Developer's deal with church paves way for rental complex.
Public officials, community leaders, local residents and leaders from the Cathedral Church of St. John the Divine gathered with AvalonBay Communities AvalonBay Communities, Inc. (NYSE: AVB) is an Alexandria, Virginia-based public real estate investment trust. The company specializes in acquiring, developing, redeveloping and managing high-quality apartment communities in high barrier-to-entry markets, such as the Northeast, to celebrate the groundbreaking for AvalonBay's newest Manhattan community, Avalon Morningside Park.
Under a unique agreement with the Cathedral Church of St. John the Divine, AvalonBay is building a new rental apartment building on an underutilized perimeter parcel on the Close at the corner of Morningside Drive Morningside Drive can refer to:
Speakers at the celebratory event included: Department of Housing Preservation and Development (HPD HPD Honolulu Police Department (Honolulu County, Island of Oahu)
HPD Housing Preservation and Development
HPD Housing Preservation and Development (New York City Department) ) Commissioner Shaun Donovan; New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Assemblyman as·sem·bly·man
A man who is a member of a legislative assembly.
pl -men a member of a legislative assembly
Noun 1. Daniel J. O'Donnell; New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. Housing Development Corporation (HDC (Hard Disk Controller) See disk controller.
HDC - Disk Controller ) President Emily A. Youssouf and Henry L. King, Esq., President of the Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. of the Cathedral of St. John the Divine
The new building will offer 296 rental apartments. The New York City Housing Development Corporation (HDC) financed the construction of the building by issuing $100 million in tax-exempt bonds through its 80/20 Program, which will ensure that 20% of the building's apartments will be affordable to households earning up to earn up to 50% of the area's median income.
As part of the ceremony commemorating the groundbreaking, the Cathedral also announced that in response to the need for affordable housing in the community, it will establish a Housing Mission Fund. In an agreement with AvalonBay, the Cathedral's Fund will contribute $200,000 annually for 30 years to the 59 affordable apartments in the building.
AvalonBay Communities has selected The Phipps Houses Group, one of the nation's oldest and one of the largest not-for-profit developers, owners, and managers of affordable housing to oversee the affordable program for Avalon Morningside Park.
"This past December Mayor Bloomberg signed legislation reforming the 421-a program to provide incentives to construct more affordable housing on-site while maintaining the incredible housing boom New York City is experiencing. Avalon Morningside Park typifies what we hope will be the end result of these reforms--a mixed development with market-rate and affordable rentals located in a diverse and growing community," said HPD Commissioner and HDC Chairperson Shaun Donovan.
"By cultivating relationships with nonprofits, private developers, and local institutions, the City can continue to strengthen communities, like the Morningside Park area, and advance Mayor Bloomberg's ten-year New Housing Marketplace Plan to create affordable housing for 500,000 New Yorkers, the largest municipal affordable housing plan in the nation's history."
The building, designed by R.M. Kliment + Frances Halsband Architects, will have a two-story glass entrance opening onto Cathedral Parkway, surrounded by landscaping by Rader + Crews to visually connect with Morningside Park, across the street. It will offer a variety of studios, and one, two and three bedroom layouts from which to choose.
The Cathedral required that the design and materials of new building be of high quality and no buildings on the grounds will be demolished or altered. Construction on Avalon Morningside Park is expected to be completed within twenty four months.
Avalon Morningside Park is part of the Company's ongoing efforts to expand its presence in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . The Company currently has five projects in the tri-sate area under development, including the third phase of its community in the Cooper Square Cooper Square is a junction of streets in Manhattan, New York City. It is at the confluence of the neighborhoods of The Bowery, the East Village and the Lower East Side. It is fed directly from the south by Bowery at East Fourth Street which becomes Third Avenue after Saint Mark's Urban Renewal Area.