L+M DEVELOPMENT PARTNERS, TYPE A PROJECTS & BRONXWORKS SECURE $349M IN PARTNERSHIP WITH CITY OF NEW YORK FOR BRONX POINT

 

Construction slated to begin in coming weeks on transformative South Bronx project along the Harlem River waterfront

 

Public-private partnership will create 542 units of permanently affordable housing, including units for low-income families and the formerly homeless

 

Community oriented project includes award-winning public riverfront esplanade, first permanent home for the Universal Hip Hop Museum, youth & community center and youth & environmental programming

 A public-private partnership of L+M Development Partners, Type A Projects, BronxWorks and the City of New York closed Tuesday on financing for the first phase of Bronx Point, a much-anticipated mixed-use development coming to the Harlem River waterfront in the South Bronx. Bronx Point’s first phase will deliver 542 units of permanently affordable housing to the Lower Concourse neighborhood, along with approximately 2.8 acres of public open space and an array of cultural and community-focused programming, including a permanent home for the Universal Hip-Hop Museum, an early childhood space run by BronxWorks, and outdoor science programming run by the Billion Oyster Project. Along with its affordable housing opportunities, Bronx Point will serve as a new civic and cultural hub for the borough in close proximity to the new home of the Bronx Children’s Museum, Hostos Community College and the Bronx Terminal Market. The 25 percent WBE-developed project is aligned with Mayor de Blasio’s broader Where We Live NYC initiative, an inclusive process to ensure widespread community participation in shaping the City’s strategies to address fair housing barriers. In addition to meeting a 35% M/WBE participation goal, the development team will participate in HireNYC. In 2016, New York City Economic Development Corporation (NYCEDC) and HPD released a Request for Expressions of Interest for the Bronx Point site and selected the L+M/Type A/BronxWorks partnership in 2017 upon the completion of the site’s rezoning. 

 

Bronx Point is located on City-owned land and is being financed through a combination of public and private capital, including financing from the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corporation (HDC), Empire State Development, Wells Fargo, and additional private funding. The overall funding includes $323.5 million for the building, along with $25.5 million for the waterfront esplanade’s construction from the NYCEDC. 

 

“This public-private partnership will deliver high quality affordable housing, a beautifully restored esplanade connecting the community to the waterfront, and a unique cultural institution that highlights the historic contributions the vibrant South Bronx community has made to music” said Deputy Mayor for Housing and Economic Development Vicki Been. “Community-based projects like Bronx Point are critical to this Administration’s goal of bringing affordable housing & investment to communities that have been historically left behind.”

 

“For years, we've wanted a permanent home in The Bronx—the birthplace of hip hop—and we are proud to be a part of Bronx Point, which will be one of the great new destinations of the borough,” said Kurtis Blow, hip hop legend and Chairman Emeritus of the Universal Hip Hop Museum. “Hip hop grew from a seed that was planted at a house party on Sedgwick Avenue into a global movement, and our museum will celebrate that journey and the Bronx's place in its history.  For all those who rose with us and followed in our footsteps: this museum will be for you, forever. We can't wait to open our doors and welcome visitors from around the borough, the city and world to Bronx Point and the new home of hip hop!" 

 

“It’s been an honor to be part of an incredible team that spearheaded a project we believe the community will truly be proud of. Being born and raised in the South Bronx, it’s particularly meaningful,” said Josue Sanchez, Senior Director at L+M Development Partners. “At a moment when New Yorkers continue to struggle through the impacts of the pandemic, it’s even more critical for us to begin work on a project that will serve so many in a way that’s true to the borough - from high-quality affordable housing and community programming, to much-needed open space along the Harlem River, to a permanent home for the Universal Hip Hop Museum. Thank you to our partners at the City, State, and Wells Fargo for their extraordinary hard work and dedication in helping us reach this milestone through a true public-private partnership.”

 

“As a NYC-certified Women-owned Business, Type A Projects is grateful to NYCEDC for prioritizing M/WBEownership and participation at Bronx Point,” said Annie Tirschwell, Partner at Type A Projects.  “Initiatives like this are essential building blocks for a more equitable and inclusive city for all. We value our partnership with L+M and were honored to bring our commitment to inclusive and community-centric planning to what will be a transformative project for the South Bronx.  We are deeply appreciative of the community's participation and Community Board 4’s leadership during our collaborative two-year-long open space design process.  We hope Bronx Point will become the heart of a revitalized and sustainable South Bronx waterfront community.”

 

"BronxWorks is thrilled to be a partner in the Bronx Point Development,” said Eileen Torres, Executive Director, BronxWorks.  “By offering families and residents child care and social services right on-site, the development represents an innovative and supportive approach for our Bronx neighbors. As we look to lift lives and build futures, especially post the devastating COVID pandemic, the Bronx Point is a hopeful sign of the future for our community."   

 

“A critical component to making our city fairer is strengthening neighborhoods for all New Yorkers,” said James Patchett, president and CEO of New York City Economic Development Corporation. “Today marks a major step towards advancing the administration’s key investments in the South Bronx. By bringing affordable housing, waterfront access and a range of cultural facilities, we are creating a more equitable New York. We are proud to be part of this effort to bring this community’s vision to life.” 

 

“Wells Fargo is thrilled to collaborate with L+M Development Partners, Type A Projects, BronxWorks, and the City of New York to bring vital affordable housing solutions to the Harlem River waterfront in the South Bronx,” said Alan Wiener, acting Head of Community Lending and Investment for Wells Fargo Commercial Real Estate. “The Bronx Point development enhances the community in a variety of ways – from the 542 new affordable housing units for low-income residents and formerly homeless individuals to the 2.8-acre waterfront park and the Universal Hip-Hop Museum. Wells Fargo is committed to helping finance projects like Bronx Point that drive community engagement and cultural innovation. We look forward to the lasting, positive impact this development will have on the Bronx community,” 

 

“We are proud to be a part of the Bronx Point project through ESD’s investment in the Universal Hip Hop Museum, which will be the first museum in the world dedicated to the preservation and celebration of Hip-Hop history,” said Eric Gertler, Empire State Development Acting Commissioner, President and CEO-designate. “This project brings together arts, culture and entertainment while helping to revive the Bronx waterfront and will create jobs, stimulate private investment, provide quality affordable housing and enhance the surrounding natural environment.”