It’s been a little over a month since the controversial Jerome Avenue Rezoning was approved by the New York City Council and already one developer has proposed a massive development spanning two 17 story buildings on either side of River Avenue and the 4 train.
Although plans have yet to be filed, The Real Deal reports that Maddd Equities is working on a proposal for 1159 and 1184 River Avenue at 167th Street for a 750 unit development spanning 548,000 square feet.
The article reports that the units would be targeted to low-income “affordable” housing as well as supportive housing.
This will pave the way for the some of the first businesses to be displaced by the rezoning, something which community activists feared would happen.
Developers are hungry to take advantage of the new rezoning and unlike other rezonings which took years for developers to even break ground on new developments, here things are moving at an extremely fast pace.
We knew the neighborhood would change but this is pushing the timeline much faster than expected.