Q&A
Potential impact of City of Yes zoning on Malcolm Shabazz Harlem Plaza project
0:21:41
·
115 sec
Council Member Yusef Salaam inquires about the potential impact of the City of Yes zoning for housing opportunity on the Malcolm Shabazz Harlem Plaza project. Peter Procida from Procida Construction and Development Group explains the possible changes and timeline considerations.
- If City of Yes passes, the project could increase from 109 to 123 units
- The AMI mix and unit type percentages would remain proportionally the same
- The approval of City of Yes is not expected to significantly impact the project's timeline or financial planning
Yusef Salaam
0:21:41
Gotcha.
0:21:41
Just a few more.
0:21:42
You mentioned that the passing of the city of yes zoning for housing opportunity would affect this project by allowing another story sorry about that.
0:21:55
Another story to the 2 tower building.
0:21:58
Your does your team have a projected unit mix for this additional potential floor?
Peter Procida
0:22:04
Yes.
0:22:05
That is on oh, sorry.
0:22:09
What slide is this?
Melissa Otten
0:22:11
Yeah.
0:22:12
It's it's in the presentation.
Yusef Salaam
0:22:15
And and as you as you look for that too, I just wanted to know as well Will the approval or the disapproval of the city of E.
0:22:22
S.
0:22:22
Zoning for housing opportunity affect this project's timeline and financial planning in any significant manner?
Tariq Shahid
0:22:31
Good question.
Peter Procida
0:22:32
At the moment, we are working through HPD's pipeline.
0:22:36
We do not know if and when we're or we know we will close, but we don't know when.
0:22:41
That's a question that HPD will have to answer.
0:22:45
We are still in the approval stage as it relates to DOB.
0:22:50
We anticipate filing our plans towards the end of this year, and we're preparing to do that.
0:22:57
And assuming that city of yes passes in October, November, which has kind of been the the timeline that we've heard, it will not impact our approvals timeline.
0:23:06
How it relates to the closing is a question that HPD would have to answer.
Yusef Salaam
0:23:12
Gotcha.
0:23:13
And
Peter Procida
0:23:13
then that those are the that's the impact based on city of yes.
0:23:18
So the current proposal is the 109 units.
0:23:21
And if city of yes passes, we bump up to 123.
0:23:25
So the percentages of studios once twos and threes remaining proportionally the same, and the AMI mix would would also remain proportionally the same.