A full city block bound by 142nd Street, 143rd Street and Morris Avenue in the South Bronx is being transformed into a mixed-income residential complex as a joint venture by lead developers Azimuth Development Group, Best Development Group and the Upper Manhattan Development Corp., as well as general contractor Joy Construction Corp.
Morris Court is one of the first projects to come to fruition as a result of the Lower Concourse Rezoning program, which was completed by the Department of City Planning in 2009 in an effort to facilitate the development of affordable housing and encourage commercial projects in the area.
When completed in June 2014, Morris Court will feature two mid-rise buildings totaling 201 housing units for families and individuals with an annual income between $38,000 and $83,000. Nearly 25 percent of the apartment units at Morris Court will be set aside for formerly homeless families.
According to a statement for the press, the $69.7 million development will remain affordable through a mix of tax-exempt bonds for construction financing and subsidy loans from the New York City Housing Development Corp.—which has provided $34.7 million—and the New York City Department of Housing Preservation and Development. A standby letter of credit issued by JP Morgan Chase and the purchase of Low Income Housing Tax Credits through Raymond James Tax Credit Funds also allowed the Morris Court development to keep a level of affordability.
The project was designed by Aufgang + Subotovsky Architecture and Planning and includes 185 parking spaces and 30,000 square feet of ground floor retail space marketed by KZA Realty. National retailer Dollar Tree has already signed an early lease of 10,000 square feet of space at the site. The project’s proximity to Lincoln Hospital is expected to attract more tenants such as Brightside Academy, a regional day care center that has also pre-leased space in the building.
Rendering of Morris Court Buildings A and B courtesy of Azimuth Development Group.
About KZA Realty Group
KZA Realty Group is a full service commercial brokerage and consulting company providing real estate solutions for landlord, property owners, developers and retailers throughout the greater New York area.
Through constant marketing analysis, current trend awareness and in-depth communication with our clients, our management team has successfully completed numerous sale and lease transactions resulting in millions of dollars in sales, savings and profits for our clients. Our services also include commercial planning, project management and community and government relations.
We assist in all stages of planning and development, from the Groundbreaking Ceremony to the Ribbon Cutting to leasing the spaces.
Our office is located in the Hutch Metro Center in the Bronx and provides clients with convenient access to our services.
- Leasing Strategy Use analysis of site, competition and demographics to determine demand gap, target specific retailers that can capitalize on identified demand gap and generate marketing plans including online marketing campaigns;
- Marketing Create and disseminate marketing materials and canvas for potential tenants;
- Tenant Qualification and Representation Screen potential tenants and prepare credit analysis to ensure we meet both the tenant and landlord’s goals;
- Comparative Lease Analysis Provide quantitative assessment of potential lease deals.
KZA Realty Group
1200 Waters Place
Bronx, NY 10461
Tel.: . 718-829-5775