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Bidders Acquire Bronx Parcel from MTA

11/19/2013
Published By: The Retail Report

 

A partnership between the Gotham Organization and Grid Properties will acquire a 550,000-square-foot parcel in the Pelham Gardens section of the Bronx from the Metropolitan Transportation Authority for $30.5 million.

After the Grid-Gotham partnership was selected as the winning proposal for the site, MTA announced the deal last Friday. Located near the intersection of East Gun Hill Road and the New England Thruway, the site will house a largeretail project. Reportedly, the partners will build 260,000 square feet ofleasable retail space and possibly up to 100 units of senior housing.

“We are extremely excited about the prospect of creating an architecturally distinctive, pedestrian-oriented retail destination in the Bronx,” said Grid Properties Principal Drew Greenwald. “Currently, Bronx residents have to leave the borough to experience the type of vibrant shopping and dining environment we envision at this site.”

The property was once pegged to become an extension of the nearby Gun Hill bus depot, but plans fell through. Currently, the lot is being used as a golf driving range. The proceeds from the transaction will go toward bolstering the MTA’s current capital budget.

[The Real Deal]

[Crain's New York]

[Globe St.]

 
Release Date11/19/2013 - 08:00

Source

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