A massive New York housing project is one step closer to breaking the ground. The New York City Council Land Use and Zoning Committees have voted to approve the Midtown South Mixed-Use Plan, which aims to create roughly 9,700 homes in Manhattan. Of the units, more than 2,800 will be permanently affordable.
According to Council Speaker Adrienne Adams, this marks the largest residential rezoning seen in two decades. It will also bring Mandatory Inclusionary Housing to the Midtown South neighborhood for the first time ever.
In addition to the homes, $488 million will be invested into making infrastructure and benefits improvements in the area. This applies to trees, lighting upgrades, subway renovations, creating a car-free busway, revitalizing schools and hospital projects.
"With today's vote, we're taking another step forward in helping to create a more dynamic Midtown South where New Yorkers of all income levels can live, work, and play," NYC Mayor Eric Adams said in a statement.
"Not only will this plan deliver thousands of new homes for this central neighborhood, but it also represents a down payment on our vision of 100,000 new homes across all of Manhattan over the next decade. Furthermore, this agreement underscores our commitment to pairing housing with investments in our infrastructure — including the transformation and reconstruction of Broadway and 34th Street busway."
The last hurdle to advance the project to development is a final and full vote by the NYC Council. It's unclear when exactly that will take place.
The vote comes amid a flurry of other residential projects announcements in Manhattan. In June, the Mayor of Gotham struck a deal with Related Companies to include a total of 4,000 new homes (at least 625 affordable) for phase two of the Hudson Yards West project. Eric Adams referred to the full estimated $32 billion development as "the largest real estate development in U.S. history," at the time.
Another major project is 5 Times Square, which will transform from a 38-story skyscraper into 1,050 studio apartments and 200 one-bedroom units. Up to 313 units will be permanently designated as affordable. One of the largest office-to-residential conversions in the city is the project at 219 and 235 East 42nd Street in Midtown East, which previously served as the former headquarters of Pfizer. Joint venture partners, Metro Loft Management and David Werner Real Estate Investments, are planning to develop the vacant site into 1,602 luxury apartments, with 25 percent of the units set aside for affordable housing.
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