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Thread: Bronx Development

  1. #91
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    NYC Approves 880,000-SF Village



    Boricua Village


    By Natalie Dolce
    Last updated: July 2, 2007 06:40am

    NEW YORK CITY-The city has given approval for Boricua Village, a 4.5-acre educational, commercial and residential community in the Melrose section of the Bronx. With groundbreaking expected to occur in September, the 880,000-sf development is said to be the most ambitious community revitalization initiative in recent years by parties involved in the project.

    The development, slated for a 2009 completion, is jointly sponsored by locally based Atlantic Development Group LLC and Boricua College, a liberal arts school with locations in Manhattan and Brooklyn.

    With approximately 750 residential units, 50,000 sf of retail space as well as a 14-story building that will house a new Bronx flagship location for Boricua College, the project will be part of Mayor Michael Bloomberg’s 165,000-unit affordable housing plan.

    According to the spokesperson for the project, the deal has been in the works since 2005, and though construction costs and other financial information have not yet been finalized, loose ends expect to be complete by groundbreaking.

    The site, which now consists of city-owned vacant lots, will include landscaping, benches and public areas as well as its other components. The residential component’s seven buildings will range in height from six to 13 stories and will be comprised of studios, one-, two- and three-bedroom apartments. A large portion of the units will be reserved for low-income residents and the rest will be rented for those of moderate income.

    “Boricua Village will set a new standard for urban community life by providing Bronx residents with an exciting place to learn, to live and to shop,” says Peter Fine, principal of Atlantic Development Group.

    The project is expected to encompass 878,857 gross sf of floor area, with 120,000 sf alone in the college tower. “This urban village will be a thriving bicultural community centered on the value of education,” says Dr. Victor Alicea, president and founder of Boricua College, in a statement.

    Copyright © 2007 ALM Properties, Inc.

  2. #92
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    This one from the Daily News...

    OK seen for Boricua apts.


    BY BILL EGBERT
    DAILY NEWS STAFF WRITER
    Wednesday, June 27th 2007, 4:00 AM

    A new affordable Bronx housing development built around a new campus for a local college is set for likely approval today by the City Council.

    The 4.5-acre Boricua Village, a joint venture of Atlantic Development Group and Boricua College, is expected to be an economic catalyst for its host community of Melrose.

    With today's Council vote, the plan will then go to Mayor Bloomberg for final approval.

    The project will include about 750 residential units and as many as 50,000 square feet of retail space centered around a new 14-story flagship building for Boricua College, whose present enrollment of 1,200 students now attend classes on two campuses in Manhattan and Brooklyn. The new campus is on Third Ave. between 161st and 163rd Sts.

    "This urban village will be a thriving bicultural community centered on the value of education," said Dr. Victor Alicea, president and founder of Boricua College.

    Citing the combination of academic center with new housing and stores, Alicea called the development "community building at its best."

    The development will transform 4.5 acres of city-owned vacant lots into seven residential buildings, several retail stores and the 120,000-square-foot college tower, all surrounded by landscaping, benches and public areas.

    The residential buildings will range in height from six to 13 stories, and offer studios and one-, two- and three-bedroom apartments.

    Three-quarters of the units will be reserved for low-income residents, and a quarter will be for moderate-income residents. Once completed in 2009, the city's Department of Housing and Urban Development will handle the applications process.

    "Boricua Village will set a new standard for urban community life by providing Bronx residents with an exciting place to learn, to live and to shop," said Peter Fine, principal of Atlantic Development Group.

    Based in Manhattan, Atlantic Development Group LLC is a real estate development company founded by Fine and Marc Altheim in 1995.It is one of three developers bidding on the Kingsbridge Armory project.

    © Copyright 2007 NYDailyNews.com

  3. #93

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    A great dense development on vacant land. Music to my ears, good for the Bronx.

  4. #94
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    Default Morris Park, Bronx

    Whats the area of Morris Park like? Around the 5 train Pelham Parkway stop. A few blocks west of Jacobi Medical Center. Hows the crime, housing, demographics, & night life? What are the exact borders of "Indian Village"?

  5. #95

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    Morrris Park is a very good neighborhood. It is super-safe and kind of quiet. Morris Park is mostly Italian and has something of a "Little Italy" feel along Morris Park Avenue and Eastchester Road. There are also some Albanians, South Asians and a few Latinos. It has very good restaurants, especially (of course) Italian.

    Morris Park is probably more appealing for families than singles. If you want to get a feel for the neighborhood, take the 5 train to Morris Park Avenue and walk downhill, or take the 5 to Pelham Parkway (the next station) and cross the Parkway. Morris Park begins south of Pelham Parkway.

