The New York City Council voted to approve a $1.9 billion development that would transform a block of low-income apartments into condominium towers on the city’s south side.
The developers said the project would be among the largest in the country.
New York’s mayor said the development would provide thousands of low income New Yorkers with more affordable housing and help alleviate the citywide homelessness crisis.
The new condo projects would be built on the site of a former warehouse at 16th Street and 5th Avenue, where the city has been struggling to rebuild.
The city will now move forward with a planning commission that will discuss a design and design features for the new towers.
The project is expected to cost $1 billion.
The site is home to about 3,000 people, most of them in the middle class.
The towers would be part of a mixed-income development in a city with some of the highest housing costs in the nation.
The developer, JL Development, said the new buildings would also include commercial space and retail space, but that the units would be in lower-income housing, like a condominium.
The project would not be permitted under New York state’s affordable housing law.
The development was approved by a vote of 18-0.
In a statement, City Council Speaker Christine Quinn said, “This project is a win for New Yorkers and will help revitalize the downtown core of our city, a core that is in dire need of revitalization.”
The site, which is in a low-density housing zone, is a popular gathering spot for local politicians, as well as the city government.
The neighborhood has been plagued by gentrification and poverty, as have many other parts of the city.