Silverback Development along with Opportunity Zone equity purchased 580 Gerard Ave. in Concourse Village, and will construct an eight-story, multi-family rental complex comprised with retail and parking .
This is Silverback’s first investment into the Bronx.
“Not since 1970 has demand for housing in the Bronx been higher, making this an opportune time for a project of this kind,” said Josh Schuster, managing principal of Silverback Development.
Amenities will include a sun deck, touchless elevators, fitness center, yoga room, grilling stations, screening room, party room and bike storage. There also will be a commercial component on the ground floor.
Schuster said they plan to meet with the stakeholders to see what types of services they want there.
“We want to have a positive impact on the community,” he said.
