Bronx Retail Corridor Gets $54 Million Project

New York City Economic Development Corporation (NYCEDC) yesterday announced the selection of Equity One, Inc. to redevelop an 80,000 s/f site located along the Broadway retail corridor in Bronx.

Equity One plans to invest approximately $54 million to construct a new 133,000 s/f, two-story multi-tenant retail development and 130 covered parking spaces on the site, located on 230thStreet between Broadway and the Major Deegan Expressway.

The project is expected to create over 250 new full and part-time jobs and approximately 500 construction jobs.

“The redevelopment of this site, which will ultimately provide more than 130,000 s/f of retail, is certain to enhance the already thriving Broadway commercial corridor,” said New York City Economic Development Corporation president Seth W. 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.”

Jeffrey S. Olson, CEO of Equity One said his firm was thrilled  to be working on the project.

“We have a strong track record of successful development and look forward to leveraging our relationships with national tenants to bring an exciting mix of retail to this site,” added Olson.

Equity One’s development calls for four retail tenants, with the intention of attracting prominent national retailers.

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 One was ultimately selected to redevelop the site based on its response to an RFP issued in August 2011. The development intends to seek at least LEED silver rating.

“This is good news for the Kingsbridge/Riverdale neighborhood. It is a sign of the continuing resurgence in our economy and will put local people back to work in building the development and then in staffing it,” said Congressman Eliot Engel, a senior member of the House Energy and Commerce Committee.

As part of its development, Equity One has committed to use New York City Economic Development Corporation’s HireNYC program to create a targeted local hiring plan to fill these jobs generated by the project. HireNYC is a free City program that connects the City’s workforce development services to economic development projects.