Phase 2 of Essex Crossing will Break Ground in June with More Affordable Housing

Posted on: February 17th, 2017 at 5:00 am by

essex-crossing-gateway-2_wm

Essex Crossing is firing on all burners. Full throttle. Two of the four new buildings are topped out, with the balance reaching skyward each day; the 24-story “Gateway” (Site 2) and 242 Broome Street condos (Site 1) are currently sporting some major heft.

But this is a rolling process, and, recent progress notwithstanding, sights are already set on next summer. That’s when work is slated to begin on the second phase of development. Included in this window are the new mixed-use projects for SPURA Sites.

The Essex Crossing team briefed the community at a CB3 meeting Wednesday night, with the big news that plans for the next phases just shifted.

Isaac Henderson of Delancey Street Associates – the developer consortium – explained how the overall composition is shifting. At its conception, Essex Crossing was primed to include a total of 1,000 new apartments, half of which would be permanently affordable for low- and middle-income tenants. Also included were 157 condos for purchase, 32 of which are affordable. Yet, since the plans were deeply dependent on the 421-a tax abatement program, a change needed to be made; the state tax scheme expired over a year ago.

Due to these tax-break complications, the changes resulted in a sum total of 1,078 units across Essex Crossing. The affordable housing stock also rises – up 61 units to 561. The additional 17 apartments are market-rate. Percentage-wise, the developers are quick to champion that the whole project is now 52% affordable.

essex-crossing-sites

Here are the vitals for the new construction:

Site 8

  • Was condos; now senior housing.
  • 92 studio apartments (350 square-feet); 100% affordable.
  • Demolition and ground-break begins in June.

Site 4

  • Mixed-use rental building.
  • 50-50 affordable to market-rate ratio.
  • Demolition and ground-break begins in June.

Site 3

  • Was rental building, now market-rate condo building.
  • No affordable housing.
  • Demolition and ground-break begins toward the end of the year.

Site 9 (part of Phase 3)

  • Was condos, now 50-50 split between affordable (35 units) and market-rate apartments.
  • Work won’t begin here until the Essex Street Market is fully ported to the Market Line at Site 2 in June 2018.
  • Anticipated start date is fourth quarter of 2018; online in 2021.

Site 10 (part of Phase 3)

  • Market-rate condo building.
  • No affordable housing.

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