  6. #96
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    A Bronx Retailing Hub Is Getting Offices, Too


    By SANA SIWOLOP
    Published: July 11, 2007

    As a borough without a well-defined business district like those in Manhattan or even Brooklyn or Queens, the Bronx has traditionally not experienced heavy development of Class A office space. But that is changing, with the expansion of the Hutchinson Metro Center, an office complex near a heavily traveled highway, and the conversion of a prominent site on Fordham Road used for decades almost exclusively for retailing.

    The second site will cost $120 million to develop and will combine new offices with modernized store space at the corner of East Fordham Road and Webster Avenue, a well-known intersection on the popular Fordham Road shopping corridor.



    Commercial space in an old Sears
    will include a new Sears store.


    The 285,000-square-foot project is called Fordham Place, and it is geared to renovating and expanding the large wedge-shaped building that has long been a fixture at the corner. It sits next to the Fordham stop for the Metro-North New Haven line and diagonally across the street from Rose Hill, the main campus of Fordham University.

    Once home to the Rogers department store, the building for years housed a four-story 86,000-square-foot Sears store that sat beneath two floors of office tenants.

    In 2004, the building was bought by a development partnership made up of Acadia Realty Trust of White Plains and Aaron Malinsky and Paul Slayton, who head the Manhattan-based P/A Associates.

    Reports at the time emphasized the plans to upgrade the retailing at the site. But last week, Kenneth F. Bernstein, president and chief executive of Acadia Realty, said that all along his company and its partners were “cautiously optimistic” the site might also be used for offices.

    The owners eventually decided to expand the scope of the project, based on both growing demand for shopping within the Bronx and interest they were seeing in a 223,000-square-foot office building that Acadia Realty bought in 2005 on East 161st Street, opposite the Bronx Courthouse complex, which had recently been completed.

    At the site of the Fordham Place project, Mr. Bernstein said, “since the days of Rogers, this building has been the easternmost anchor of what is a dynamic open-air shopping mall, with tremendous sales per square foot and tremendous productivity,” referring to the entire Fordham Road shopping corridor.

    He added that while his company’s building on 161st Street is fully leased, it is continuing to generate interest from potential tenants like law firms that “want all the benefits of being in New York City while still paying significantly less” than what they might pay in Manhattan.

    When it is fully built out, Fordham Place will use the site of the old Sears building as well as two small parking lots that sat next door, and, according to its developers, will offer some 150,000 square feet of modern Class A office space and modern retail space elsewhere.

    Plans call for reopening a Sears store and also for building a 14-story office tower immediately adjacent to it. Retailers will be in the bottom three floors of the tower building as well as on its basement concourse level. Shoppers will enter the building through a covered entrance at the corner of East Fordham Road and Webster Avenue.

    Prospective office tenants, meanwhile, will have access to spaces covering as much as 36,000 square feet on either the fifth or sixth floor or 12,000 to 14,000 square feet of space on each floor in the tower.

    In putting up Class A office space in the Bronx, the developers are following the example of Hutchinson Metro Center, a large office complex off the Hutchinson River Parkway in the Pelham Bay section, being built by the Simone Development Companies of New Rochelle, N.Y.

    The developers of Fordham Place expect their site to prove popular with office tenants who want high-quality space in the Bronx, but who also want to provide employees with good commuting options that do not require them to drive.

    “When you look at Hutchinson Metro Center, it’s truly suburban,” Mr. Malinsky said. “This project sits right on top of a Metro-North station, and we have every single bus line coming to this location, as well as two nearby subway lines.”

    Still, Hutchinson Metro Center has produced strong leasing numbers lately.

    Brokers at Cushman & Wakefield, the real estate services company that is the leasing agent for the center, say the first building at the complex offered 460,000 square feet of Class A office space that was fully leased in a little more than two years after construction began, and now negotiations are taking place for about 25 percent of the space at a new 260,000 square-foot tower that is under construction.

    Tara I. Stacom, a Cushman & Wakefield vice chairman, estimated that about a quarter of the companies “seriously interested” in space at the new Hutchinson tower are businesses in Manhattan.

    Acadia and P/A Associates, not new to urban redevelopment, are working on 10 projects in New York City and Westchester County. Mr. Malinsky was one of three partners who helped develop River Plaza, a 9.5-acre shopping complex in the Marble Hill section of the Bronx, which opened in August 2004. It is home to national retailers like Target, Marshall’s, and Starbucks.

