Developers are moving forward with plans for a project that would be the first to apply Mayor Bill de Blasio’s mandatory housing proposal — even though the policy still hinges on City Council approval.
Washington Square Partners and Acadia Realty Trust are seeking to build a 23-story, 335-unit property in Washington Heights on the current site of a U-Haul rental space and two-story parking garage. A planner in the Department of City Planning presented the project plans at a meeting on Tuesday, Politico reported. The developers would set aside 30 percent of the apartments for residents making 80 percent of the area’s median income ($62,150 for a family of three) in exchange for rezoning the property. The exchange is one option presented in de Blasio’s Mandatory Inclusionary Housing proposal, which would require residential developers to include a certain percentage of low-income housing.
The policy, however, still awaits approval. The planning commission is expected to vote on it next month. Then, the City Council will have 50 days to review and vote on the proposal. [Politico] — Kathryn Brenzel
Source: The Real Deal