This morning, there are new details available about Extell Development’s huge residential and commercial project planned on the former Cherry Street Pathmark site. In preparation for a public briefing Wednesday, June 18, the prolific developer has filed documents with Community Board 3 for a 13-story affordable housing tower that will be part of the complex. We’re still waiting for information about the main building, a 68-story market-rate high rise.
The documents indicate there will actually be three parts to the project:
- A “mixed-use podium base” consisting of apartments, retail and parking. It is being designed by Adamson Associates, a Canadian firm that has collaborated on many high profile New York City buildings, including the World Trade Center towers.
- The market rate luxury tower, also designed by Adamson.
- A 205-unit low income housing rental tower by Dattner Architects.
Extell plans to participate in the city’s inclusionary housing program, which allows developers to increase the floor area of their projects in exchange for building affordable housing. The company will also access tax exempt bonds and tax credits available to affordable housing developers, and seek a 20-year tax abatement.
There will be 205 apartments, including 49 studios, 51 1-bedroom units and 105 2-bedroom units. The apartments will be available to families earning 60% or below the area median income. The filing listed prices for studios at $833; 1-bedrooms at $895; and 2-bedrooms at $1082.
You can see the complete documents below. Extell will brief Community Board 3’s land use committee June 18 at 6:30 p.m. at the Rutgers Community Center, 200 Madison St.
As we noted yesterday, Extell is just about finished with the demolition of the old Pathmark building. It purchased the site for $150 million in 2012.