Vacant Fordham lot to transform into affordable housing, retail space
A vacant lot in Fordham that has been called an eyesore will soon be undergoing a major makeover.
An eight-story building will soon occupy the lot at 4697 Third Ave., offering 53 affordable, multihousing units.
Councilman Ritchie Torres secured the $32.6 million investment, which will be developed by Bronx-Pro. It will be a mixed-use development containing nearly 9,500 square feet of ground floor retail.
Torres notes that the units will be truly affordable at just 15 percent of average median income, which translate to $166 per month for a studio apartment and $311 per month for a three-bedroom.
The building will also be environmentally friendly with solar roof panels and a rain harvest system. It will boast a playground, public garden, laundry room and gym.
Applications for a unit will open up in Spring 2021.