NEW YORK—L+M Development Partners announced that two new commercial leases have been signed at 15 Dunham Place, a new mixed-income, mixed-use building in the South Williamsburg neighborhood of Brooklyn. The development, which utilizes creative public-private partnerships to address the critical need for affordable housing and reasonably-priced retailers in the community, is beginning construction on Urban Market of Williamsburg, a 15,000-sq.-ft. full-service grocery store, as well as Williamsburg Montessori School, a 10,000-sq.-ft. nursery and preschool.

“This project is a model for successful, holistic community development, offering a combination of residential and commercial space that will truly contribute to the fabric of the neighborhood,” Ron Moelis, CEO of L+M Development Partners, said in a statement. “The property not only provides safe, affordable housing for hundreds of New Yorkers but also adds a trusted food source and much-needed daycare options as staple institutions for the neighborhood. We believe this project is an important building block for the bright future of this community.”

Urban Market of Williamsburg, was facilitated by New Market Tax Credits provided by New York City Economic Development Corporation and United Fund Advisors as part of their initiatives to bring fresh food to underserved communities throughout the five boroughs. The Urban Market of Williamsburg will operate as a full-service grocery for the neighborhood, offering traditional grocery and household products, including: ample amounts of fresh produce with a focus on organic products, a large gourmet deli component, and a kosher section. The owners, Colin Xie and Jason Chung, have more than 30 combined years of experience in the grocery business, and expect the store to open in the summer of 2013.

The building’s nursery and preschool, WMS, will provide opportunities for children in the community to study, explore, learn, socialize, and play in an environment that is tailored to meet their individual needs. Children will also benefit from enrichment programs such as gardening, language and music classes, and dance and yoga lessons held on-site. Opening this summer, WMS expects to serve more than 100 children ages three months to six years of age.