{"id":1004071417,"date":"2013-04-19T06:15:21","date_gmt":"2013-04-19T14:15:21","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=119697"},"modified":"2020-05-17T22:55:31","modified_gmt":"2020-05-18T06:55:31","slug":"morris-court-to-bring-201-affordable-units-to-the-south-bronx","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/morris-court-to-bring-201-affordable-units-to-the-south-bronx\/","title":{"rendered":"Morris Court to Bring 201 Affordable Units to the South Bronx"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">A full city block bound by 142nd Street, 143rd Street and Morris Avenue in the South Bronx is being transformed into a mixed-income residential complex as a joint venture by lead developers Azimuth Development Group, Best Development Group and the Upper Manhattan Development Corp., as well as general contractor Joy Construction Corp.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Morris-Court-Building-A.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-119700\" title=\"Morris Court Building A\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Morris-Court-Building-A.jpg\" alt=\"\" width=\"300\" height=\"117\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Morris Court is one of the first projects to come to fruition as a result of the Lower Concourse Rezoning program, which was completed by the Department of City Planning in 2009 in an effort to facilitate the development of affordable housing and encourage commercial projects in the area.<\/p>\n<p style=\"text-align: justify;\">When completed in June 2014, Morris Court will feature two mid-rise buildings totaling 201 housing units for families and individuals with an annual income between $38,000 and $83,000. Nearly 25 percent of the apartment units at Morris Court will be set aside for formerly homeless families.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Morris-Court-Building-B.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-119701\" title=\"Morris Court Building B\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/04\/Morris-Court-Building-B.jpg\" alt=\"\" width=\"300\" height=\"101\" \/><\/a>According to a statement for the press, the $69.7 million development will remain affordable through a mix of tax-exempt bonds for construction financing and subsidy loans from the New York City Housing Development Corp.\u2014which has provided $34.7 million\u2014and the New York City Department of Housing Preservation and Development. A standby letter of credit issued by JP Morgan Chase and the purchase of Low Income Housing Tax Credits through Raymond James Tax Credit Funds also allowed the Morris Court development to keep a level of affordability.<\/p>\n<p style=\"text-align: justify;\">The project was designed by Aufgang + Subotovsky Architecture and Planning and includes 185 parking spaces and 30,000 square feet of ground floor retail space marketed by KZA Realty. National retailer Dollar Tree has already signed an early lease of 10,000 square feet of space at the site. The project\u2019s proximity to Lincoln Hospital is expected to attract more tenants such as Brightside Academy, a regional day care center that has also pre-leased space in the building.<\/p>\n<p style=\"text-align: justify;\">For more market data from New York City, please <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-demand-remains-strong-in-brooklyn-keeping-asking-rents-elevated\/1004071857.html\" rel=\"nofollow\" ><strong>click here<\/strong><\/a>.<\/p>\n<h6 style=\"text-align: justify;\"><em>Rendering of Morris COurt Buildings A and B courtesy of Azimuth Development Group<\/em><\/h6>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A full city block bound by 142nd Street, 143rd Street and Morris Avenue in the South Bronx is being transformed into a mixed-income residential complex as a joint venture of lead developers Azimuth Development Group, Best Development Group and the Upper Manhattan Development Corp, and general contractor Joy Construction Corp.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004071417","post","type-post","status-publish","format-standard","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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