655 Morris Will Bring 176 Units of Affordable, Energy-Efficient Housing in the Bronx
- Sep 29, 2014
Work has started on a new residential building on the corner of Morris Avenue and 153rdStreet in the Melrose neighborhood of the Bronx.
Roughly three months after the New York City Housing Development Corporation (HDC) approved $372.56 million in bonds and $88.7 million in subordinate financing to fund more than 2,200 units of affordable housing in 16 developments in the Bronx, city officials and representatives of developer Omni New York, LLC, celebrated the official ground breaking of 655 Morris Avenue.
Omni New York, LLC—which was founded by former Red Sox star Mo Vaughn—will build the 15-story housing structure at a total development cost of $63.8 million, with $31.3 million coming from tax exempt bonds, $11.44 million in subordinate debt, and $21.19 in tax credit equity.
According to an official statement announcing the new residential building, 655 Morris Avenue will serve the formerly homeless population and will include 175 low- and moderate-income units of affordable housing and one unit set aside for the building supervisor, as well as nearly 10,000 square feet of onsite commercial space and around 8,500 square feet of space that will house a community center.
The new rental building will be energy efficient and will incorporate cost-effective design elements and construction materials that will make it affordable and healthy for the residents and the community. 655 Morris’ most sustainable amenity will be a cogeneration system that will use a natural gas-fueled engine to generate electricity for the entire building. In return, the waste heat by-product will be captured and reused for the building’s boilers and water heaters. Additionally, the list of sustainable amenities at 655 Morris Avenue will include energy-efficient appliances, low-flow water fixtures, as well as a green roof and bicycle storage spaces.
“It is important that the housing we build is not only affordable but also sustainable and energy-efficient,” said HPD Commissioner Vicki Been in an official statement. “The Housing New York plan emphasizes the importance of making a healthy living environment affordable to New Yorkers regardless of income, and this new development at 655 Morris Avenue will serve this goal.”
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Rendering via NYC Department of Housing Preservation & Development’s Facebook Page