Site
The site is located at 960 Prospect Avenue and 941 Rev. James A. Polite Blvd in the Morrissania section of Bronx CB 3. The site zoned R7-1, is about 20,420 SF in an oblique L-shaped configuration along the Rev. James A. Polite Blvd. frontage.
Project Overview
CMC Development, Thessalonia Baptist Church/Urban Builders/ Lettire Construction Corporation, created the Joint Venture development of Thessalonia Apts.., The project consists of two residential buildings connected by an internal courtyard and comprises of 120 green built and sustainable designed building apartments. The 120 rental units include: 38 one bedroom, 76 two- bedroom and 6 three-bedroom apartments and 37 parking spaces.
Project Financing
The proposed financing would include the HDC ELLA Tax Exempt Bond program, Open Space, HPD Subordinate loan debt, City Council Capital and LIHTC equity investment from Raymond James Financial. The units will provide housing to working families earning no more than 60% of the Area Median income. Total Construction Cost is $58,000,000.
Project Schedule
- Financing Application: 6/2015
- Construction Closing: 12/2016
- Occupancy: 12/2019
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