Mayor Eric Adams’ administration is proposing to rezone parts of Midtown South to allow for larger residential buildings under a new state law, increasing density in the area. This could lead to the construction of 9,700 new housing units, with a portion dedicated to affordable housing. The plan has garnered support from local representatives and aims to address the city’s housing shortage. The proposal is part of a broader effort to increase housing supply across neighborhoods, with provisions like allowing basement apartments. The changes could have a significant impact on the area and are seen as a way to revitalize and transform Midtown South into a mixed residential and commercial district.
Mayor Eric Adams’ administration is initiating a significant change in the Garment District, Flatiron, and Chelsea areas, specifically targeting Midtown South as the initial focus of the city’s new powers to allow larger residential buildings. The Department of City Planning is set to unveil a revised plan for rezoning 42 blocks in the area, taking advantage of a recent state law that permits exceeding the longstanding cap on building size.
For decades, a cap known as the floor-area-ratio (FAR) limited building development to 12 times the size of a building lot. The proposed modification would increase density in most of the area to 18 FAR and the rest to 15 FAR, potentially resulting in buildings up to 50% larger than the previous cap. This adjustment aims to encourage new construction and the repurposing of existing industrial and office buildings, similar to the transformation seen in lower Manhattan.
If approved, the rezoning could lead to the creation of about 9,700 new housing units, including approximately 2,800 apartments with permanently affordable rents. The proposal has garnered support from local representatives, paving the way for potential passage through the City Council.
Midtown South, historically restricted to manufacturing uses, is now being considered for a shift towards mixed residential and office development. This change aligns with the city’s efforts to address the housing shortage and revitalize underutilized areas. The proposal is a key component of Mayor Adams’ broader plan, City of Yes, which aims to create over 100,000 new housing units across various neighborhoods by promoting increased housing construction.
The decision to focus on Midtown South reflects its transit accessibility and economic vibrancy, making it an attractive location for housing development. Political figures like Manhattan Borough President Mark Levine and Council members Keith Powers and Erik Bottcher support the initiative, emphasizing the potential for housing growth in the area.
The Real Estate Board of New York highlights the market potential in Midtown South to support the mandatory affordable housing requirements. However, developers will need to consider factors like affordable unit quotas and construction costs under the new tax incentives to finance large projects successfully.
The City Planning department aims to move forward with the rezoning process by the end of the year, initiating a comprehensive review to address community concerns and finalize the plan. The potential transformation of Midtown South into a vibrant residential and commercial hub is seen as a solution to housing needs and economic revitalization in the area.
Mayor Adams’ administration’s proactive approach to rezoning in Midtown South sets the stage for significant urban development and housing expansion, aligning with the city’s broader goals of promoting affordable housing and sustainable growth.
Source: TheCity.NYC
