New York City Economic Development Corporation (NYCEDC) announced the selection of Equity One, Inc. (NYSE: EQY) to redevelop an 80,000-square-foot site located along the Broadway retail corridor in the Bronx. Equity One plans to invest approximately $54 million to construct a new 133,000-square-foot, two-story multi-tenant retail development and approximately 130 covered parking spaces on the site, located on 230
Street 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 square feet 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.”
"Equity One is thrilled to be working with the New York City Economic Development Corporation and all of the local officials to bring this project to fruition. 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," said Jeffrey S. Olson, CEO of Equity One.
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 should 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 a 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.