that has been transformed during the last decade. The stringent guidelines of the Melrose Commons area definitely affected the design of the building, according to Magnus Magnusson, principal with Magnusson Architects, the design firm for the project. Also affecting the project was the status of the site as a former brownfield, allowing developers to capitalize on New York’s new brownfield remediation funding program.

 

The building is scheduled for occupancy in mid-2006 and will contain 110 rental apartments for low-income households, 8,000 square feet of retail space  and 29 parking spaces. It is part of a joint venture created by local activist Yolanda Garcia, who recently passed away, and the neighborhood group she headed, Nos Quedamos (We Stay); Melrose Associates LLC; and L & M Equity Participants Ltd. The builder is L & M Builders, LLC.

 

Rents are expected to start at $620 for a one-bedroom, and go up to $930 for a three-bedroom. “With the building’s great visibility on a the prominent corner of the bend in 160th Street,” says Magnusson, “we tried to design a landmark, and the project pivots around that corner.”

 

With retail space fronting East 161st Street, a major east-west thoroughfare in the Bronx, the residential portion steps down in height as it wraps around a landscaped plaza on Elton Avenue. Residential amenities include a community room, an attractively landscaped recreational open space, and a ground-floor laundry space that faces the outdoor playground area for residents.

The second phase of the development, Parkview Commons II, will break ground later this year. The mixed-use project encompasses 88 rental units and 6,500 square feet of retail.

 

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