Press Release Archives - 530-96 Retail Development in South Bronx

Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: October 18, 1996

Release #530-96

Contact: Colleen Roche (212) 788-2958, Deirdra L. Picou or Bernadette O'Leary (212) 312-3523 (EDC) (212) 788-2971

MAYOR RUDOLPH W. GIULIANI ANNOUNCES NEW RETAIL DEVELOPMENT OPPORTUNITY IN THE SOUTH BRONX

NEW YORK CITY -- Mayor Rudolph W. Giuliani and Economic Development Corporation President Charles Millard announced today a new retail development opportunity for a large site in the heart of the Bronxchester Hub retail area in the South Bronx -- one of New York City's most up and coming neighborhoods.

The property for sale covers a 119,000 square-foot site in the heart of the South Bronx's hub retail area and offers 84,000 square feet of vacant land and a four-story concrete garage with 272 parking spaces. Zoning laws allow for a development of more than 400,000 square feet. The New York City Economic Development Corporation (EDC) is currently seeking a developer for the site.

Recent revitalization efforts in the South Bronx have resulted in a high demand for new retail and entertainment businesses for the area. The size of the available site, its location near public transportation, residential communities and other retail stores, as well as the increased economic potential of the area, make the site a prime location for a large retailer, movie theater or supermarket.

"This is an exciting opportunity for a private developer to participate in the revitalization of the Bronx," Mayor Giuliani said. "By turning this lot into a supermarket or theater, we will create jobs and improve the quality of life in the area. This will help bolster the local economy and provide more shopping and entertainment options for Bronx residents."

"Mayor Giuliani is committed to economic development throughout the Bronx, and the development of this site will go far to continue this effort," said EDC President Charles Millard. "This area is home to a working community with almost half a million people within a three-mile radius. The area is primed for a significant retail presence."

The selected developer is eligible for business incentives, including reduced property taxes and reductions on electricity and natural gas rates. In addition, because the property is within an Economic Development Zone, the business tenants will be eligible for state wage, sales and investment tax credits.

Proposals must be received by 2:00 PM on Thursday, January 16, 1997, at EDC, Attn: Patricia Walker, 110 William Street, 6th Floor, New York, NY 10038. For more information on this development opportunity, please call (212) 312-3969 or write to the address listed above.

EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.