The Bloomberg administration today launched an initiative to overhaul a portion of the South Bronx, as the Department of City Planning began the public review for its “Lower Concourse” rezoning. The proposed plan would allow for about 3,400 new apartments in a 30-block area surrounding the southern end of the Grand Concourse, which sits south of Yankee Stadium.
The area currently has a large amount of parking lots, auto repair shops and buildings devoted to industrial uses. Assuming developers eventually build out the area, the administration’s plan would create a dramatic change to the area, as it is one of the more substantial rezonings undertaken by the city under Mayor Bloomberg. In addition to the 3,400 estimated new apartments, the plan would allow for up to 841,000 square feet of new commercial space (for retail, grocery stores and hotels) and 95,500 square feet of industrial space.
The Planning Department, led by Amanda Burden, is also launching a new tool that would encourage developers to set aside a fifth of their apartments to sell to low-income families at below-market rates. The tool, known as inclusionary zoning, had previously only been open to renters.
Here’s a statement by Mayor Bloomberg:
As one of the key elements of our South Bronx Initiative, the Lower Concourse rezoning will promote the reuse of underutilized land and loft buildings to facilitate some 3,400 units of new and affordable housing as well as new retail in a transit-rich, mixed-use neighborhood, while leveraging private development to create continuous public waterfront access and open space along the Harlem River.
Much more on the rezoning here, at DCP’s Web site.