The project located at 1544 Madison Avenue was awarded a 15-year Residential Payment In Lieu of Tax (PILOT) that will enable the developers to build a new $24 million class-A multifamily living facility in Midtown that will help increase population density in a historic location.
The Residential PILOT will support the redevelopment of the site formerly occupied by BellSouth which is now a vacant lot. Four new buildings will be constructed on the site ranging from three to five stories. An existing two-story building will be renovated. The project will consist of 181 one-bedroom units, 36 two-bedroom units, 5,000 square feet of commercial space, and 256 off-street parking spaces. The developers will price 70 units for moderate-income residents as defined by the US Department of Housing and Urban Development standards.
All apartments will feature modern open kitchen and living concepts, nine-foot smooth ceilings, wood floors, stainless steel appliances, and granite countertops with European-style cabinetry. Most units will feature an exterior-covered balcony. Resident amenities will include a media lounge, 24-hour fitness center, a business center, and bike storage.