Labor Leader Gary LaBarbera and Dynamic Star CEO Gary Segal.
NEW YORK CITY – Longtime New York developer Dynamic Star is contracting only unionized labor for its 40-acre mixed-use development in the Bronx through an agreement with the Building and Construction Trades Council of Greater New York and various other construction trade unions.
The $3.5 billion project named Fordham Landing on the Harlem River and Major Deegan Expressway, opening up to the Harlem River waterfront, is expected to generate more than 8,000 construction jobs and as many as 10,000 permanent positions in the University Heights neighborhood of the Bronx.
Gary LaBarbera, president of the Construction Trades Council, and an estimated 40 construction representatives toured the site to plan its labor around the 2022 construction start date, which will follow awaited zoning changes required for the development to move forward. Currently, meetings are underway with city officials and Bronx community leaders to get approval.
"Together with Dynamic Star and the community boards, we will promote workforce development, cultivating people from The Bronx to come into the unions and find careers in the middle class," said LaBarbera in prepared remarks.
Dynamic Star is working with Local 32BJ, a service workers' union, and considering AFL-CIO Housing Investment Trust, the AFL-CIO Building Investment Trust and the Union Labor Life Insurance Company as possible vehicles for union pension fund investment in Fordham Landing.
GlobeSt.com recently reported on Dynamic Star's hunt to secure financing for the project and tapping Meridian Capital Group to get the job done. Meridian is tasked to find $50 million of equity financing and $100 million in debt financing for the multi-phased Bronx project.
When completed, Fordham Landing will feature 12 acres of public open space, including a 1.2-mile public waterfront esplanade. Housing will include a total of 2,380 residential units, consist of 1,660 free-market apartments and 720 affordable housing units. The development will also include student housing, a public school, life sciences research center, retail and commercial office space, an e-sports arena and public facilities for the neighboring community.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
