Ranco Capital seeks zoning changes to build 63-unit mixed-use building in Bed-Stuy

Ranco Capital is seeking zoning map and zoning text amendments to construct a 48,268-square-foot mixed-use building at 703 Myrtle Avenue in Bedford-Stuyvesant, Brooklyn. Izzy Rosenbaum, CFO at Ranco Capital, is listed as the primary applicant.

The plans were disclosed in a proposed zoning map amendment from M1-1 to R7D/C2-4 and a zoning text amendment to create a new mandatory inclusionary housing area (ZR Appendix F) to facilitate the new building.

The rezoning process is a necessity, as the existing M1-1 zoning regulations does not permit residential uses.

The plan aims to construct a 95-foot tall, eight-story building. The building would be made up of 44,220-square-feet of residential space and 4,044-square-feet of retail space, as well as 19 off-street parking spaces in the proposed cellar. Of the total proposed dwelling units, 13 would be permanently affordable. The building will have a total floor area of 55,444 gross square feet.

The proposed development site consists solely of block 1735, lot 39. However, the rezoning will also impact other lots on that tax block, including lots 33, 34, 35; and parts of lots 32, 36, 37, and 38. The area of the site to be rezoned is 8,620 square feet.

The area that would be rezoned is bound by Myrtle Avenue to the south, Spencer Street to the west, Walworth Street to the east, and Park Avenue to the north.

Several of the lots that would be impacted are not owned by the applicant, according to the application.