One of the largest city-owned lots in the Bronx is slated to be home to 1,045 new housing units and country’s first hip-hop museum, officials announced.

The $200 million project, named “Bronx Point,” is poised to bring a wave of transformation to a previously underutilized stretch of land abutting the Harlem River and just minutes away from Hostos Community College in Mott Haven.

Along with the thousand units of market rate and affordable housing, Bronx Point will include a state-of-the-art multiplex theatre, a dedicated programming space for the community organization BronxWorks, and a new waterfront esplanade that will join with the nearby Mill Pond Park. Bronx Point will also be home to the Universal Hip-Hop Museum, the nation’s first-ever hip-hop museum.

In a statement, James Patchet, president of the New York City Economic Development Corporation, the city’s real estate arm, said the project was a result of a two-year long effort to address the South Bronx’s need for more affordable housing and greater waterfront access.

Bronx Point is anticipated to be developed in two phases – with the first phase expected to be completed by 2022 and deliver 600 units of affordable housing “that targets households with incomes ranging from extremely low to moderate.”

Over the course of its construction, Bronx Point is expected create 915 jobs and will, upon its completion, bring more than 100 permanent jobs to the community. L+M Development Partners and Type A Projects, a woman-owned developer, were awarded the contract to build the property.

The Bronx Point project is also confirmed to partake in HireNYC, an initiative that seeks to connect neighborhood residents with jobs related to local development.

In a statement, Bronx Borough President Ruben Diaz Jr. referred to Bronx Point “as a tremendous step forward for our borough” and called it “a model for future projects across the nation.”

The project will also feature the construction of a new 2.3-acre waterfront park on 144th Street blocks from the property, improvements in infrastructure along Exterior Street, redesigns of nearby intersections, and an expansion of commercial high-speed broadband access.