Contact: Colleen Roche (212) 788-2958
Curt Ritter 212-788-2971
Bernadette O'Leary 212-312-3523 (EDC)
Mayor Rudolph W. Giuliani announced today that the City has signed a 21-year lease for the development of vacant, City-owned land in the Bathgate section of the Bronx. Development of the 53,000-square-foot area will consist of the creation of an Amoco Oil Company service station, which has a 2,000-square-foot minimart and a 40-seat fast-food chain restaurant complete with an indoor playground. The retail project will include off-street parking and outdoor landscaping.
The Bathgate development project, located on Third Avenue between East 174th Street and the Cross Bronx Expressway, is part of the New York City Economic Development Corporation's (EDC) efforts to generate economic activity in underserved communities. The development of the Bathgate site will create about 12 full-time jobs and 48 part-time jobs.
"This project is another great example of how the City is converting under-utilized land into thriving retail centers," said Mayor Giuliani. "By developing this vacant City property, we help create jobs in the Bathgate neighborhood and improve the area's overall quality of life by adding a restaurant, a minimart, a playground and a gas station. These retail establishments also help make the neighborhood more attractive for further development."
The site is being leased to Bathgate Plaza LLC with an option to buy after the seventh year. The City will finance the purchase of the property at a low interest rate. EDC has offered commercial properties to spur economic development in inner-city neighborhoods. EDC can help developers finance acquisition of property in these areas at fair market value through a purchase money mortgage with a below-market interest rate. In some cases, projects may qualify for a grant to write down construction costs. Bathgate Plaza LLC does not require a grant for this project.
"This project is great for the Bronx and the City. Residents will now be much closer to goods and services, and 60 jobs will be created. This is another example of how Mayor Giuliani is successfully transforming long-vacant properties into thriving, commercial establishments," said EDC President Charles Millard.
Bathgate Plaza LLC is affiliated with Procida Realty & Construction, the developers of Brook Plaza, which is located at 149th Street and Brook Avenue in the Bronx. Since the under-utilized Brook Plaza land was purchased in April 1997, a Pep Boys has opened and the groundbreaking for a Burger King franchise is planned.
EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, it helps develop businesses and create jobs throughout the five boroughs.