Phipps Houses, the oldest nonprofit in the United States focused on affordable housing, has submitted a rezoning application to the Department of City Planning for a site at 893-895 East 167th Street in the Foxhurst area of the South Bronx. The organization plans to develop a 497-unit building with a total area of 377,000 square feet. Phipps acquired the site in 2019 for $22.5 million.
The proposed project would designate all units as affordable housing, with nearly 20 percent set aside for formerly homeless individuals. The lot, currently zoned for light manufacturing and mostly vacant, covers 66,000 square feet and is bordered by Intervale Avenue, East 169th Street, and Kelly Street. Phipps is seeking to change zoning regulations to allow medium-density residential development.
Plans indicate that the building would range from six to twelve stories high and offer about 6,000 square feet of community facility space. Amenities are expected to include two laundry rooms, a fitness room, a playroom, bicycle storage facilities, and a doorman service.
Phipps Houses did not provide comment when contacted by Crain’s.
Previously, Phipps secured a $225 million construction loan for another affordable housing project consisting of 436 units on Euclid Avenue in Cypress Hills, Brooklyn. That project was one of three planned developments between Fulton Street and Atlantic Avenue.
The South Bronx has seen increased development activity recently. Last month, Scale Lending issued a $305 million loan to Beitel Group for its planned 755-unit project at 355 Exterior Street (https://therealdeal.com/new-york/2024/07/12/beitel-group-lands-305m-loan-for-south-bronx-megaproject/). In addition, Arian Liton filed plans last summer for a mixed-use building with 99 units at 36 Bruckner Boulevard (https://therealdeal.com/new-york/2023/08/17/south-bronx-sees-another-mixed-use-project-filed-at-36-bruckner-blvd/), while companies such as RXR and Brookfield have also become active in the neighborhood.
