Shorewood Real Estate Group Jumps into Mott Haven Frenzy with 304-Unit Project at 350 Grand Concourse
Shorewood Real Estate Group, led by S. Lawrence Davis, plans for a massive mixed-use development in Mott Haven, securing a grocery store tenant and utilizing the 485x program.
S. Lawrence Davis' Shorewood Real Estate Group is the latest developer to join the frenzy in Mott Haven, one of the hottest neighborhoods in the Bronx. According to Crain's, Shorewood has filed plans for a 304-unit project at 350 Grand Concourse, just nine months after acquiring the site for $28.5 million.
The proposed 14-story, 244,000-square-foot development will be a mixed-use building, featuring a 40,000-square-foot grocery store and a 60-car parking garage. Shorewood has secured Food Bazaar as the prospective tenant for the store, adding to the growing list of new retail and residential projects in the area.
In order to move forward with the project, Shorewood intends to utilize the 485x program, which provides tax breaks for developers who include affordable housing in their projects. This program requires 25% of the units to be set aside for affordable housing, a requirement that has sparked controversy and criticism in other neighborhoods.
While Shorewood's plans for a massive development in Mott Haven may bring excitement and potential investment to the area, it also raises concerns about the ongoing gentrification and displacement of longtime residents.
Only time will tell how this project will impact Mott Haven and its community, and whether it will truly bring positive change or simply contribute to the ongoing cycle of gentrification in New York City.