NEW YORK CITY—Construction is to begin this month on the $42-million Creston Apartments mixed-use project in the Mount Hope section of the Bronx.

The project, which is managed by Schur Management Companies, Ltd., when completed will feature 110,761 square feet of above grade buildable space that will include 114 apartments, 11,234 square feet of ground floor retail space, 908 square feet of community facility space and 10,657 square feet of underground parking for 40 cars.

The Creston Avenue project is part of an affordable housing plan announced by Mayor Bill de Blasio in 2014 with the goal of developing and preserving 200,000 affordable housing apartments in the city in the next 10 years.

There will be seven studio apartments, 49 one-bedroom apartments, 46 two-bedroom apartments and 12 three-bedroom apartments in the building as well as a study center for children to do homework with desks and computers, a fully equipped laundry room, and a large outdoor landscaped recreation area in the building, Schur Management states.

Schur Management acquired the Creston Apartments development site property through a New York City auction more than 20 years ago when it existed as an open parking lot primarily to service a nearby medical building tenant on the Grand Concourse.

“After seeing the many new affordable building projects that have been developed in the borough as well as the strong commitment of Borough President Diaz and Mayor De Blasio, we felt it was time to reposition the property into its highest and best use, which is how we arrived at the ground breaking for this building,” said Billy Schur, president of Schur Management. “This is exactly the kind of smart growth the Bronx needs and I am proud that my family is able to help continue the renewal of the borough.”

The general contractor for the project is MacQuesten Companies. Aufgang Architects is the architect and Best Development Group LLC is serving as a consultant to the developer. The attorney for the project is Stempel Bennett Claman & Hochberg, P.C. Bronx-based KZA Realty Group is the exclusive broker for the retail space.

Construction will be completed on the project in September of 2017. Rent up will take place in the summer of 2017. Community Board 5 residents will be provided a 50% preference for the apartments.