NEW YORK CITY-While the redevelopment of Yankee Stadium hit a homerun for the South Bronx’s local economy, its commercial and retail “hub” is about to get a new player in the game. The New York City Economic Development Corp. selected Whitestone, NY-based Triangle Equities to purchase and develop two sites in Melrose with commercial office space, retail, a school and other community facilities, a project estimated to cost $35 million here.

Based upon the city’s Bronxchester Urban Renewal Plan and its long-term South Bronx Initiative, NYCEDC president Seth W. Pinsky says in a statement that the development of the two sites will generate millions of dollars in private investment and create hundreds of new jobs in the neighborhood. “With the addition of much-needed community amenities, including non-profit office space, a supermarket and school, this development will further expand an already thriving retail and business district,” he says.

The two sites—which will be purchased by Triangle from the city for $6.2 million—are bound by Westchester Avenue on the north and East 149^th Street on the south, according to the NYCEDC. On the first site at 430 Westchester Ave., the developer will construct a two-story 50,000-square-foot school building and 6,000 square feet of additional retail.