New York City Economic Development Corporation Announces Selection of Triangle Equities to Develop Sites at the Hub at 149th Street in the Bronx
Development Will Include New Supermarket, School, and Community Space
$35 Million Project is Expected to Create 201 Permanent Jobs and 131 Construction Jobs
Yesterday, New York City Economic Development Corporation (NYCEDC) announced the selection of Triangle Equities for the purchase and development of two sites in the Melrose neighborhood of the Bronx. Triangle Equities will construct two new buildings on the sites which will provide a variety of community amenities including a new supermarket, school, commercial office space, restaurants, and other retail and community facilities. A new 8,000-square-foot public plaza located at the intersection of Bergen and 149th Street will also be constructed as part of the development. The total project will cost approximately $35 million and is expected to create about 201 permanent jobs and 131 construction jobs. Triangle will purchase the sites from the City for approximately $6.2 million and is expected to begin construction by fall of 2012.
"The development of these two underutilized sites will generate millions of dollars in private investment and create hundreds of new jobs in the South Bronx," said New York City Economic Development Corporation President Seth W. Pinsky. "With the addition of much-needed community amenities, including non-profit office space, a supermarket, and school, this development will further expand an already thriving retail and business district."
"The development of these two long-vacant sites is great news for the Bronx. Combined, this mixed-use development plan will bring new activity to The Hub, which already serves as one of our most important commercial strips in the Bronx. I thank the NYCEDC for their hard work in finding an appropriate developer for these important locations, and I look forward to working with them on the future of these projects," said Bronx Borough President Ruben Diaz Jr.
"I am pleased that EDC has made such an effort to develop a space that has been vacant for too long in one of our most important commercial corridors," said Marlene Cintron, President of the Bronx Overall Economic Development Corporation. "We look forward to the added vitality such a proposal will bring to our Third Avenue Corridor."
"The development of these two sites is great news for the Bronx, and I'm ecstatic that the New York City Economic Development Corporation was able to move this project forward so quickly," said Vincent Valentino, Executive Director of the Hub/Third Avenue BID. "NYCEDC said they were going to get these sites developed, and while working with the community throughout this process, they delivered on their promise. We are eager to see construction begin and for this development to further activate our neighborhood."
The two development sites are bounded by Westchester Avenue on the north, E. 149th Street on the south, and Brook and Bergen Avenues on the east and west. On the approximately 53,800-square-foot parcel located at 430 Westchester Avenue, Triangle will prepare the site to accommodate a future two-story, 50,000-square-foot school building, as well as 6,000 square feet of additional retail.
On the approximately 58,000-square-foot parcel located between East 149th Street, Brook Avenue and Westchester Avenue, Triangle will construct a new three-story 78,000-square-foot building. The ground floor will be 28,000 square feet, with letters of interest for a new Dallas BBQ restaurant, a new supermarket by Pioneer--currently the closest full-service grocery stores are almost half a mile away--and additional space for a third retail tenant. The 25,000-square-foot third floor has a letter of intent from Legal Services for New York City-Bronx, which provides free legal services to low-income Bronx residents. The 25,000-square-foot second floor is anticipated to be used for a new fitness center.
The development sites are part of the Bronxchester Urban Renewal Plan and the City's South Bronx Initiative. The development of these sites will help fulfill the goals set forth in these plans and serve to strengthen and complement the existing commercial and retail corridor at "the Hub". The Hub, centered at the intersection of Third Avenue, Melrose Avenue and East 149th Street, is one of the busiest intersections in the Bronx where more than 200,000 pedestrians pass through daily.
The next step in the development is the CEQR process and upon receiving the necessary approvals, construction is expected to commence by fall 2012 with a completion date expected in 2014. The total cost of construction is expected to be around $35 million.
Triangle has committed to work with HireNYC to develop a targeted local hiring and workforce development plan to fill the jobs created by the project. HireNYC is a free City program that provides connections between business owners and job seekers to ensure that local community members have access to jobs available in the area.
"Triangle Equities is very pleased to be working with the New York City Economic Development Corporation and our local elected officials in the creation of a mixed use development to greater enhance an already thriving retail strip in the Bronx," said Lester Petracca, Principal Triangle Equities. "We appreciate the opportunity to provide needed amenities to a deserving community."
"We are very excited that we will have a permanent home that will take our long history of advocacy for low-income people in the Bronx into the future," said Ellen Chapnick, Chair of the Legal Services for New York City-Bronx Board. "We will continue to work with the community and others who care about access to equal justice on this project."
About NYCEDC
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter , or visit our blog to learn more about NYCEDC projects and initiatives.