Developers are taking advantage of the Bronx’s relatively low rental prices and high shopper volume by opening up more retail space.
At least five major shopping centers are under development in the borough, which will add more than 1.4 million square feet of retail space, according to the Wall Street Journal. High-end Bronx neighborhood Riverdale is getting two new developments, including a 162,000-square-foot complex that will house a BJ’s Wholesale Club. Bay Plaza is also going up at the intersection of the Hutchinson River Parkway and the New England Thruway, while the Longwood neighborhood will be home to a new retail spot in 2015.
Many new mall projects or expansions will feature a private street, which developers say consumers favor. Equity One’s Broadway Plaza shopping center, for example, is adding a street and extending 33,000 square feet.
“A lot of tenants that we talked to mentioned to us they would be interested if there was a street component to the project. Ours was more of a big-box footprint,” said Michael Berfield, executive vice president of development for Equity One, to the Journal. [WSJ] – Angela Hunt