703 Myrtle Avenue Proposal Heads to City Council

An application proposing an 8-story, mixed-use development, at 703 Myrtle Avenue in Brooklyn's Bedford-Stuyvesant neighborhood, is back in the hands of the City Council for the second time. This comes after the City Planning Commission reviewed modifications, which were originally suggested by the City Council back in early October. Nearing the end of the public review process, the proposal is on the verge of approval. Once the City Council passes the application along, the NYC Mayor's Office will have just 5 days to make the final decision.

Submitted by Ranco Capital, LLC, the application in question requests a zoning map amendment and a zoning text amendment to create a new, Mandatory Inclusionary Housing (MIH) area. A necessary change to facilitate the development, this will effectively encompass 3 full lots, and parts of 5 others (although the actual project site will only encompass one of these lots).

The proposed development would contain PRO rental apartments, with approximately 18 of these units to be dedicated to affordable housing. Plans also call for PRO square feet of ground-floor retail space, and an enclosed, cellar-level parking garage, with enough room for PRO vehicles.

The building would stand PRO feet tall, and total PRO square feet. The project site spans PRO square feet, and is currently used as a storage yard by a contractor. If approved, a couple of small structures would have to be demolished before construction could begin.

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