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Acadia Doubles Retail Redevelopment

BRONX, NY-Due to increasing interest from potential tenants, the joint venture project here has nearly doubled in scope. Acadia and P/A now plan a redevelopment of the Sears site that might cost upwards of $70 million.

By Barbara Jarvie | Updated on March 01, 2005

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BRONX, NY-In a conference call, White Plains-based Acadia Realty Trust said costs for a redevelopment here at 400 East Fordham Rd. have blossomed to between $60 million and $70 million, instead of the $35 million to $40 million originally estimated for the effort, which is part of the firm’s urban infill concentration. The company is also in negotiations for two additional sites in the city.

“There is strong tenant demand,” said Kenneth F. Bernstein, Acadia’s president and CEO. “National retailers are underrepresented here.” The footprint will be larger and the scope expanded. The company is in negotiations for two more redevelopment projects, one in Northern Manhattan and the other in Brooklyn.

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