Bronx, NY (PRWEB) April 11, 2013
On a full city block in the South Bronx, a mixed-use, mixed-income development is under construction. Morris Court, made up of two buildings totaling 201 units of affordable housing and 30,000 square feet of ground floor retail, plus a 185-car attended underground parking garage, is expected to be ready for occupancy in June, 2014. The project is a joint venture of Azimuth Development Group, Best Development Group, and the Upper Manhattan Development Corp. KZA Realty is handling the commercial leasing.
Morris Court is one of the first projects to come to fruition as a result of the Department of City Planning’s Lower Concourse Rezoning, completed in 2009, designed to facilitate the much-needed development of affordable housing and stimulate commercial development. Morris Court addressed these needs by targeting units towards families and individuals at a wide array of income levels - earning between $38,000 and $83,000 per year. Morris Court is able to achieve these levels of affordability as a result of assistance received from the New York City Housing Development Corporation, who provided tax exempt financing as well as subsidy loans, and the New York City Department of Housing Preservation and Development, by way of its Inclusionary Housing Program. Financing was also aided by a standby Letter of Credit issued by JP Morgan Chase, as well as equity by way of the purchase of Low Income Housing Tax Credits through Raymond James Tax Credit Funds.
“Developing the Morris Court project is a great opportunity to introduce more quality, affordable housing to an area that really needs it,” said Azimuth Development Group President Guido Subotovsky. “The mix of housing, retail space and community facilities and will serve the entire neighborhood.”
The retail at Morris Court is anchored by a 10,000 square foot Dollar Tree Store. Dollar Tree, a national retailer, agreed to pre-lease the space, which was essential to the viability of the project. Brightside Academy, a regional Day Care Center, leased space in the building as well. The building’s proximity to Lincoln Hospital drove the need for retail and parking, as the hospital employs more than 3,000 people.
“Morris Court is the ideal location for retailers and service businesses that want to take advantage of a built-in customer base,” said KZA Realty Group President Kathy Zamechansky.
Construction of this large-scale development was made possible by an experienced team with an exceptional track record in housing. Azimuth Development Group, founded in 2009 by Guido Subotovsky, is the lead Developer. The Contractor, Joy Construction Corp, has been a leader in the industry for more than 15 years. Design was undertaken by the firm of Aufgang and Subotovsky Architecture and planning, which has participated in the development of several thousand units of housing in New York City.