NEW YORK CITY-New York City’s largest shopping center is about to get even bigger. Owner/developer Prestige Properties announced it will build a new $270 million, 780,000-square-foot enclosed mall on a vacant parcel within the existing Bay Plaza Shopping Center in the Bronx, a development that will bring the retail center to 2 million square feet total.
The three-level development, called the Mall at Bay Plaza, will be anchored by a 160,000-square-foot Macy’s, which will be connected to an existing JCPenney. It is expected to create more than 2,000 construction jobs and more than 1,700 permanent jobs, which Prestige CEO and chairman Sam Shalem says will generate economic opportunities and new tax revenue for the borough. “We have had excellent success at Bay Plaza since its inception, and we are pleased and excited to bring this best-in-class, enclosed fashion mall to our community and the Bronx,” he says, in a statement.
The mall, located at the intersection of the Hutchinson River Parkway and I-95, is anticipated to open in fall 2013 or spring 2014. Asking rents for the new mall will depend on the size of the space and the type of tenant, but pricing will likely range between $100-200 per square foot, according to a spokesman for Prestige.
Based on the popularity of the existing center, local brokers predict the new addition will lease up quickly. “This is a retailer’s dream,” says Welco Realty principal Jerry Welkis, who along with Allen Cooperman, leads leasing efforts on behalf of Prestige. “With a perfect location, an existing powerhouse shopping platform and incredible highway access and transportation for shoppers, Prestige will deliver an even grander New York City shopping destination for a diverse and active consumer base.”
Current tenants at the existing center include Barnes & Noble, Old Navy and AMC Theaters.
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