Amid a cityscape often dominated by high-priced development, a breath of practical change comes to the Upper West Side. The Church of Holy Name of Jesus and Saint Gregory the Great, located on West 97th and Amsterdam, won't just remain a neighborhood landmark but will anchor a new mixed-income housing initiative. In a deal reported by ABC7NY, Rockefeller Group and Atlas Capital Group have committed to a $96 million purchase of underutilized parts of the church's property, paving the way for affordable living spaces to grace the pricey area.
The transaction, set to close in the upcoming spring, will see the church's former school, convent, and recreation buildings redeveloped. Crain’s New York highlights that the church itself and its rectory won't only be preserved but also supported through approximately 9,500 square feet of dedicated parish space for various community endeavors. This collaboration introduces a model of urban development sensitive to a community's existing fabric, striking a chord between heritage preservation and modern necessities.
As part of the agreements, Atlas Group and Rockefeller Group, the latter having yet to implant their signature properties on the Upper West Side, will produce a mixed-income rental building. According to ABC7NY, the project will venture beyond mere residential space to include a retail component fronting Amsterdam Avenue. This multifaceted approach promises a boost to local commerce while enhancing housing affordability.
Deserving of note, the development folds into an incentive program offering tax abatements to developers integrating a set portion of the housing for lower-income residents – "25 percent" in this scenario, as disclosed by West Side Rag. The business savvy of combining market-rate and affordable housing reflects an understanding that community cohesion in an urban setting necessitates diverse economic thresholds. "We are proud to partner in delivering much‑needed housing to the Upper West Side," the developers stated, a sentiment found via West Side Rag.
