2015 will give rise to new developments in Melrose, finally filling in the last remaining vacant lots as construction projects move forward. 3160 Park Avenue, which is bounded by 161st Street, Courtlandt Avenue and 160th Street, will go from a community eyesore in the heart of the Bronx’s Civic Center to an 11 story mixed-use 185,000 square foot residential building (including 21,400 square feet of ground floor commercial/retail space).
The lot sat vacant as the market crashed in 2007 and was originally slated to be a 25,000 square foot retail shopping center — a low density use which would have not made sense along the 161st Street Corridor.
3160 Park Avenue will have 152 residential units of mixed-income ranging from very low income to moderate/middle income and will be broken out as follows:
As you can see, 20% of the apartments will be for those making 40% of the area median income (which is smack in the middle of very low-income which is considered 30% of AMI and low-income which is 50% AMI so is this then ‘kind of very low income but not really’?) The remainder of the units will for moderate income individuals and families making 60%-80% of the AMI.
This project will be developed by Trinity Park Avenue Development, LLC, a subsidiary of Trinity Financial and was designed by Newman Designs.
The development will be managed by Wavecrest Management (does this company get ALL the deals in the area and The Bronx?) and applications for apartments have not been announced as of yet and probably won’t be for some time.
Stay tuned for more info as it becomes available.
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