(NEW YORK CITY, NY) -- Related Cos.' Gateway Center, the largest retail emporium to open in metro New York City in 30 years, is up and running in the South Bronx borough, home to 1.4 million residents.
The one-million-square-foot, $500 million, multi-level regional shopping center is located at the Bronx Terminal Market site, a local landmark for 89 years.
Long-neglected by national retailers because of the area's reputation as a blighted community, big-name merchants have signed leases and are gambling their investment will pay off in robust sales.
Glenn Goldstein, president, Related Cos. Retail, says the LEED Silver-designated Gateway Center is 90 percent leased, 80 percent open, and includes BJ's (first in the Bronx), The Home Depot, Best Buy, Target, Bed Bath & Beyond, Marshall's, Raymour & Flanigan, Staples, Best Buy, Toys"R"Us/Babies"R"Us "R" Superstore (first in the Bronx), and Applebee's.
Glenn Goldstein
Approximately 53,500 square feet of space has already been leased to local merchants, with an additional approximately 16,000 square feet in lease negotiations with local merchants.
"The South Bronx has long been underserved by retail stores, and many of the borough's residents had to travel to Yonkers, Westchester or New Jersey to find national retailers," says Goldstein.
."Much of that spending can now be done at Gateway Center, providing the area's best one-stop, shopping destination for brands, style and savings to accommodate today's price conscientious consumer."
Related Cos. chairman Stephen M. Ross, adds: "Today's grand opening celebration is a testament to a great public-private collaboration between the City of New York, the local elected officials, the community and Related Companies
Stephen M. Ross
Deputy Mayor for Economic Development Robert C. Lieber says Gateway Center will generate more than $20 million in annual tax and revenue for the City and the project will create an estimated 2,100 permanent retail jobs when fully opened and approximately 2,900 union construction jobs in the South Bronx.
Lieber says nearly 40 percent of all construction contracts were awarded to Bronx-based companies and nearly 15 percent have been awarded to Minority- and Women-owned Business Enterprises.
More than 1,100 local Bronx residents have already been hired for permanent positions by retailers, filling 67% of the current job positions. Additional hiring is ongoing.
Robert C. Lieber
Related's Goldstein says the Bronx Terminal Market, built in 1920, at one time was one of the largest food wholesale operations in the country with more than 100 tenants and 1,000 employees. Over the years, it declined until its nine remaining deteriorating buildings were occupied by fewer than 30 wholesalers.
In 2004, Related entered into an agreement with the City of New York and New York City Economic Development Corporation to redevelop the property with a mix of newly-constructed buildings.
In an effort to preserve the history of the old Bronx Terminal Market, Related is restoring the 45,000-square-foot Prow Building at the corner of East 149th Street and River Avenue, as well as the iconic friezes from the House of Detention. Studio 5 Partnership of New York City is designing the project.
The redesigned commercial two-level structure will contain upscale retail shops and restaurants on the street level. The Prow Building was originally used as a neighborhood wholesale meat, fruit and vegetable market. The building is located at the southern tip of Gateway Center.
Greenberg Farrow of New York City served as the master planner and retail design architect for the development.
Leave a comment