703 Myrtle Avenue
Update
11/23/23
8-Story Mixed-Use Project Approved in Bed-Stuy
By issuing no veto, the NYC Mayor's Office has approved an 8-story, mixed-use development, proposed for 703 Myrtle Avenue in Brooklyn's Bedford-Stuyvesant neighborhood! This wraps up a half-year-long public review process, in which the proposal was also evaluated by the Community Board, the Borough President, the City Planning Commission, and the City Council.
Submitted by Ranco Capital, LLC, the proposal requested 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 new development will contain rental apartments, with approximately 18 of these units to be dedicated to affordable housing. Plans also call for square feet of ground-floor retail space, and an enclosed, cellar-level parking garage, with enough room for vehicles.
The building will stand feet tall, and total square feet. The project site spans square feet and is currently used as a storage yard by a contractor. Now that the proposal has been approved, a couple of small structures will have to be demolished before construction can begin.
