The Real Deal New York

Bronx retail corridor to get $54 million project

April 03, 2012 04:30PM

The Bronx, which saw a growth in foreclosures

The Bronx

Developer Equity One has been tapped to build an 80,000-square-foot commercial project along the Broadway retail corridor in the Bronx, according to a statement from the New York Economic Development Corporation today. The firm will spend $54 million to construct a new, 133,000-square-foot, two-story multi-tenant retail development and a parking facility on the site in the Kingsbridge area. EDC claims the development will create 250 new jobs, some full- and some part-time.

Equity will look for four national retail tenants, the statement said. The developer will purchase the site from the city for $7.5 million, with construction expected to commence around early 2013 and be completed within two years. Equity was selected as the developer after responding to a request for proposal from the EDC issued in August 2011.

“The redevelopment… is certain to enhance the already thriving Broadway commercial corridor,” said EDC President Seth Pinsky. “With a private investment of more than $50 million, this development will not only bring new amenities to the area, but most importantly, will create hundreds of new jobs for the Bronx.”

Equity One will use EDC’s HireNYC program to create a “targeted local hiring plan to fill these jobs generated by the project,” the statement said. HireNYC connects the city’s employment services programs to large projects. — Guelda Voien

  • VictorNYC

    Who makes this deals with the city?
    This property in a good location, right off the highway was worth close to $10,000,000.

    It’s amazing, if it’s not related getting sweet deals, someone else does.
    When will we see the City sell something at market value?

    They almost sold the Armory to Related for $5 Mil. That property is easily worth in the neighborhood of $10,000,000 as well.

    Who makes decisions for the city to sell these things?

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