Aurea DevelopmentSignificant development project for 85 units in the Bronx.
Aurea Development includes two buildings and 85 units in the Bronx. It was one of the most challenging renovation projects that Lemle & Wolff has undertaken. In addition to addressing dangerous structural conditions at both buildings, the company needed to vacate more than 50 tenants and remediate an oil spill that occurred after removing the fuel tank at one of the properties. Despite these issues, construction was completed six months ahead of schedule and tenants returned to their newly-renovated apartments one year after relocating.
Financing for Aurea was provided throught HDC’s LAMP Preservation program and HPD’s Low Income Rental program. LIHTC equity was provided through Enterprise Community Investment and Chase Bank provided credit enhancement for the tax-exempt bonds.
Total units: 85 plus three commercial spaces
Total Development Cost: $21 million