Project Description
Euclid Glenmore MM LLC (the project sponsor) is seeking construction financing from the New York City Department of Housing Preservation and Development (HPD) (the proposed action) to facilitate the new construction of an eight-story, 140,089 gross-square-foot (gsf) mixed-use commercial and residential building containing 134 dwelling units and 4,504 gsf of commercial space located on the ground level (the proposed project) at 437 Euclid Avenue in the East New York neighborhood of Brooklyn, Community District 5 (the project site). The proposed project would be developed through HPDs Supportive Housing Loan Program (SHLP). In addition to HPD funding, the project sponsor would also seek financing through the New York State 9% Low Income Housing Tax Credit Program. The project site is located at 437 Euclid Ave (Brooklyn, Block 4214, Lot 12) on the southeast corner at the intersection of Euclid and Glenmore Avenues and contains approximately 190 feet of frontage along the southeast side of Euclid Avenue and approximately 110 feet of frontage along the south side of Glenmore Avenue. The project site measures approximately 20,000 gsf in lot area with a zoning of R7A/C2-4. The project site is currently vacant that has previously been used as an auto parts yard between the years of 1979 to 2008. The project site would be developed in accordance with existing zoning. The project site was analyzed for redevelopment in the 2015 East New York Rezoning Final Environmental Impact Statement (FEIS), for which the New York City Department of City Planning (DCP) served as lead agency under CEQR. The project site was analyzed as Projected Development Site 77 with a total of 92,000 gsf of residential square footage, 92 dwelling units (DUs), 46 affordable DUs, and 23 parking spaces assumed within a 105-foot-tall building. In connection with the East New York Rezoning FEIS, the project site was mapped with an (E) Designation for Hazardous Materials and Noise (E-366). According to the Environmental Assessment Statement (EAS), the Proposed Project would be constructed in a single phase and is expected to be completed and operational by 2022. Absent the proposed project, the project site is assumed to be redeveloped as-of-right with the previously analyzed residential building, which would contain 92 DUs, 46 affordable DUs, 92,000 gsf of residential use and approximately 23 parking spaces.