A massive new waterfront development that has brought 542 units of subsidized housing to the South Bronx has opened. The $342 million mixed-use project, named Bronx Point celebrated the debut of phase one, with developer L+M Development Partners hosting a ribbon-cutting ceremony that was attended by a host of local elected officials, real estate firm Type A Projects, community-based organization BronxWorks, and its forthcoming tenant The Hip Hop Museum.

The 530,000-square-foot development was designed by S9 Architecture while Gensler, Ralph Appelbaum Associates, Michael Ford will design interiors for The Hip Hop Museum. Its 542 affordable apartments include 135 studios, 192 one-bedrooms, 122 two-bedrooms, and 93 three-bedrooms. Amenities include an outdoor terrace for residents, on-site laundry, a children’s room, a community lounge, a bike storage room, an on-site fitness center, and 24/7 front desk security. The affordable lottery for the apartments launched back in June for families earning between 30 percent to 120 percent of Area Median Income, and apartments for the formerly homeless.

“Bronx Point is years in the making and will soon be home to hundreds of new residents who will get to enjoy a brand-new waterfront public park and esplanade as well as the soon-to-be-open Universal Hip Hop Museum that will highlight 50 years of music and culture that has impacted millions of people from around the world,” aid Bronx Borough President Vanessa L. Gibson.  “The Bronx is on the path to becoming a global destination and with today's ribbon-cutting, we are one step closer to making that dream a reality.”

Bronx Point also features 2.8 acres of waterfront public park, including an esplanade with a playground, a landscaped public walkway and seating areas; lawns, views of the Harlem River waterfront, BBQ areas, fitness zones, and publicly accessible bathrooms. 

Phase one of Bronx Point was funded through a mix of both public and private capital, including financing from the New York City Department of Housing Preservation and Development, the New York City Housing Development Corporation, Empire State Development, Wells Fargo, and additional private funding. The project’s second phase is anticipated to include additional housing units along with additional retail and community space.