In July of 2026, The City designated 324 E 5th St to a development team consisting of Spatial Equity, Housing Works, the Cooper Square Committee and the This Land is Ours Community Land Trust. Together, these mission-driven, minority-owned and non-profit organizations with decades of experience investing in and serving the neighborhood, will transform an NYPD parking lot into approximately 131 affordable homes, community space and replacement parking facilities for the NYPD.

The Aurea will provide deeply affordable homes for low-income New Yorkers, with 30% of apartments reserved for formerly homeless New Yorkers. Housing Works will provide on-site supportive services for residents. The project will also feature landscaped terraces, green roofs and all-electric building systems designed to meet Passive House sustainability standards.