The Real Deal New York

Turner Impact Capital plans to bring 50K sf charter school to the Bronx

Firm bought the land at 625 Bolton Avenue in January for $3.5M
By Eddie Small | July 05, 2017 11:29AM

625 Bolton Avenue (Credit: Google Maps)

A “social impact” real estate investment company that has partnered with celebrities including actress Eva Longoria and NBA star Chris Paul is now working to bring a charter school to the Bronx.

Los Angeles-based Turner Impact Capital — which primarily invests in affordable housing, charter schools and health-and-wellness facilities — filed plans on Monday with the Department of Buildings to construct a three-story charter school at 625 Bolton Avenue in Clason Point. The school, called the Grand Concourse Academy Charter School, would span about 50,000 square feet and include classrooms, meeting rooms, a library, a student lounge and a gym.

Turner Impact bought the vacant lot in January for $3.5 million and then leased the site to the charter school.

The Grand Concourse Academy Charter School is currently located at 925 Hutchinson River Parkway, according to its website. It is unclear if the Bolton Avenue school would replace the Hutchinson River Parkway location or be in addition to it. Representatives from the school and Turner Impact did not respond to requests for comment.

Other recent deals in the southeast Bronx include Urban Edge Properties’ purchase of the Shops at Bruckner Boulevard On Story Avenue for $32 million and industrial real estate firm Prologis’ purchase of industrial space on Bronx River Avenue for $28.3 million.