SOUTH WILLIAMSBURG — A long-awaited South Williamsburg affordable housing development with 55 units may start construction early next year, with tentative rents starting at $640 per month for a studio.
The property at 105 S. Fifth St., currently home to a vacant warehouse once used by the Landmarks Preservation Committee to store artifacts, would be demolished to build new, 11-story housing.
It would also have more than 1,000 square feet of community space and 3,700 square feet of retail space, both of which will be rented out at market rate for the area, Mario Procida of developer Procida Companies told Community Board 1's land use committee Tuesday night.
People earning 48 percent and 58 percent of the area median income — or $28,224 and $34,104 for individuals — will be eligible for the housing lottery for 43 of the units, with residents of Community Board 1 receiving preference on half of them.
Another 11 units will be designated for people living in the homeless shelter system who earn 58 percent AMI, according to Procida. One unit will be reserved for a super.
Rent prices, which are still only in the proposal stages, are tiered by income.
For those earning 48 percent AMI, three studios could be available for $640 per month. Two one-bedrooms could be rented for $689 per month. And six two-bedrooms could be available for $835 per month.
Seven studios, nine one-bedrooms, 15 two-bedrooms and one three-bedroom will be reserved for people earning 58 percent AMI. Two studios, three one-bedrooms and six two-bedrooms will be reserved for those in the shelter system.
Rents for those apartments are currently proposed to be $785 for a studio, $844 for a one-bedroom, $1,022 for a two-bedroom and $1,175 for a three-bedroom.
About 14 parking spots required by law will be available for rent as well, though the cost has not yet been determined.
If people choose not to rent the spots, they could be converted to outdoor space, Procida said.
The city chose North Brooklyn Development Corporation to spearhead the project back in spring of 2013 after calling for proposals in 2012, according to Jack Hammer of the Department of Housing and Preservation Development.
Some of the units will be permanently affordable, while others will remain affordable about 50 years — as long as tax credits last, Hammer told the land use committee. He did not have information on how many of the units would remain affordable permanently.
Richard Mazur, executive director of North Brooklyn Development Corporation, said that they're aiming to close the deal by December and start construction after that.
Then, the construction process will take about 20 months, he said, meaning a potential completion date of August 2017.
Marketing for the affordable housing lottery will likely begin six months before then.
The property is one of few projects bringing affordable housing to South Williamsburg in the near future.
About 600 new units, not including the huge Domino Sugar Factory project, are expected to pop up in the area in the next year. The majority of them are expected to be luxury, market-rate housing with amenities like swimming pools and yoga rooms.
Domino's first building is expected to be done by spring 2017. As part of a deal with the city, about 100 of the property's 500 units will be affordable.