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Old Posted Jan 15, 2018, 11:59 PM
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Join Date: Jul 2013
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$335 Million In Financing Secured For Second Phase Of La Central Development, South Bronx



Quote:
The team behind the La Central Development has closed a deal for financing towards the construction of their massive mixed-use project in the Melrose Community of the South Bronx. This is one of the largest mixed-income projects currently under construction in New York City. Once complete, the project will span 1.1 million square feet, with five buildings and 992 units entirely devoted to affordable housing.

A public skate park and 25,000 square feet of retail space will also be included. The first phase was closed in 2016, and the final project is expected to receive financing by 2019. The total construction cost is expected to reach approximately $600 million.

$335 million has been secured for the construction of phase two of three for the project, which will include buildings at 556 and 600 Bergen Avenue. Combined, they will yield 496 units, a 50,000 square feet YMCA facility, the second studio for BronxNet TV, a Grow NYC rooftop garden, as well as space for retail on the ground floor. Solar panels will be built on the rooftop, with an estimated output of 250,000 watts.
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