New Inwood Apartments Popping Up Thanks to Rezoning

Inwood has seen a surge in developments, and one more prime example is coming in the form of a 30-story building that just underwent a rezoning that took into consideration the increase in the area’s density, though the topic has been a hot-button issue. (Photo Credit: New York Yimby)

Inwood has seen a surge in developments, and one more prime example is coming in the form of a 30-story building that just underwent a rezoning that took into consideration the increase in the area’s density, though the topic has been a hot-button issue.

Maddd Equities already put in plans it wants to eventually submit that have to do with a project located at 3875 Ninth Ave., according to a report in New York Yimby. The site is vacant at the time being and is right by the Harlem River and a stop on the I.R.T. Seventh-Avenue-Broadway local one train.

The development firm wants to erect a 295-foot-tall building, and inside would be 614 apartments. Yimby reported 20 percent of the apartments would be dedicated for affordable housing. Some other reports actually made it seem possible that every unit would wind up offering affordable housing throughout the entire building. The residential spaces will also be anchored by about 65,000 square feet for commercial and retail tenants, Crain’s reports.

Industrial spaces are what is most commonly associated with the eastern part of the area right now, and that’s something that’s trying to be changed by local representative Ydanis Rodriguez. A City Council vote led by Rodriguez wanted to see these sites rezoned so that a number of development projects could spring up and theoretically revitalize the area.

The rezoning was met with strong pushback though from locals, especially those living in rent-regulated apartments worried about the status of their apartments and neighborhoods moving forward. Crain’s reports about what happened as an appeasement strategy, saying that “in response, the council removed a portion of the rezoning along a U-shaped commercial corridor running through the neighborhood. That had the effect of pushing most new construction proposals to the east where Maddd Equities is planning its tower.”

Taconic Investment Partners comes into play here too with a large residential building it has in Inwood too. There are over 500 affordable housing units that are in that building, and the Wall Street Journal reports that both of these developers spent a lot of time and money on lobbying efforts related to rezoning legislation that would impact their projects.

Taconic Investment’s website describes itself as a fully integrated owner, operator, and developer of commercial and residential real estate. From adaptive reuse and urban revitalization to luxury office and residential development they use their experience and a capabilities to maximize investment returns. The website continues “we invest in high-quality assets that offer significant value-add potential, targeting both ground-up development and repositioning opportunities.”

It also says that “since 1997, our team has successfully acquired, developed, redeveloped, and repositioned over 12 million square feet of office, mixed-use, and retail space and more than 4,688 units of for-sale and multi-family housing with a focus in New York City.”

By: Yancy Rendsburg

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