Shorewood Files Plans for Mott Haven’s Next Big Project

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Shorewood Real Estate Group is the latest developer jumping into the frenzy in one of the Bronx’s hottest neighborhoods.

S. Lawrence Davis’ firm is planning a 304-unit project at 350 Grand Concourse in Mott Haven, Crain’s reported. Shorewood applied with the Department of City Planning nine months after acquiring the site for $28.5 million.

The 14-story, 244,000-square-foot development would be a mixed-use building, including a grocery store, which would span 40,000 square feet. Food Bazaar is the prospective tenant for the store. Plans also call for a 60-car parking garage.

Shorewood intends to utilize the 485x program, meaning 25 percent of the units would be set aside for affordable housing; in this case, they would be for families earning up to 60 percent of the area median income, on average.

In terms of the subsidy, Davis said rents would be pegged to “support the higher construction costs associated with the $40-an-hour wage,” eschewing concerns about the wage floor attached to the 485x property tax abatement.

The firm projects the development will cost $175 million. It plans to begin construction in the first quarter and wrap in the first half of 2028.

Shorewood has more than 1000 residential units in its pipeline, along with prominent projects in Brooklyn and Queens. The firm was sued by tenants at 1 Archer Avenue in Jamaica at the start of the year, accused of manipulating rent concessions to dodge the requirements tied to the now-expired 421a tax program.

As for Mott Haven, it’s one of the hottest development spots in all of New York City. This summer, Scale Lending provided the Beitel Group with a $305 million loan for a 755-unit development in the South Bronx neighborhood.

Scale previously provided $150 million to Beitel for a 450-unit multifamily project at 120 East 144th Street in Mott Haven. RXR and Brookfield are also among the significant names to get involved in the neighborhood.

— Holden Walter-Warner