Bronx heavyweights Mark Stagg and Jorge Madruga are teaming up.
The developers acquired a site at 2740 Webster Avenue from its long-time owner for $40 million to build a massive dormitory and housing complex, according to Stagg.
Madruga’s Maddd Equities and Stagg’s Stagg Group are planning an 800,000-square-foot development with over 500 dormitories and 485 units of affordable housing, Stagg said. The group is in talks to bring a national grocery store chain to the project as well.
Stagg said the developers plan to break ground on the first phase before the end of the year. He hopes to begin the second phase, affordable housing, the following year. Stagg Group will lead construction.
The dormitories will offer 24-hour security and sit across from Fordham University’s campus, Stagg said.
The project will mark Stagg and Madruga’s first project together.
Stagg is among the more active developers in The Bronx. His projects include Equestrian, a 129-unit project on Pelham Parkway, and a 14-story, 251-unit affordable housing project at 1051 Whitlock Avenue.
Madruga’s Maddd Equities has projects throughout the city and was recently tapped as the developer for the long-vacant Kingsbridge Armory in The Bronx. The developer is also building a 333-unit apartment complex at 1959 Jerome Avenue.
Maddd Equities extensively partners with Eli Weiss’ Joy Construction, focusing on affordable housing. But it appears like Maddd could have more deals in the pipeline with Stagg.
“We complement each other very well,” said Stagg.
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