Bronx set record with more than $3B in development in 2018: report

Residential projects comprised of 75% of investment

TRD New York /
Mar.March 14, 2019 04:00 PM

Bronx Borough President Ruben Diaz Jr and a rendering of Bronx Point (Credit: Getty Images and Type A Projects)

More development funding poured into the Bronx in 2018 than in any year since at least 2009, with total investment hitting $3.48 billion, according to the annual Bronx development report. And resi led the way.

The report, released by Bronx borough president Ruben Diaz Jr.’s office, said the borough also set a post-2009 record for housing units last year with 8,885, including 4,225 built with government subsidies.

Diaz first took office in 2009, and the borough has seen a total of 45,332 residential units since then, along with more than $18.9 billion and 96.7 million square feet in total development, according to the report.

Last year’s developments were heavily skewed toward residential, which made up about 75 percent of investment at roughly $2.6 billion. Institutional projects made up about 15 percent at $489 million, and commercial projects made up the remaining 10 percent at about $362 million.

The projects from 2018 span about 11.3 million square feet overall, the third highest total since 2009 and a 30 percent drop from last year’s 16.3 million. This was split between about 7.5 million square feet of residential projects, 2 million square feet of commercial projects and 1.9 million square feet of institutional projects.

Community District 4, which covers South Bronx neighborhoods including Highbridge and Concourse, saw the most investment at roughly $565 million. Community Board 6, covering neighborhoods farther north like Belmont and East Tremont, came next with about $497 million, and Mott Haven’s Community Board 1 came in third with about $484 million.

Community District 1 topped the list by both total square feet and total residential units at about 2 million and 1,501, respectively. Community District 4 came in second by square feet at about 1.5 million, followed by Community District 6, which was also at about 1.5 million.

Community District 6 came in second by total new residential units with 1,459, followed by Community District 4 at 1,318.

The largest overall development last year was the mixed-use Bronx Point project from L+M Development and Type A Projects. The $300 million undertaking will span more than 550,000 square feet overall, divided between about 424,000 square feet of residential space, 73,000 square feet of commercial space and 6,000 square feet of community space. It should include 1,045 housing units and space for the Universal Hip-Hop Museum, a movie theater and a food hall.

The second biggest development from last year was Azimuth Development Group’s mixed-use project at 1755 Watson Avenue. The company initially planned to build a 250-unit project at the site but later upped this to 326 units. The nine-story building will be split between 255,864 square feet of residential space, 16,592 square feet of commercial space and 10,419 square feet of community space.

The largest purely residential development is planned for 600 East 179th Street, where Foxy Management is planning a roughly $87 million senior center. The project will stand nine stories tall with 177 units across more than 120,000 square feet.

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