    Developers have not always had it easy luring big-box tenants to the predominantly Hispanic neighborhood that surrounds East Fordham Road, but that may be changing.

    Cheryl Chase, the general counsel and executive vice president at Chase Enterprises, the longtime owners of One Fordham Plaza, a 557,000-square-foot office and retail building a block away from the old Sears Building, said her company, together with two partners, is about to upgrade 100,000 square feet of retail space at the property to meet growing interest from retailers in the area. Her company, she said, hopes to have two spaces of about 30,000 space feet on the building’s second floor for big-box tenants.

    Any retail space that is scheduled to be offered at Fordham Place is already either leased or in negotiations, its developers say. According to Mr. Malinsky, tenants include Sears, which will have a 35,000-square-foot store in the basement; Walgreens, which will have an 11,000-square-foot drugstore on the ground floor; and Best Buy, which signed a lease at the end of June for 35,000 square feet on the building’s second floor. Construction is to be completed next year.

    He added that negotiations are under way with three other prospective tenants: a restaurant, a bank and a health club that is interested in the entire third floor, which measures about 36,000 square feet.

    Copyright 2007 The New York Times Company

  7. #97
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    Default Privately Financed Condos in Mott Haven


    A former print shop at 305 East 140th Street, between Third and Alexander Avenues, will be turned into 11 condos.

    August 5, 2007
    Posting
    Privately Financed Condos in Mott Haven

    By C. J. HUGHES
    MOTT HAVEN, a hard-luck neighborhood in the South Bronx, is getting its first-ever condominium project to be built with private financing, according to Wilhelm Ronda, the director of planning and development for Adolfo Carrión Jr., the Bronx borough president.
    The project, called Bronx Bricks, is a five-story, red-brick former print shop at 305 East 140th Street, between Third and Alexander Avenues. The building will have 11 units in two sizes, 1,300 and 2,200 square feet. Each has an open floor plan and maple floors original to the 1904 building.
    Prices are $395,000 to $795,000, and since sales began last month, two units have gone into contract, said Linda Cunningham, a managing partner on the development team. Like Ms. Cunningham, who made photo-transfer collages in the building, many of the team members are artists who used to have studios there.
    Ms. Cunningham has been a co-owner of the building since 2000, when she bought it from Ernest Milchman, the founder of Milchman Enterprises, a developer based in New York. (Both refused to say what they had paid.)
    Ms. Cunningham is taking one of the two 2,000-square-foot ground-floor commercial spaces. The other will most likely be leased to a nonprofit group or to an architect, she said.
    “It was a challenge to be the first,” Ms. Cunningham said. “But now we can serve as the comparable for banks for future development.”
    Financing for Bronx Bricks came from the Community Preservation Corporation, a lender that specializes in rehabilitating multifamily homes in the region.
    The project bodes well for the neighborhood, which has the ingredients for a full-blown revival, said Richard Ross, the vice president for real estate development at the South Bronx Overall Economic Development Corporation, known as SoBro.
    “You know the potential is here, because of the character of the buildings and the proximity to Manhattan,” he said.
    Bronx Bricks sits just outside the Mott Haven Historic District, which is lined with well-kept row houses, some graced with tall stoops and stained-glass windows. A stop for the No. 6 train is just two blocks away.
    But in an impoverished area, private development can cut both ways, according to Miquela Craytor, the deputy director of Sustainable South Bronx, a land-use advocacy group. Investment in neglected buildings can improve streetscapes, she said, yet market-rate condos will be priced out of the reach of most of the neighborhood residents.
    “Is it helping out the folks who have weathered the storm here?” Ms. Craytor asked. “Or is it just benefiting the new residents?”

    http://www.nytimes.com/2007/08/05/re...ref=realestate

  8. #98

    Default Hdc Finances 452 Apartments In The Bronx


    HPD Press Release --

    September 19, 2007

    HDC FINANCES 452 APARTMENTS IN THE BRONX IN FINAL APPROVALS BEFORE DEPARTURE OF EMILY A. YOUSSOUF AS PRESIDENT

    — APARTMENTS WILL COMPLEMENT A BIG EDUCATIONAL AND RETAIL COMPLEX —


    Boricua Village, as seen from Third Avenue and East 163rd Street


    488 East 163rd Street, one of the four buildings at Boricua Village to receive HDC financing

    NEW YORK, N.Y., September 19, 2007 – The New York City Housing Development Corporation today approved $81 million in low-cost financing for the construction of 452 affordable apartments in the Melrose neighborhood in the South Bronx. The approval caps a remarkable four year period in which the Corporation has grown rapidly but prudently to become the largest issuer of affordable housing bonds in the nation under the leadership of Emily A. Youssouf, who is departing at the end of the month.

