Dive Brief:
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Treetop Development has announced plans for a $160 million, dual-tower development in the South Bronx area of the New York City borough, according to Crain's New York Business.
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The 12-story rental towers will be part of a mixed-use project of roughly 360,000 square feet. The developer is also planning a 260,000-square-foot residential project with retail on the ground floor, as well as a 100,000-square-foot rental development, nearby.
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The project team told Crain's it plans to wait to break ground until the end of the year, should the expired 421-a affordable housing tax break be renewed in the interim period. Treetop is seeking a partner to help finance the projects and manage construction.
Dive Insight:
Treetop's plans follow a trend of other similar multi-project, mixed-use developments across the U.S.
In Tampa, FL, the city council earlier this month unanimously approved a mixed-use, three-tower complex that will bring 1.8 million square feet of office, hotel, rental, retail, dining and entertainment space to the area. New Orleans is set to add a $100 million 29-story residential tower to the city's emerging South Market District development.
Chicago, too, is seeing an uptick in mixed-use developments as the area sees an influx of companies relocating to the city's downtown. The Windy City is eyeing New York–based developer Symmetry Property Development's proposal for a 60-story, mixed-use high-rise in its River North neighborhood that would create 216 hotel rooms, 120 hotel timeshare units and 246 condominium units as well as 30,000 square feet of retail space and a parking garage.
New York City-based Related Companies is set to build a 58-story, 2.9-million-square-foot tower at the city's Hudson Yards project. In total, the massive development is expected to bring 50 million square feet of residential, office and retail space to Manhattan and an $18.9 billion economic boon to the city.
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