By Evan J. Miller (@evanjmiller) September 29, 2018 A Brooklyn neighborhood, built on a steep hillside and named Bumper, is undergoing a transformation.
As of Monday, the building is a mixed-use complex of commercial and residential, and developers are starting to build more residential units.
The city, which will build the building, has a number of incentives to help developers get this project off the ground.
First, the city has agreed to build about 10,000 units of affordable housing over the next 30 years, a number that has already been doubled in New York City.
Second, the new housing will include the first phase of a two-phase master plan.
The first phase, called Bumper Park, was approved by the city council in May 2018, and it includes an $8 billion project to bring housing and commercial units into the neighborhood.
Third, the City Council has agreed in principle to a development incentive program to support the development of affordable apartments and housing.
Fourth, the developers are planning to build additional affordable housing.
This is part of a larger effort to bring density into the area.
Fifth, and perhaps most importantly, the developer is hoping to attract the likes of Amazon to the area to create a new neighborhood hub.
But the city’s incentives to the developer are not enough to make the Bumper project a success.
In order to get affordable housing, developers need to make more than just new units.
They also need to build and maintain existing housing.
The Bumper neighborhood has been on the city planning radar for a long time, but this is the first time the city is allowing developers to build on the hillside for affordable housing purposes.
Developers have to have some sort of plans to support their affordable housing projects, and if the city allows them to use the hill as a parking lot, they can then sell the parking to developers.
To make sure that developers have a plan, the development commission has also put in place a plan that will allow developers to use a variety of tools to attract developers to the neighborhood, including: a community benefits agreement (CBA) for the development, a plan for future development, and a program to develop the neighborhood to attract investment.
So far, the Bump community benefits plan has been the most successful, with developers building and maintaining a substantial number of affordable units.
But the new affordable housing units are going to have to wait.
It’s a slow process, with the project expected to take about 18 months to complete.
What’s next?
The next step for the developers will be to make plans for a second phase of the project.
A community benefits deal could also be a way for the city to help the developer meet their affordable rental requirement.
The developer will also need a plan for the new apartments to be located on a plot of land that would be within the proposed Bumper community benefit agreement.
This could mean that the developer would have to develop their new apartment on the site that already exists, but the developer will still have to be able to sell the property to the community.
If the developer chooses to build apartments on a site that isn’t in the community benefit plan, it will be very difficult for the developer to attract tenants to the project, which is why developers are looking to build affordable units at a location near a nearby transit station, which would be an ideal location.
What’s the best way to make sure the developer builds affordable housing in Brooklyn?
To get a better idea of what to expect when the Bumps are built, read the article that accompanies this post, which gives an overview of the affordable housing incentives in the plan.
Follow Evan Miller on Twitter: @evanmiller
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