The Arker Companies Real Estate Development firm has developed a housing and retail complex on the site for a former gas station in the Morris Park neighborhood of the Bronx. The project, which cost $27 million, is a seven-story apartment building and meets affordable housing guidelines. There are 100-units, some of which are designated for households making less than 55% of the area median income. Another 10% of the units will be occupied by households who were previously homeless. In addition to the residential space, a Staples Office Supply store occupies the ground floor.
Financing for the building including remediation work, which is located on a brownfield, was done partially through tax-exempt bonds from the New York City Housing Development Corporation (NYC HDC) in addition to tax credits through the 421-a Negotiable Certificate Program. A 30-year agreement was made with NYC HDC to ensure the units remain affordable.
Construction of the complex was completed in February 2007 and all of the residential units have been leased out. The remediation of the site was given a top mark from the State’s Department of Environmental Conservation.