The property consists of two parcels of land on the northwest (Lot 46) and southwest (Lot 10) corners of Boston Road and East 175th Street, just south of the intersection of the Cross-Bronx Expressway, Boston Road and Southern Boulevard. The former NYC Transit Authority's West Farms Bus Depot, which has long been vacant and an eyesore to the community, is located on Lot 10.
CBC paid the New York City Economic Development Corp. $220,000 for the two lots. An EDC spokesperson tells GlobeSt.com the price reflects downward adjustments made by the city to allow for asbestos abatement and demolition of the bus barn. Bronx borough president Adolfo Carrión Jr. is also providing $250,000 toward the demolition of the dilapidated two-story building to make way for the project.
"The Bronx continues its development as a major regional entertainment and business center for families," says Carrión, adding that this and similar projects "continue to bring new jobs and countless opportunities" to the Bronx. The project is expected to generate 75 jobs for the area. Construction is expected to begin this fall and take about 18 months to complete.
CBC principal Fred Rubin intends to build 15,000 sf of restaurant and retail on one of the lots. According to the EDC, the development of Lot 46 will include three freestanding buildings, a parking lot and circulation area between the structures. Development on lot 10 will comprise a 12-screen movie complex, additional retail space, parking and service areas. The theater will be run by an independent operator.
"There is a definite need for this type of development in this area where the community's housing has been upgraded with no corresponding creation of community or entertainment facilities," says Rubin. "I grew up in this neighborhood, and as a child, I could walk to a dozen movie houses, all of which are now closed."
CBC's principals have extensive experience in the development of housing in the Bronx and working with local community development groups as well as local movie theater operators.
The CBC parcels are located a block away from a 10-acre property currently under development by the Mid-Bronx Desperados, an organization formed by representatives of 10 local community organizations including former Bronx deputy borough president Genevieve S. Brooks. Bounded by East 174th and 176 streets, Boon and Vyse avenues, the community shopping center is scheduled to open later this year. Anchored by a 40,000-sf Pathmark supermarket, additional retailers will include Athlete's Foot, Petland and Blockbuster.
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