In 1997, Two Bridges Tower completed the official redevelopment of the Two Bridges Urban Renewal Area located between the Williamsburg and Manhattan Bridges on South Street in Manhattan. Settlement Housing Fund sponsored and developed six residential sites and a Pathmark, replacing a blighted commercial area. We worked with the Two Bridges Neighborhood Council on all seven sites, retaining joint ownership of Two Bridges Towers, which integrates formerly homeless and working families of low- to moderate-income. A neighborhood settlement house runs programs in the nonresidential space, and a small shopping plaza abuts the residential complex. The result is an ethnically and economically integrated neighborhood, with well maintained buildings, commercial and community activities, and 1,350 good, safe, affordable homes.
The last site consisted of a twenty-one story tower with a row of small stores, developed with Verizon Capital as the limited partner. In December 2008, Verizon donated the row of small stores to a new nonprofit 501(c)(3) organization controlled by Settlement Housing Fund and Two Bridges. Settlement Housing Fund is now working to develop at least 70 units of new affordable housing on this site to be allocated for low-income families.
Our development plan is innovative and appropriately suited to the uncertainty of the world today, and could be a model for other organizations that own sites with extra zoning capacity. We intend to develop the new building with Two Bridges and a development partner through the Mixed-Income Program of the New York City Housing Development Corporation (HDC).
Jodi Adamson, Property Manager
Two Bridges Tower
82 Rutgers Slip
New York, NY 10002