FOR IMMEDIATE RELEASE
March 4, 1999
HPD ANNOUNCES NEW AFFORDABLE HOUSING DEVELOPMENT FOR CLINTON NEIGHBORHOOD
Gotham Organization, Inc. to develop mixed-use residential and commercial project on Manhattan's West Side.
New York City Department of Housing Preservation and Development Commissioner Richard T. Roberts today announced that Gotham Organization, Inc. has been selected through a Request For Proposals to develop two prime City-owned parcels, located on 10th Avenue between West 54th Street and West 55th Street in the Clinton Urban Renewal Area.
The project includes the development of approximately 200,000 square feet in two 80/20 mixed-income rental residential buildings, with at least 20% of the residential units reserved for low-income families. Of the 224 units in the project, 45 will be reserved for low-income families. Up to 18,000 square feet of commercial/retail space will be created as part of the project, contributing to neighborhood economic development and job creation. The project represents an investment of approximately $49 million, and it will be eligible for a 421-a partial tax exemption.
"This mixed-use residential and commercial project will have a tremendous economic impact in the Clinton neighborhood, one of the most popular and vibrant communities in the City" said Commissioner Roberts. "Because these properties are some of the most marketable in the City's inventory, the developer agreed to meet certain design criteria and incorporate an affordable housing component into the project."
The City recognizes and remains committed to the long-standing objective of providing affordable housing within the Clinton neighborhood. To this end, other mixed-use development, including additional affordable housing on other sites in the Clinton Urban Renewal Area, is planned. HPD will work with the community to implement viable plans to create over 700 units of mixed-income housing in new and rehabilitated buildings.
HPD has broad responsibilities in promoting affordable housing and stable, healthy neighborhoods for New Yorkers. The agency works in conjunction with local Community Boards to select development sites and implement comprehensive neighborhood plans.