Chetrit Group and Somerset Partners are set to break ground on their sprawling, 1,300-unit residential project on the South Bronx waterfront, and the architects, Hill West, have sent along exclusive new renderings of the two-building, 25-story complex at 2401 Third Avenue and 101 Lincoln Avenue in Mott Haven.
This project is entirely market-rate, and the fact that the developers are finally moving forward, a year and a half after filing plans, means they feel confident about residential rents in the South Bronx over the next few years.
Construction is about to begin on the smaller of the two buildings, which will grow on the former JLL Mott Iron Works site at 2401 Third Avenue, at the foot of the Third Avenue Bridge. The first site will be split into three towers—a standalone, 25-story high-rise and an eight-story base topped by a pair of 25-story and 16-story towers.
The building will host 430 rentals, 416,446 square feet of residential space, and 4,200 square feet of community facility space. The units will break down into 164 studios, 96 one-bedrooms, 13 two-bedrooms with only one bath, 121 two-bedroom, two-baths, and 36 three-bedrooms with two baths. There will also be a 175-car garage.
The trio of towers will be constructed of cast-in-place concrete and share a common cellar. In a statement, the architects write, “The roof of the cellar podium, in those areas which surround the towers, is landscaped and set two feet above the 100-year flood plain. This landscaped deck, open on one side to the river and waterfront esplanade, serves as an entry court and drop-off to both lobbies and is accessed from Third Avenue through a distinctive porte-cochere.”
The development will come with a lengthy list of amenities, including a pet care room, lounge, “quiet room,” gym, event room, bike storage, and a third floor pool.
The second building, 101 Lincoln Avenue, will fill a full block on the south side of the Third Avenue Bridge. It will consist of three standalone 24-story towers and a 22-story tower stacked on top of a six- and seven-story podium. The complex will host 849 rentals, 817,148 square feet of residential space, 20,500 square feet of retail, and an 1,100-square-foot community facility.
The developers will create a 25,500-square-foot public waterfront esplanade, which will be accessible from Lincoln Avenue. The property once served as a freight transfer depot for rail, boats, and trucks and features 500 feet of waterfront frontage.
A shared courtyard between the towers will offer access to each of the towers and an entrance to a multi-level parking garage with 423 parking spots.
101 Lincoln will include all the same amenities as the Third Avenue building, but there will also be a cafe on the ground floor, a “library/wine room,” and a screening room. It will also feature units ranging from studios to three-bedroom, three-baths, and a handful of two- and three-bedroom apartments will be duplexes.
Chetrit and Somerset have secured financing for the first building, but funding for the second phase of construction is still up in the air, according to Hill West. Both towers will be eligible for the 421-a tax exemption, if the state legislature ever finalizes a deal to resurrect the increasingly pricey program. The first building is scheduled to be complete in June of 2019, and the developers aim to finish the second building in December of 2019.