    The apartments approved today will be located in four buildings to be built as part of a development called Boricua Village, one of the largest and most ambitious development initiatives in the South Bronx in recent years. Besides the apartments, it will include the 120,000-square-foot flagship campus of Boricua College, a private college that operates campuses in Washington Heights and Williamsburg, Brooklyn. The complex will also include 40,000 square feet of retail space and underground parking for 175 cars.

    Two of the buildings that will contain the affordable apartments will be reserved for low-income families, and the other two will be reserved for middle-income families. The four buildings combined will contain 234 middle-income apartments, 214 low-income apartments and 4 apartments reserved for building superintendents. Three of the buildings will be located on East 163rd Street between Elton and Third Avenues, and one building will be located at Third Avenue and 162nd Street (although 162nd Street will be decommissioned to make way for a campus pedestrian plaza).

    “I am proud to conclude my term as president of HDC with this wonderfully emblematic development,” said Emily A. Youssouf, the President of HDC, who has will be leaving her position on Oct. 1. “This complicated transaction highlighting our two core programs of LAMP and New HOP, demonstrates that innovative financial approaches can provide housing for hundreds of families, or even tens of thousands, if you look at our recent figures citywide.”

    Since Ms. Youssouf was appointed to lead HDC in November 2003, HDC has financed the construction of 34,236 affordable apartments in 175 developments throughout the five boroughs. HDC has become the leading issuer of affordable housing bonds, issuing $5.6 billion in bonds and low-interest mortgages for housing in New York City.

    Boricua Village is being built by the Atlantic Development Group. “I want to thank Emily Youssouf for her strong support not only for this project, but for her tireless efforts to facilitate the construction of affordable housing throughout her tenure as HDC President,” said Peter Fine, principal of Atlantic Development Group. “Boricua Village will bring a wealth of new affordable housing units as well as educational opportunity to the Melrose community and a diverse choice of modern retail options.”

    Of the HDC financing approved today, $60.3 million will come from the sale of tax-exempt and taxable, fixed- and variable-rate bonds, and $20.5 million will come in the form of low-interest loans made from HDC’s corporate reserves.

    http://www.nychdc.com/pressroom/pr_091907.html

  9. #99
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    Very nice. Thanks for posting that brookline and welcome.

  10. #100

    Default Kingsbridge Armoury

    Kingsbridge
    Yet Again, a Majestic Armory Contemplates Its Future



    Librado Romero/The New York Times
    The armory’s 575,000 square feet have been largely empty for years.

    By GREGORY BEYER
    Published: October 28, 2007

    FOR about a decade, residents of Kingsbridge Heights in the Bronx have conjured up their own visions of what the Kingsbridge Armory might become. That is all they could do. The armory, which is said to be the world’s largest, with a drill floor bigger than a city block, has sat mostly idle during that time.
    Now the city is poised to announce the name of the developer it has chosen for the building, which is at West Kingsbridge Road and Jerome Avenue. When the city sought proposals in September 2006, it said it hoped to get plans for retail, entertainment and recreation ventures that would provide good jobs to local residents.
    The Kingsbridge Armory Redevelopment Alliance, which unites local groups, labor unions and elected officials, wants the chosen developer to build four small schools, to ease overcrowding and to guarantee that residents are hired for well-paying union jobs. The alliance scheduled a rally for yesterday.
    “The bottom line is, we need this economic revitalization,” said Desiree Pilgrim-Hunter, a neighborhood resident who has been active in planning for the armory’s future. “There are no jobs in this community.”
    Janel Patterson, a spokeswoman for the city’s Economic Development Corporation, would not say when the developer would be named.
    Ms. Pilgrim-Hunter said many of the problems in Kingsbridge Heights stem from the lack of jobs; according to state figures, the Bronx had a 5.5 percent unemployment rate in 2006, compared with 4.1 percent citywide. “We’ve got kids on the street,” Ms. Pilgrim-Hunter said. “We’ve got the violence, the gangs, the drugs, the prostitution. All those things are the end result of people not being able to support themselves in the proper fashion.”

  11. #101

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    Nice looking development for public housing but do they reall have to call it "Boricua" Village?

  12. #102

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    Quote Originally Posted by Stern View Post
    Nice looking development for public housing but do they reall have to call it "Boricua" Village?
    It is being built by Boricua College...I guess they do. There has been an explosion of development in the South Bronx, the Hub in particular. I went to look at a condo in the area a few weeks back. 300K for 2BD's in the South Bronx...I could never have imagined.

