New Developments on 1Bronx NY 10452
-
12/21/2007
The year 2006 saw many large-scale development plans in the Bronx: a new $800-million Yankees stadium to be finished in 2009, a $500-million new Gateway Center at the Terminal Market also to open in 2009.
Have you see the Bronx Lately?
The $500 million Gateway Center at the Bronx Terminal Market – one of the largest private sector investments ever in the Bronx – will redevelop a portion of the current Bronx Terminal Market site along with the Bronx House of Detention. The development will include retail and restaurant space as well as restore public access to the Harlem River. The developer plans to incorporate environmentally-friendly design concepts into the construction of the new facility. Proponents of the proposal hope that the development will beautify and revitalize the area, ultimately encouraging other businesses to invest in the community.
Some local residents, however, are concerned about how much of the tax revenue will be used to support the local area, and whether the new retail options will be accessible to the poor in the area. Proponents of the plan counter that the development will provide thousands of jobs – about 2,900 construction jobs and 2,100 permanent retail jobs. The City Council, Community Board, and the Bronx Borough President are supportive of the plan. The City Council approved the plan in March 2006, construction began August 14th, 2006, and completion is expected in the fall of 2009
Vornado Realty Trust’s purchase of the Bruckner Mall for $165 million, as well as the construction of the $395-million Gateway Plaza Mall at the old Bronx Terminal Market, signal the ascension of the real estate market in the Bronx. Observers credit the conflicting characteristics of the borough: cheaper rent and smaller parcels of land, as reasons for the recent acquisition of major properties. In addition, some credit the pro-development policies of Bronx public officials for the recent deals.
Bp | New York, NY