AvalonBay Communities is teaming up with the city for a new mixed-use project on the Upper East Side.
The company will join forces with the city’s Department of Education to redevelop a parcel at 321 East 96th St in a public/private partnership. The company revealed the plans during yesterday’s first quarter earnings release, and also indicated that it expects a lengthy public approval process before the project is given the green light, The Real Deal reports.
Plans for the project call for a multifamily rental component that will include 1,100 units, and up to 20k SF of retail, and the construction of two new public schools. The project site spans a full block between First and Second avenues, and is currently home to the School of Cooperative Education.
Initial estimates call for a project cost of about $550M, another significant investment in the city from the Virginia-based REIT. Late last year, AvalonBay filed plans for a 33-story, mixed-use residential tower near Columbus Circle. [TRD]
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