Concourse development follows $16.9M parcel purchase
With a lift from Opportunity Zone financing, Silverback Development is set to build a $90 million, 200-unit development in the West Concourse neighborhood.
Plans for the building at 580 Gerard Avenue, where 30 percent of units will be affordable, include retail space and at least 71 parking spaces, according to the company. It will be Silverback’s first project in the borough, with construction expected to begin in the third quarter of 2021.
No demolition plans have been filed with the Department of Buildings and an architect for the project has not been finalized.
Earlier this month, Silverback paid $16.9 million for the South Bronx parcel with 214,800 square feet of development rights, which is currently home to a parking lot. That comes out to $79 per buildable square foot.
The project is also eligible for tax incentives under the Qualified Opportunity Zone program, a federal policy enacted in 2017 to spur investment in economically distressed areas.