If the deal goes through, Related hopes to be in the ground in roughly six months and plans to deliver the project in two years, according to New York City Economic Development Corporation spokeswoman Janel Patterson. Related's proposal calls for 164,300 sf of retail space on two levels, possibly anchored by a Kmart store, and a third level comprising 61,700 sf of office space.
The complex would be built on a currently vacant parcel located on Third Avenue between 153rd and 156th streets. A 273-space existing parking garage on an adjacent lot would be renovated as part of the project, dubbed Bronxchester Site 12. The proposed site is just north of the Bronx commercial district known as the Hub.
While it has received the city's blessing as designated developer on the project, there are several bridges to cross before Related gets final approval to acquire and build on the property. Related did not return calls by press time, but a statement by company president Jeff Blau called the plan "an anchor for existing and future retail uses for the community."
"Nothing is cast in stone, though we want to start as soon as possible." Patterson tells GlobeSt.com. "We're still working out business terms. Then we have to present it to the community board and the borough board and both have to vote on it."
Patterson would not comment on the price the city would charge Related for the property, but according to a statement by EDC president Michael G. Carey, "This project represents approximately $36 million in private investment."
Related Cos. specializes in acquisitions and development as well as financial services and management, and reportedly has city properties worth more than $3 billion under development. The EDC, the city's economic development arm, is responsible for the disposition of city-owned property.
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