Construction Today - October 2016 - 25

and local subsidies and private financing.
The organization partners with a number
of general contractors to build its projects,
and occasionally teams with private
developers in joint ventures. "Developers
in the area will ask us to assist them to get
the financing they need to make projects
feasible," Morrow says.
The organization's experience with
different funding sources and its ability to
partner with other agencies and developers is one of its greatest strengths. "I feel
that we are a leader among community
development organizations in the city," he
adds. "As a real estate developer, we are not
the biggest nor the wealthiest, but we are
experienced in how to do deals and how to
run our organization as a business."
SoBRO relies on its partnerships and
experience to help it through several
significant challenges including the rising
cost of construction in New York City. "It's
gotten out of hand. Three years ago costs
were $160 per square foot, and today you
can't get prices below $260," Morrow says,
noting that costs on prevailing wage jobs
where union craftspeople are hired can go
as high as $400 per square foot.
"It could potentially cost you $400,000
to build a unit that rents for $400 a month
- that requires huge subsidies to make it
work," he adds. "The city is very aggressive
with its housing production program and
is trying to step up to that challenge by
increasing funding."
Gentrification is another New York City
housing trend that is creating some concern in the South Bronx. Morrow cites several neighborhoods in nearby Brooklyn -
most notably Williamsburg - as examples

of areas where rising property values
have displaced many longtime residents.
"Our position is that having some high to
middle income people moving into the
neighborhood isn't bad, but we don't want
to see low to moderate income folks being
forced out," he adds.

Touching Lives
SoBRO has 188 units now under construction, and hopes to close another 200
units before the end of the year. The rental
housing projects overseen by the organization typically range in size from 20 to up
to 150 rental units.
SoBRO's ongoing projects include building units for low-income veterans and the
homeless. The organization is working on
closing a 125-unit multifamily complex
in upper Manhattan in addition to its
work in the South Bronx. Potential plans
include the possibility of co-op projects
that would give residents the opportunity
to own, as opposed to just rent, their units,
Morrow says.
The organization has completed hundreds of units in its history. In addition,
SoBRO has served more than 20,000
students through its youth programs and
helped create and retain more than 40,000
jobs for area residents.
"As a community organization, we try
to take a holistic approach to the problem
of poverty. We have an array of programs
that address the things that prevent people
from being successful, and that help them
become self-sufficient," Morrow says. "We
hope that we will make a difference in the
lives of the people we touch and help them
attain the American dream."

relies on community
┬╗ SoBRO
partnerships to fund and build
its projects.

25

OCTOBER 2016 CONSTRUCTION-TODAY.COM


http://www.CONSTRUCTION-TODAY.COM

Table of Contents for the Digital Edition of Construction Today - October 2016

Contents
Construction Today - October 2016 - Cover1
Construction Today - October 2016 - Cover2
Construction Today - October 2016 - 1
Construction Today - October 2016 - Contents
Construction Today - October 2016 - 3
Construction Today - October 2016 - 4
Construction Today - October 2016 - 5
Construction Today - October 2016 - 6
Construction Today - October 2016 - 7
Construction Today - October 2016 - 8
Construction Today - October 2016 - 9
Construction Today - October 2016 - 10
Construction Today - October 2016 - 11
Construction Today - October 2016 - 12
Construction Today - October 2016 - 13
Construction Today - October 2016 - 14
Construction Today - October 2016 - 15
Construction Today - October 2016 - 16
Construction Today - October 2016 - 17
Construction Today - October 2016 - 18
Construction Today - October 2016 - 19
Construction Today - October 2016 - 20
Construction Today - October 2016 - 21
Construction Today - October 2016 - 22
Construction Today - October 2016 - 23
Construction Today - October 2016 - 24
Construction Today - October 2016 - 25
Construction Today - October 2016 - 26
Construction Today - October 2016 - 27
Construction Today - October 2016 - 28
Construction Today - October 2016 - 29
Construction Today - October 2016 - 30
Construction Today - October 2016 - 31
Construction Today - October 2016 - 32
Construction Today - October 2016 - 33
Construction Today - October 2016 - 34
Construction Today - October 2016 - 35
Construction Today - October 2016 - 36
Construction Today - October 2016 - 37
Construction Today - October 2016 - 38
Construction Today - October 2016 - 39
Construction Today - October 2016 - 40
Construction Today - October 2016 - 41
Construction Today - October 2016 - 42
Construction Today - October 2016 - 43
Construction Today - October 2016 - 44
Construction Today - October 2016 - 45
Construction Today - October 2016 - 46
Construction Today - October 2016 - 47
Construction Today - October 2016 - 48
Construction Today - October 2016 - 49
Construction Today - October 2016 - 50
Construction Today - October 2016 - 51
Construction Today - October 2016 - 52
Construction Today - October 2016 - 53
Construction Today - October 2016 - 54
Construction Today - October 2016 - 55
Construction Today - October 2016 - 56
Construction Today - October 2016 - 57
Construction Today - October 2016 - 58
Construction Today - October 2016 - 59
Construction Today - October 2016 - 60
Construction Today - October 2016 - 61
Construction Today - October 2016 - 62
Construction Today - October 2016 - 63
Construction Today - October 2016 - 64
Construction Today - October 2016 - 65
Construction Today - October 2016 - 66
Construction Today - October 2016 - 67
Construction Today - October 2016 - 68
Construction Today - October 2016 - 69
Construction Today - October 2016 - 70
Construction Today - October 2016 - 71
Construction Today - October 2016 - 72
Construction Today - October 2016 - 73
Construction Today - October 2016 - 74
Construction Today - October 2016 - 75
Construction Today - October 2016 - 76
Construction Today - October 2016 - 77
Construction Today - October 2016 - 78
Construction Today - October 2016 - 79
Construction Today - October 2016 - 80
Construction Today - October 2016 - 81
Construction Today - October 2016 - 82
Construction Today - October 2016 - 83
Construction Today - October 2016 - 84
Construction Today - October 2016 - 85
Construction Today - October 2016 - 86
Construction Today - October 2016 - 87
Construction Today - October 2016 - 88
Construction Today - October 2016 - 89
Construction Today - October 2016 - 90
Construction Today - October 2016 - 91
Construction Today - October 2016 - 92
Construction Today - October 2016 - 93
Construction Today - October 2016 - 94
Construction Today - October 2016 - 95
Construction Today - October 2016 - 96
Construction Today - October 2016 - 97
Construction Today - October 2016 - 98
Construction Today - October 2016 - 99
Construction Today - October 2016 - 100
Construction Today - October 2016 - 101
Construction Today - October 2016 - 102
Construction Today - October 2016 - 103
Construction Today - October 2016 - 104
Construction Today - October 2016 - 105
Construction Today - October 2016 - 106
Construction Today - October 2016 - 107
Construction Today - October 2016 - 108
Construction Today - October 2016 - 109
Construction Today - October 2016 - 110
Construction Today - October 2016 - 111
Construction Today - October 2016 - 112
Construction Today - October 2016 - 113
Construction Today - October 2016 - 114
Construction Today - October 2016 - 115
Construction Today - October 2016 - 116
Construction Today - October 2016 - 117
Construction Today - October 2016 - 118
Construction Today - October 2016 - 119
Construction Today - October 2016 - 120
Construction Today - October 2016 - 121
Construction Today - October 2016 - 122
Construction Today - October 2016 - 123
Construction Today - October 2016 - 124
Construction Today - October 2016 - 125
Construction Today - October 2016 - 126
Construction Today - October 2016 - 127
Construction Today - October 2016 - 128
Construction Today - October 2016 - Cover3
Construction Today - October 2016 - Cover4
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