Renderings from Xenolith Partners and Alexander Gorlin Architects reveal a new eight-story building at 760 Soundview Avenue in Soundview, The Bronx. The parcel is currently in pre-construction, but will eventually replace the Soundview Presbyterian Church with a mix of rental apartments, an updated chapel building, and a community facility.
The residential component will include 86 affordable units reserved for households and individuals earning 30 to 60 percent of the area’s median income. The new Soundview Presbyterian Church and the community facility space will respectively span 13,000 and 9,000 square feet.
Soundview Presbyterian will retain sole ownership of its new facilities, and a partial stake in the residential space and community facility. The parcel will also include parking accommodations for 20 vehicles.
Total construction costs are estimated around $48.6 million funded with 4 percent Tax Exempt Bonds through the New York City HDC, subsidies through the HPD/HDC Extremely Low and Low-Income Affordability program, and Low-Income Housing Tax Credit equity.
Total construction costs hover around $48.6 million with anticipated completion by December 2022. Financing is expected to close by December of this year.