EDC taps Triangle Equities to develop $35M Bronx project

New York City Economic Development Corp. has selected Triangle Equities to purchase and develop two sites in the South Bronx, the agency announced today. The sites, a 53,800-square-foot area at 430 Westchester Avenue, and another 58,000-square-foot parcel of Land Between East 149th Street, Brook Avenue and Westchester Avenue, both in the Melrose area, will be developed to include a supermarket, school, office space, restaurant and other community facilities. It will also include a new 8,000-square-foot plaza at Bergen Avenue and 149th Street.

The projects will cost around $35 million, EDC said, and will create around 201 permanent jobs along with 131 relating to the construction. Seth Pinksy, EDC’s president, also predicted millions of dollars in private investment.

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Triangle will buy the sites from the city for around $6.2 million. Construction is slated to begin in fall 2012.

The Real Deal
reported last month that Triangle was on the hunt for distressed commercial real estate debt to invest in.

This is not the city’s first attempt at rebranding the South Bronx; a previous campaign advertised the area as the “downtown Bronx” and a major traffic and pedestrian redesign was trumpeted by city officials in 2008. TRD