The New York City Planning Commission (CPC) unanimously approved the long-studied SoHo NoHo rezoning (the Rezoning). If approved by the New York City Council, this Rezoning would create additional opportunities for development of commercial and residential uses. It is anticipated the City Council will vote on the Rezoning before the end of the year.
SoHo has historically been zoned for manufacturing uses and limited residential use for artists’ lofts. In recent decades, SoHo’s uses have been largely commercial and residential. The Rezoning acknowledges these shifts in neighborhood character by mapping mixed-use districts throughout a 56-block area.
Not only does this Rezoning legalize many existing established uses, it provides the opportunity for substantial residential and commercial development. The Rezoning would result in SoHo/NoHo’s designation as a Mandatory Inclusionary Housing Area, paving the way for the creation of substantial affordable housing within the area. CPC’s estimates indicate that 1,829 residential units would be generated in the coming decade, including approximately 375 to 575 affordable units. Large-scale retail uses and “big box” stores would also be permitted on an as-of-right basis, expanding the potential commercial and retail opportunities throughout the area.
We will send an update when the City Council acts. If you are interested in understanding how the Rezoning would impact your property, contact Sue Golden or Hilary Hamburg for additional information.
If you missed our previous article covering another CPC approval that occurred this week, you can read it here: Obstacles Loom for NYC Hotel Development.