Maddd Equities has put forth a proposal to create 1,128 dwelling units, as filing plans with the Department of City Planning call for the rezoning of a site at 1014 Brook Avenue, located in the Melrose neighborhood.
While the documents note that the plans are still in the early stages, the initial goal is to build two new mixed-use buildings that would take up about 1.03 million square feet, altogether. Along with residential, the site would include some light manufacturing, recreational and commercial space as well.
More details on a recent posting from the New York State Department of Environmental Conservation show that Building A would stand at roughly 20 stories, while Building B would rise to about 16 stories.
The move by Maddd would build and add to its experience in New York City. Through the firm's asset management entity, Verbena Management, it operates more than one million square feet of commercial space and over a dozen parking facilities throughout Manhattan, the Bronx, Brooklyn, Long Island and Queens. Specific to residential, Verbena's portfolio consists of more than 3,000 units, which include a mix of market-rate, middle-income and workforce affordable apartments.
Currently, Maddd has two developments listed that it's working on: a 484-unit residential project at 375 West 207th Street in Inwood and its charter school transformation project, 20 Bruckner, in the Bronx.
The 1014 Brook Avenue site plans are currently going through an environmental impact statement public scoping, according to the DCP filing.
Additionally, Beitel Group has big plans for the Bronx. In fact, it recently landed a $305 million loan to support the construction of its 515,000 square foot multifamily development that will include a total of 755 units.
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