Summit Ridge Apartments is a 58-unit newly constructed apartment building in one (1) six-story building located on the northeast corner of Summit Avenue and West 162nd Street.
Summit Ridge Apartments is situated in the High Bridge section of the southwest Bronx, a desirable residential district convenient to healthcare, education, retail, services, transportation, and employment opportunities
The building contains a mix of studio, 1, 2 and 3-bedroom units intended for family occupancy and are restricted to households earning at or below 40% and 60% of the Area Median Income (“AMI”). The unit mix also includes several units for residents with physical disabilities or hearing or visual impairments. Project amenities include a community room, laundry room, and bicycle storage. In addition, a sixth floor wraparound roof terrace features views of the Yankee Stadium corridor and the Harlem River. Summit Ridge received a full 420c real estate tax exemption for 60 years. Funding through NYS HPD, HDC, and the Bronx borough President’s office all helped make the project feasible.
The construction of Summit Ridge required nearly 6 months of rock-breaking since the formerly vacant site was covered in bedrock extending to 15’ above street level. The project was constructed according to numerous green building standards including Enterprise Green Communities. The building also includes a large number of resiliency features including an emergency generator.
Total Development Cost
- $17.7 million
Completion
- 2017
Financing Highlights
- 4% LIHTC with tax exempt bonds from HDC and HPD
- Funds from office of Borough President
Green Building
- NYSERDA MPP New Construction Program
- Enterprise Green Communities
- Energy Start Multifamily High-rise Program
- Highly insulated and air-sealed building envelope
- Efficient condensing boiler plant
- Continuous ventilation and fresh air introduction into apartments
- LED/Energy Star Lighting with occupancy sensors/photocells
- Energy Star appliances and clothes washers
- Water conserving fixtures, including 0.8 GPF toilets