Xenolith Partners was selected through a Request for Proposals ("RFP") process to redevelop a parcel of land owned by Soundview Presbyterian Church, located at 760 Sound View Avenue in the Bronx.
The existing church will be demolished and replaced with a newly constructed mixed-use building containing a 13,000 SF church, 9,000 SF of community facility space, and 86 units of affordable housing that will be rented to households earning 30% - 60% of the area median income (“AMI”).
With a total development cost (“TDC”) of $48.6MM, the development will be funded with 4% Tax Exempt Bonds through NYC HDC, subsidies through the HPD/HDC Extremely Low and Low-Income Affordability (“ELLA”) program, and LIHTC equity. Soundview Presbyterian Church will have sole ownership of the new church space in addition to an ownership stake in the residential space and community facility.
760 Sound View will be constructed as-of-right and is expected to close on its financing in December 2020. Construction is anticipated to last 24 months, with a completion date of December 2022.
Mixed-Use: Affordable Housing,
Church, and Community Facility
Xenolith Partners LLC
Total Development Cost
760 Sound View Avenue
Construction Start December 2020
Alexander Gorlin Architects
86-unit building with a 13,000
SF church, 9,000 SF
community facility and 20