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Triangle Equities To Develop Bronx Hub

NEW YORK CITY-Aiming to revamp the local economy here, the NYCEDC has selected Triangle for a $35-million commercial development in the Melrose section of the Bronx.

By Jacqueline Hlavenka | Updated on May 05, 2011

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.

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