NYCEDC Announces Major Steps Forward in E125 Development, Bringing 1,000 Residential Units...

NYCEDC Announces Major Steps Forward in E125 Development, Bringing 1,000 Residential Units And Hundreds Of Thousands Of Square Feet Of Commercial, Retail And Public Space To East Harlem

City Seeks Emerging Developers To Create Up To 70,000 Square Feet of New Commercial Space
New Commitments to Expand Number of Affordable Units

New York – December 11, 2015 – (RealEstateRama) — New York City Economic Development Corporation (NYCEDC) and New York City Housing Preservation and Development (HPD) today announced major steps forward in the East 125 Street Development (E125), a catalytic mixed-use redevelopment that will anchor NYCEDC’s efforts to create jobs and economic opportunity in East Harlem. The redevelopment will bring much-needed affordable housing, retail space, commercial space and public open space to the neighborhood.

NYCEDC today released a Request for Proposals (RFP) for the development of a 7,000 square foot parcel of land at 126th Street and 3rd Avenue, which could provide up to 70,000 total square feet of commercial space. This RFP delivers on a new effort announced last month by Mayor de Blasio to increase the participation of emerging developers in City projects by streamlining proposal requirements and breaking up larger developments into smaller RFPs that may be more accessible to small and mid-size firms.

Additionally, NYCEDC, HPD and the developers of the remaining land parcels in E125, The Richman Group, Equity One, and Monadnock Development, have agreed to expand upon earlier affordable housing commitments, agreeing to create an additional 200 units of affordable housing as part of the project and bring the total number of affordable units to 800. Together, these steps bring the City closer to completing the overall E125 development, a plan culminating from the City’s collaboration with the East 125th Street Development Task Force, a group of elected officials and community representatives convened by City Council Speaker Melissa Mark-Viverito to identify and help incorporate the community’s goals, including for affordable housing, economic development, local participation in the development and employment for local residents. As a result of these efforts, E125 will transform the area by bringing 1000 residential units – 800 of which will be affordable – as well as hundreds of thousands of square feet of commercial, retail and public space to East Harlem.

“This RFP seeking emerging developers to create commercial space will bring new economic opportunities to East Harlem, helping us build a more diverse and equitable city,” said NYCEDC President Maria Torres-Springer. “It’s also a major step forward in the larger E125 project, which will provide badly needed affordable housing, public open space, and hundreds of new jobs for the community.”

“The East 125th Street Development site will bring much-needed affordable housing to East Harlem, along with the jobs and critical commercial, retail, community, and open space that residents and neighborhoods need to thrive,” said HPD Commissioner Vicki Been. “The vision for this site reflects the needs and voices of the community, and is exactly the type of mixed-use, mixed-income development envisioned in Mayor de Blasio’s Housing New York, a plan that leverages the City’s investments to uplift whole communities. I want to thank Council Speaker Melissa Mark-Viverito, NYCEDC, and all our partners for their commitment to this project.”

“This project seeks to address several longstanding needs in the East Harlem community – including affordable housing, open space, employment opportunities for local residents and support for local businesses,” said Speaker Melissa Mark-Viverito. “E125 will also drive technology and medical innovation to the neighborhood through the cutting-edge New York Proton Center. Thanks to the East 125th Street Development Task Force, residents and the City came together collaboratively to identify these concerns and craft a plan that generates smart, community-based development and investment. I look forward to the E125 proposals ahead and the assets E125 has in store for East Harlem.”

“Our team remains incredibly excited about the development of these next phases of our mixed-use, mixed-income project in East Harlem,” said Managing Member of the East Harlem Redevelopment LLC Kristin Miller. “We are grateful for this opportunity and eager to continue to work with the community and City leaders to collectively create a vital and dynamic project.”

“The New York Proton Center members are delighted to be working with the City in developing this important healthcare project,” said NYPC spokesperson Norton Travis. “Through our collaborative efforts, we will help to revitalize and create jobs for the East Harlem community, as well as provide a cutting edge technology to further our goal of providing the most advanced clinical care.”

The land included in this RFP, located at 2321-2325 3rd Avenue, is well positioned to encourage responses that take full advantage of the ongoing commercial, residential and public space developments in the surrounding area. E125, which will span from E. 125th Street to E. 127th Street and 2nd to 3rd Avenues when complete, will include 1,000 units of housing at a variety of incomes, as well as up to 700,000 square feet of commercial space—including 50,000 square feet of retail reserved for local businesses—and at least 30,000 square feet of community facilities uses, plus publicly accessible open space. The E125 developers will contribute $10 million to a local investment fund to assist small businesses and entrepreneurs located in the new development. Phase 1 of the project has already delivered 49 affordable units and 5,000 square feet of retail, and the remaining phases will incorporate approximately 750 additional affordable units.

E125’s housing component will create much-needed affordable housing accessible to New Yorkers at a wide range of income levels, with nearly 30% of units designated for low-income families. Of the 950 units to be constructed, 40 units will be designated for families making less than 40% of AMI, 255 units for families making 40 – 60% of AMI, 200 units for families making 61 – 100% of AMI, 10 units for families making 101 – 130% of AMI, and 242 units for families making 131 – 150% of AMI.

Additionally, the land included in the RFP sits immediately adjacent to the site of the soon to be constructed  New York Proton Center (NYPC), which will become the first proton beam therapy facility in New York State and. will be operated by a consortium of some of New York’s preeminent healthcare institutions – Memorial Sloan Kettering Cancer Center, Mount Sinai Health System, Montefiore Health System, and ProHEALTH Medical Management, LLC.  Developed by Murphy & McManus, NYPC will serve as an important commercial anchor of the E125 project, bringing approximately 125 permanent jobs to East Harlem and helping to strengthen New York City’s position at the forefront of cutting edge medical care while promoting the continued growth of the vital bioscience and healthcare sectors.

The new NYPC will complement the City’s suite of Healthcare and Bioscience programs, which include the Early-Stage Life Sciences Funding Initiative, a $150 Million public-private partnership to identify and invest in the most promising research generated by the City’s academic medical institutions and entrepreneurs; Pilot Health Tech NYC, a program that partners early-stage health and healthcare technology companies with key New York City healthcare service organizations and stakeholders; and incubator spaces including Harlem Biospace, a biotech incubator that provides early-stage life science companies access to affordable wet lab, microbench space, specialized laboratory equipment, mentorship, business support, and programming.

As part of the City’s efforts to expand economic and workforce opportunities, responses to this RFP must comply with a comprehensive workforce and procurement program that supports communities and helps create job opportunities, especially those that enable low-income New Yorkers to participate in the City’s economic growth. This includes the utilization of NYCEDC’s HireNYC program for disadvantaged workers, as well as contracting goals for minority and women-owned business enterprises, and requirements with respect to living wage and prevailing wage.

Responses to the RFP will be due on March 17, 2016. An information session will be held on January 14, 2016 at the NYCEDC office at 110 William Street, New York, NY 10038. For more information or to download the Request for Proposals, please visit: www.nycedc.com/east-harlem-commerical-RFP

About NYCEDC

New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook or follow us on Twitter, or visit our blogto learn more about NYCEDC projects and initiatives.

SHARE
NYCEDC

New York City Economic Development Corporation (NYCEDC) is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities.

Contact:

Phone: (212) 619-5000

Previous articleTonko Pushes for Solar Tax Credits in Year-End Budge
Next articleNYSDEC & NYSDOH Statement Regarding Formaldehyde Levels at the North River Wastewater Pollution Control Plant