KIPS BAY — A developer of local affordable housing has plans to awaken a sleepy retail corner by adding a brand-new store and remaking an existing retail space.
As part of a $20 million renovation project, Phipps Houses is planning to refurbish its storefront at 444 Second Ave. for a bigger and sleeker look and will also build a new store around the corner on East 25th Street.
“We’re planning to do a major renovations of that space at the front of the building,” said Charles Gross, spokesman for Phipps Houses. “It’s going to look very pretty I think.”
Over the next several months, the landlord plans to extend the current space — the former home of a discount store called Value Zone — closer to Second Avenue. As a result, the space will grow from 6,000 square feet to 6,416 square feet.
The setback residential entrance to the building will also be moved closer to the street so that it matches the extended storefront.
In addition, a brand-new storefront of 2,000 square feet will be built on the corner of 25th Street and Second Avenue. A tenant has not yet been selected for the address, Gross noted.
The rent for individual spaces runs from $80 to 85 per square foot, he said.
The plan is a part of a $20 million renovation, which includes the replacement of the façade on the residential parts of the Second Avenue building, he added.
The 33-story building is made up of 247 units, all of which are affordable housing, a spokeswoman said. Phipps Houses is a nonprofit developer, owner and manager of affordable housing in the city.
The project is expected to be completed within the year, along with aesthetic improvements to the adjacent sidewalks, Gross added.
“We plan to decorate the sidewalk and make the whole block more appealing,” he said.