600 New Affordable Housing Units Approved In Rezoned Inwood
Maddd Equities' and Joy Construction's plan to build two towers of commercial space and affordable housing in newly rezoned Inwood is moving forward.
The development at 375 West 207th St., which would feature 611 affordable units as well as 60K SF of commercial space across the two buildings, was approved by the New York City Department of Buildings last week, Crain’s New York Business reports.
“This ambitious 100% affordable project is a fulfillment of my promise to the Inwood community that our development will focus on addressing the need for affordable housing,” Maddd Equities founder Jorge Madruga told Crain's.
The development, called Sherman Creek North Cove, first went to the DOB for approval back in 2018. In August of that year, the city passed a rezoning which allowed for buildings between 18 and 30 stories tall to be built in the area east of 10th Avenue. The expectation was that 1,600 new affordable units would be created between city-owned sites and under the Mandatory Inclusionary Housing program. However, years of legal disputes regarding the rezoning ensued.
In 2019, the state Supreme Court ruled the city had not been diligent enough in assessing the environmental implications in approving the rezoning. The city appealed that decision and won. Last November, the appellate branch of the New York State Supreme Court effectively finalized the land use changes, declining to hear a community group’s appeal of the previous decision that had restored the rezoning.
The $300M development, one of the first to go ahead under the rezoning, is now waiting on financing from the Department of Housing Preservation and Development, per Crain’s. The developers hope that construction will start at the end of the year and will be complete by 2024.