Work has reportedly begun on the first phase of the East Harlem Media, Entertainment and Cultural Center at on the east corner of 125th Street and Third Avenue, according to an article yesterdat by John Jordan at globest.com.
The article said that city officials broke ground there on Monday on what will "eventually be a $700 million, mixed-use project that will total 1.7 million square feet of commercial and residential space including 30,000 square feet of community and cultural space, more than 800 housing units including 600 that will be earmarked as affordable, 50,000 square feet of retail space reserved for locally-owned business that will be priced at below market rents, 250,000 square feet of office space, and a 98,000-square-foot hotel.
The initial work, the article continued, involves the construction of 49 affordable housing units and 5,600 square feet of retail space on three mostly vacant parcels of land. "City officials could not provide a timetable on the next phases of the project and when construction might begin, although they have given it a target completion date of 2016," the article maintained.
"Today's groundbreaking, along with the other projects taking shape along 125th Street, are helping sustain the momentum of Harlem's ongoing renaissance," said New York City Mayor Michael Bloomberg. "This major multi-use development - a major investment and show of confidence in Harlem's future - will serve the community in a variety of important ways: by creating needed affordable housing, valuable community and cultural space, and new office and retail space. Most importantly in today's economy, it will create thousands of permanent and construction jobs." According to figures provided by the city, the project will create 4,000 construction jobs and 1,500 permanent jobs once completed, the article said.
The 49 affordable rental apartments will include seven studios, 21 one-bedrooms, 13 two-bedrooms, seven three-bedrooms, and one two-bedroom superintendent's unit and the article said that city officials note that all of the affordable housing will be available to families at varying income ranges, with a maximum income level of 60% of Area Median Income (AMI) or equal to an annual household income of $46,100 for a family of four.
The project, the article continued, is being developed by 125 MEC Center LLC, which consists of Archstone-Smith, the Richman Group, Monadnock Construction and local development partners Hope Community and El Barrio's Operation Fightback. The first phase is being financed by: 125 MEC Center LLC, the city's Department of Housing Preservation and Development, the New York State Department of Housing and Community Renewal, the New York City Council, and the New York State Energy Research and Development Authority.
When completed, the city and the developers are expecting the East Harlem Media, Entertainment and Cultural Center to achieve at least a Silver LEED Certification from the US Green Buildings Council.
Last year General Growth Properties dropped out of the project.
The article said that city officials broke ground there on Monday on what will "eventually be a $700 million, mixed-use project that will total 1.7 million square feet of commercial and residential space including 30,000 square feet of community and cultural space, more than 800 housing units including 600 that will be earmarked as affordable, 50,000 square feet of retail space reserved for locally-owned business that will be priced at below market rents, 250,000 square feet of office space, and a 98,000-square-foot hotel.
The initial work, the article continued, involves the construction of 49 affordable housing units and 5,600 square feet of retail space on three mostly vacant parcels of land. "City officials could not provide a timetable on the next phases of the project and when construction might begin, although they have given it a target completion date of 2016," the article maintained.
"Today's groundbreaking, along with the other projects taking shape along 125th Street, are helping sustain the momentum of Harlem's ongoing renaissance," said New York City Mayor Michael Bloomberg. "This major multi-use development - a major investment and show of confidence in Harlem's future - will serve the community in a variety of important ways: by creating needed affordable housing, valuable community and cultural space, and new office and retail space. Most importantly in today's economy, it will create thousands of permanent and construction jobs." According to figures provided by the city, the project will create 4,000 construction jobs and 1,500 permanent jobs once completed, the article said.
The 49 affordable rental apartments will include seven studios, 21 one-bedrooms, 13 two-bedrooms, seven three-bedrooms, and one two-bedroom superintendent's unit and the article said that city officials note that all of the affordable housing will be available to families at varying income ranges, with a maximum income level of 60% of Area Median Income (AMI) or equal to an annual household income of $46,100 for a family of four.
The project, the article continued, is being developed by 125 MEC Center LLC, which consists of Archstone-Smith, the Richman Group, Monadnock Construction and local development partners Hope Community and El Barrio's Operation Fightback. The first phase is being financed by: 125 MEC Center LLC, the city's Department of Housing Preservation and Development, the New York State Department of Housing and Community Renewal, the New York City Council, and the New York State Energy Research and Development Authority.
When completed, the city and the developers are expecting the East Harlem Media, Entertainment and Cultural Center to achieve at least a Silver LEED Certification from the US Green Buildings Council.
Last year General Growth Properties dropped out of the project.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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