La Olazul
Update
04/25/24
Developer Lands $65.6M Loan for Mt. Hope Affordable Housing Project
, has just secured a $65.6 million loan for a 13-story, mixed-use development, set to span 1940 and 1942 Jerome Avenue in the Mount Hope neighborhood of the Bronx. Issued by the New York City Department of Housing Preservation and Development and the New York State Housing Finance Agency, this influx of capital will fund all construction costs from the ground up.
Known as "La Olazul", the building will contain affordable housing apartments for low-income families.
Tenant amenities are to include a roof terrace, and a basement level storage area, with enough room to hold 57 bicycles. The structure will also offer square feet of retail space, located on the ground floor.
Designed by , La Olazul will stand feet tall and total square feet. Positioned beside the elevated tracks, it will conveniently sit around two blocks down the street from the Burnside Avenue subway station.
Demolition permits have already been issued for a string of automotive parts shops that currently occupy the property. Construction will likely begin shortly after the old building has been razed.
