The city officially opened a new affordable housing development in the Melrose neighborhood of the Bronx that will house formerly homeless veterans.
Department of Housing Preservation and Development (HPD) Commissioner Maria Torres-Springer and Housing Development Corporation (HDC) President Eric Enderlin joined Omni New York, Bank of America and other project partners to announce the completion of 655 Morris Avenue.
The development includes 175 low- and moderate-income units of affordable housing, and one superintendent unit. Twenty percent (35) of the units are reserved for formerly homeless households, 17 of which are reserved for formerly homeless veterans.
The developer, Omni New York, is seeking LEED Gold certification for the green building designed by Meltzer/Mandle Architects with Loci Architecture as construction architect.
The building’s efficiency features include a natural gas-fueled co-generation system, energy-efficient appliances and lights, low-flow water fixtures, and a passive green roof.
“We at Omni are excited to open our first new construction building in New York City,” said Eugene Schneur, Managing Director and co-founder of Omni New York LLC.
“Built to meet some of the highest eco-friendly standards in the industry, we are very proud to offer these new, quality affordable housing options for New Yorkers.”
The 217,454 s/f mixed-use building is the developer’s first ground-up new construction project and is built on a portion of land on a previous HDC-financed Omni New York rehabilitation project called Maria Lopez Plaza.
Partners in the project included Monadnock Construction, Mill Plain Properties, Reliant Realty Services, Alliant Capital, and Bank of America.
The total development cost was $63.8 million. HDC provided $31.31 million in tax exempt bonds and $11.44 million in subordinate debt. HPD provided $11.26 million in City Capital and tax credits. Alliant Capital, Ltd. served as the tax credit syndicator. Bank of America served as lender.