  13. #103

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    Quote Originally Posted by antinimby View Post
    A Bronx Retailing Hub Is Getting Offices, Too






    Commercial space in an old Sears
    will include a new Sears store.



    Copyright 2007 The New York Times Company
    This project is coming along nicely. i will post pics when I get the chance.

  14. #104

    Default Hunts Point

    City has big plans for acres at Hunts Pt.

    BY DORIAN BLOCK
    Tuesday, April 8th 2008, 4:00 AM

    Hunts Point could see a northern version of the South Street Seaport under city plans to develop vacant land there.

    Those plans - part of an Economic Development Corp. proposal to develop six different sites on 25 acres in Hunts Point - also envision an alternative fuel station to help reduce exhaust emissions from the hundreds of trucks entering and leaving the sprawling food market there daily.

    The EDC recently presented the potential development plan to Community Board 2.

    The new businesses could add several hundred new jobs to the 10,000 already in the area, along with improving the image of the neighborhood, said John Robert, the board's district manager.

    "It'll solidify Hunts Point's position as a food distribution center," he said. "We would love for it to be known as the breadbasket of the nation."

    Robert said the EDC reported a large number of businesses interested in moving into Hunts Point, with a number of government tax incentives available.

    The EDC said it will issue a request for proposals this month for a long, narrow, 3.7-acre strip of land along Food Center Drive that the city would like to turn into a center for alternative fuel.

    Kellie Terry-Sepulveda, of The Point Community Development Corp., called the alternative fueling station crucial: "We have huge air quality issues here."

    Another site in the plan is a triangular parcel that abuts the future Hunts Point Landing, next to the South Bronx Greenway, which the EDC said could be used for recreational purposes, such as a park or marina, a South Street Seaport-type development, a food-related use, an organics recovery facility or a freight ferry terminal to move goods in and out of the food market.

    Other sites include a 3-acre fruit auction rail shed and an 8.5-acre parcel next to the proposed alternative fueling site that is slated for a "food-related" use.

    In its presentation, the EDC said the overall goal of the project is for development to "simultaneously maximize new job opportunities and minimize air quality impacts."

    Terry-Sepulveda has even higher expectations.

    "Ideally, we're looking to find a nice balance between a working waterfront and something that is focused on economic development and something that ties into the needs of the community - a community that has access to the waterfront for recreation."

    dblock@nydailynews.com

    Copyright 2008 The New York Daily News.

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    MALL OF DUTY
    ARMORY'S $310M RETAIL REHAB



    An artist's rendering reveals what the
    Kingsbridge Armory in the North Bronx
    will look like after a real-estate
    development firm converts it into a
    shopping mall.


    By TOM TOPOUSIS

    April 21, 2008 -- The Kingsbridge Armory, once the world's largest military drill hall, will be turned over to a private corporation for a $310 million makeover into a massive retail center intended to jumpstart the North Bronx economy, city officials are announcing today.

    Manhattan-based Related Companies won the project, ending a frustrating 12-year effort to find a new use for the historic armory, which was turned over to the city by the National Guard amid military cost-cutting and the escalating expense of repairing and maintaining the huge structure.

    Under Related's plan, the 575,000-square-foot site will become home to an "anchor" department store, up to 35 smaller shops, a number of restaurants and a movie multiplex.

    "It's going to be catalytic for the neighborhood," said Seth Pinsky, president of the city's Economic Development Corp.

    Pinsky said Related, which built Manhattan's Time Warner Center and won the right to redevelop the Bronx Terminal Market into a retail center, plans to recruit a destination-type department store for the project.

    Called "The Shops at the Armory," the development will also include an "affordable youth recreation facility." A day-care center and a "business incubator," are also in the works.

    "I'm very happy this project is finally moving forward. It's been a long time coming," said Bronx Borough President Adolfo Carrión, who said his next effort will be to ensure that a fair share of the work goes to local contractors and workers.

    Councilmember Maria Baez said "the project will serve as an economic stimulus" for her district.

    But she added that she would continue to push for construction of two schools adjacent to the armory.

    The city dropped an earlier requirement that developers include two new schools in the project after the Department of Education determined there wasn't a need for additional schools in the district, Pinsky said.

    Related was one of two bidders left in the running for the armory project. It wound up beating the Atlantic Development Group, which had proposed a retail center, movie theater, two schools and a YMCA.

    Pinsky said there will be almost no change to the exterior of the building, which has soaring towers and turrets, crenellated parapets and enormous arches.

    Copyright 2008 NYP Holdings, Inc.

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