The Bronx Emerging As Strong Retail Market
The Bronx has been making significant strides in the retail market. While the Bronx was previously shadowed by Manhattan and the other boroughs as far as retail goes, residents and businesses are working to change that. Equity One Inc. is a real estate investment trust, and they own 144 retail centers. They started work and construction on a multilevel, 135,000 square foot shopping center in the Kingsbridge area, expected to open in the fall of 2014.
Another development is going on in the neighborhood, just eight blocks north. Metropolitan Realty Associates and Angelo Gordon & Co. are building a shopping center, including 162,000 square feet, called Riverdale Crossing shopping center.
“We think these two projects are going to really bookend the Kingsbridge district, and there will be a lot going on down there,” said John DeSio, a spokesman for Bronx borough president Ruben Diaz Jr.
In 2012, Equity One received permission from the city to purchase and build on the 80,000 square foot lot on 230th Street and Broadway. They predict that construction here for a shopping center will cost about $50 million. They are using their own capital to finance the project. This is a reflection of their confidence in the neighborhood to succeed and have a strong future. The face of retail in the Bronx is really changing. Where it used to consist predominantly of small retailers located mostly at the base of apartment or office buildings, lately it has been really emerging into larger projects with nationally known stores. “The Bronx now is being repositioned for a much more dynamic retail environment. It’s not just local shops. It’s now national and international retail,” explained Faith Hope Consolo of Douglas Elliman Real Estate.
“First it was Queens, then it was Brooklyn, and now it’s the Bronx that is being realized as a growing, underserviced market. It’s really just a natural progression of the retailers figuring out that there’s another two million plus people to tap into,” stated David Rosenberg, executive vice president at RKF.