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Summary of Public Review for Sherman Plaza Project, C 150438 ZMM, Community District 12, 4650 Broadway (Block 2175, Lot 1), Inwood, New York

Summary of Public Review for Sherman Plaza Project, C 150438 ZMM, Community District 12, 4650 Broadway (Block 2175, Lot 1), Inwood, New York August 11, 2016

Background

If approved, the Broadway Sherman rezoning in Inwood would facilitate the City’s first development under the Mandatory Inclusionary Housing (MIH) zoning text amendment passed by City Council in March 2016. MIH is one of the key mechanisms utilized by the City to achieve the affordable housing goals to build or preserve 200,000 affordable housing units over a ten-year period as outlined in the Mayor’s Housing New York Plan. Under the proposed rezoning, the project developer Arcadia Sherman Avenue LLC (Arcadia) is proposing to construct a 369,000-square foot (sf), mixed-use, primarily residential building consisting of 15 stories on a site directly across Broadway from Fort Tryon Park in an ethnically diverse neighborhood characterized by 5- to 7-story residential buildings. As such, the Broadway Sherman rezoning has the potential to be a precedent setting project with citywide implications. This document summarizes the evolution of the project and the public review processes involved, and provides clarity on the various issues and the involvement of The Municipal Art Society of New York.

Initial proposal from Arcadia Sherman Avenue LLC certified by Department of City Planning January 19, 2016 (CEQR Negative Declaration and ULURP Certification)

  • In January 2016 the applicant was seeking to rezone the 47,354-sf parcel from a R7-2 with partial C2-4 overlay to R9 with full C2-4 overlay. Most R9 districts are mapped along several major thoroughfares in Manhattan. The height of new buildings under R9 is not limited by a cap but is based on lot coverage and open space requirements.*
  • The initial proposed rezoning would facilitate the development of a 415,587-sf, 23-story, 240-ft tall building
  • The development would include: 335 DUs (334,819 sf of residential area), 24,914 sf of retail space, and 15,000 sf of community facility space.
  • The rezoning intended to provide additional height and bulk and triggered the application of MIH regulations.
  • Initially the applicant pursued MIH Option 2, which would impose 30 percent of the residential floor area (100 DUs) at 80 percent of AMI ($65,000 for family of three).
  • The proposal was rejected by Community Board 12 (CB12) and Manhattan Borough President Gale Brewer.
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