FOR IMMEDIATE RELEASE
Monday, December 20, 1999
HPD ANNOUNCES NEW MIXED-INCOME HOUSING PROJECT IN MANHATTAN'S CLINTON NEIGHBORHOOD
Mixed-use residential and commercial project soon to be developed on Manhattan's West Side.
NYC Department of Housing Preservation and Development Commissioner Richard T. Roberts today announced the sale of city-owned land for an 80/20 mixed-income rental project located on 10th Avenue between West 54th Street and West 55th Street in the Clinton Urban Renewal Area. Last March, The Gotham Organization, Inc. was selected through a Request For Proposals to develop these two prime City-owned parcels.
The project includes the development of approximately 200,000 square feet in two 80/20 mixed-income rental residential buildings, with 20% of the 222 residential units reserved for low-income families. This project will create 13,500 square feet of commercial/retail space, contributing to neighborhood economic development and job creation.
"The Clinton neighborhood is one of the most vibrant communities in the City. This mixed-use residential and commercial project will have a tremendous economic impact for all the residents in this area," said Commissioner Roberts. "Because these properties are some of the most marketable in the City's inventory, the City generated $8 million in revenue from the sale of the sites."
Construction will begin in January 2000 with completion slated for late summer 2001. Marketing for the apartments will begin in January 2001. The low-income apartments are limited to families earning less than 50% of the area median income (current area median income is $53,400 for a family of four). The low-income units will be marketed by way of a lottery as per HPD's guidelines.
The City's Housing Development Corporation will provide tax exempt bond financing for the project which is being built with no city subsidy. "Past administrations have spoken about the need for housing and economic development in Clinton for more than 25 years. Once again, it took the Giuliani administration to convert an idea into an accomplishment," said Russell A. Harding, President of the NYC Housing Development Corporation.
"The development of this project wouldn't have been possible without the tremendous effort of HPD staff," said David L. Picket, president of The Gotham Organization. "We are looking forward to developing our two residential buildings in the Clinton Urban Renewal Area which we see as the next great residential neighborhood in the City."
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.
Since the start of the Giuliani Administration in 1994, 3,681 units of housing have been rehabilitated or newly constructed through the 80/20 Program. The program is an incentive for Manhattan luxury real estate developers to construct low-income housing in exchange for real estate tax benefits. The program does not require any city budgetary outlays.
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.
HPD's mission is to promote quality housing and viable neighborhoods for all New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1994, the agency has completed the construction or rehabilitation of nearly 58,000 units of affordable housing.