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Related Opens South Bronx Home Depot

NEW YORK CITY-The home improvement retailer's 115,000-square-foot location is the first to open in Related Cos.' $500-million Gateway Center at Bronx Terminal Market.

By Paul Bubny | Updated on April 24, 2009

NEW YORK CITY-The first store in Related Cos.’ Gateway Center at Bronx Terminal Market, a 115,000-square-foot Home Depot, opened Thursday at a ceremony officiated by Mayor Michael Bloomberg. Described as the city’s largest retail development in decades, the $500-million complex will draw from a market area of 1.4 million borough residents frequently described as underserved.

Acknowledging that the one-million-square-foot development in the South Bronx is opening its doors amid a recession, Glenn Goldstein, president of Related Retail, tells GlobeSt.com, “Obviously, the overall market is a challenge. But the Bronx and northern Manhattan are so under-retailed, and we’ve been very fortunate with the retailer interest that we’ve had. To date, we’re 90% leased, which is just about where we had always hoped we would be at this point.”

Following Thursday’s opening of Home Depot, one of five US locations the home improvement giant is opening this year, Goldstein says, “Everyone will be open for back-to-school season in September. But between now and then, there will be staggered openings.”

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