News Summary
Shorewood Real Estate Group has unveiled plans for a significant mixed-use development at 350 Grand Concourse in Mott Haven, Bronx. The project will include a 14-story building with 304 residential units and a Food Bazaar grocery store, contributing to the area’s revitalization. Notably, 25% of the units will be reserved for affordable housing, and the development follows a commitment to higher wages for construction workers. Construction is expected to begin in early 2026, with an estimated cost of $175 million.
Shorewood Real Estate Plans Major Development in Mott Haven
Shorewood Real Estate Group has announced a significant mixed-use development project at 350 Grand Concourse in Mott Haven, Bronx. The ambitious plan entails the construction of a 14-story building that will include 304 residential units and a grocery store, specifically a Food Bazaar.
Details of the Development
The site was acquired from developer Peter Fine for $28.5 million in December of last year. This prime location measures approximately 31,000 square feet and is situated close to East 144th Street and the Harlem River waterfront. Once completed, the development is expected to reach a total height of 145 feet and encompass around 244,000 square feet of space.
Of the total area, roughly 200,000 square feet will be allocated for residential purposes, while the grocery store will span approximately 40,000 square feet. A parking garage with a capacity for 60 vehicles will also be part of this extensive project.
Affordability and Employment Opportunities
Importantly, 25% of the residential units will be set aside for affordable housing, aimed at families earning about 60% of the area median income, equivalent to approximately $87,000 for a family of three. The project will be developed under the 485-x program, which stipulates a minimum wage of $40 per hour for construction workers, reflecting the scale and significance of the project.
Timeline and Financial Expectations
The total anticipated cost for the development is around $175 million. Construction is set to kick off in the first quarter of 2026, with the completion projected for the first half of 2028. Shorewood Real Estate Group’s president has noted that the considerable scale of the project precludes any possibilities of subdividing it into smaller ventures.
Broader Impact and Related Projects
This upcoming development adds to Shorewood’s robust portfolio, which already includes a 315-unit development at 1 Archer Ave. in Jamaica and a 233-unit project at 1100 Myrtle Ave. in Bedford-Stuyvesant. In fact, the firm’s project pipeline currently encompasses over 1,000 residential units alongside 305,000 square feet of grocery store space, showcasing their commitment to enhancing living and shopping options in New York.
Previously, Peter Fine had envisioned a different project on this site, proposing a 9-story school that would cover about 200,000 square feet before selling the lot to Shorewood.
Competition in Mott Haven
Shorewood’s development is part of a wider effort to revitalize the Mott Haven neighborhood. Not far from this site, another substantial venture is underway – a 755-unit two-towered project by the Beitel Group at 355 Exterior St., indicating the area’s growing appeal for both families and real estate developers alike.
This mixed-use development by Shorewood represents a key step towards providing much-needed housing and retail space in the Bronx, with a particular focus on affordability and community benefits.
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Author: Construction NY News
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