LATEST NEWS

Over $3 Billion Was Invested In Bronx Development Projects Last Year

There a lot of noise about the Bronx these days. Part of it is the sound of construction transforming the borough.

By Jeff Vasishta April 5, 2017

If you needed confirmation that the Bronx is booming, roughly $3.3 billion had been spent on the Borough in development last year, a 37 percent increase from 2015, according to Borough President Ruben Diaz Jr.

Fondly known as the Boogie Down Bronx because of its reputation as the birthplace of hip-hop, BDB has suffered for many years through poverty and urban blight. However, with much of New York City now out of reach for home buyers, the Bronx chance to shine has a arrived with a number of high profile, big money projects.

Eyebrows were first raised a few weeks ago when the Census Bureau reported that the borough was growing faster than all it’s New York City counterparts. The latest development figures come on the back of major projects — including The Kingsbridge National Ice Center, Melrose Commons and York Studios, according to Diaz’ office.

Related: A Huge Development Complex Will Transform The South Bronx Waterfront

Top of the development list is the long awaited Kingsbridge National Ice Center with $350 million of investment. The project started to get a head of steam last year when an address was applied for the project. In addition, Governor Cuomo committed $108 million from the State toward the conversion of the Armory to the sporting facility. In addition, the developers have secured a $30 million loan from the Empire State Development Corporation.

At the time of Cuomo’s announcement, Rube Diaz said, “I am … thrilled that Governor Cuomo has offered his support to major Bronx proposals and institutions, specifically the reconstruction of Orchard Beach and the future of the Kingsbridge Armory. These projects are top priorities of my administration and have the overwhelming support of Bronx residents. However, we continue to see a lack of partnership and enthusiasm for them from City Hall. Strong backing from Albany will allow them to prosper. We can only hope now that the administration will see the wisdom in bringing these projects to fruition.”

Related: Is The Big Apple Building Boom Coming To An End?

Not quite as glamorous as the National Ice Center project, Melrose Commons is arguably just as important to the community. The two adjacent buildings comprise supportive housing for homeless veterans, (run by the The Bridge) with mental health issues as well as an affordable housing building for families. They are due to be completed this summer 161st Street and Elton Avenue—a largely vacant site. A number of counseling, training programs will be provided, said Carole Gordon, senior vice president for housing development at The Bridge.

“We’ll be doing a horticultural training program with the Horticultural Society of New York, which is something we’ve been doing for a number of years,” Gordon told DNA Info. “Behind several of our residential buildings, we develop gardens and farms. The idea of providing vocational training is key.”

Gordon described finding jobs for veterans as a very challenging endeavor.

“They’re coming out of the armed forces with a set of problems that are difficult,” she said, “and there are just not enough jobs.”

Despite The Bridge and Gordon’s best efforts. many Bronx residents fear that the the slew of new development, most significantly at the Armory, will further spike gentrification. Activists, notably the Power To The People Movement, claim, “the ice skating center will chase incoming middle and upper-class white people and open big corporate chain, anti-union, and low-wage paying stores in the area, a move which will push out smaller local businesses not able to afford the sudden transformation. The end result will be higher rents for all, for both tenants and small business owners.”

Jeff Vasishta

ABOUT THE AUTHOR Jeff Vasishta

ABOUT THE AUTHOR Jeff Vasishta

Jeff is a writer, husband and father but not necessarily in that order. As a music journalist he counts Prince, Beyonce and Quincy Jones amongst those he’s interviewed. He's also owned and flipped homes in Brooklyn, NJ, CT and PA.

  • AGORAFY
    Avocado toasts are the reason why millennials can’t afford a home, says one Australian real estate developer. #AvocadoToast #Millennials https://goo.gl/TBCPnv
  • AGORAFY
    Five years on since Superstorm Sandy, Queens’ coastal peninsula is in the midst of a development boom. #Development #Rockaways https://goo.gl/BRKRrD
  • AGORAFY
    It turns out, renters can’t get enough of good ol’ no-doorman-no-frills apartments. Too bad developers aren’t building any. #Doorman #LuxuryRentals https://goo.gl/pdnbo6
The Housing Market In Shenzhen, The Silicon Valley of China, Slows In 2017
The city of Shenzhen has been on the real estate radar for quite some time. It is known as the Silicon Valley of China. Many…
Developers Jump Aboard The Trend To Revamp Transit Hubs And Remake Cities
Never has the often used marketing term, “close to transportation” been more important when attracting home buyers. These days it’s not just homes that are…
Millennials Are Fueling The Current Sizzling Real Estate Market
Ever wondered why the hosts of home improvement shows seem to be getting progressively younger, along with the fresh-faced couples getting their new properties made…
The Best Cities For Recent Grads To Rent – Without Blowing Their Entire Paycheck
What’s next post graduation? For most, the logical answer is to find a job. After the excitement of finishing your studies and the big celebration,…
Luxury Knows No Limit In Malaysia As A Deluge Of New Developments Hit The Market
The amount of newly constructed high-end real estate in Malaysia is almost as abundant as the lush vegetation which covers the tropical landscape. Despite vacant…
Don’t Call It A Commune – Upscale Co-Living Is Attracting Major Development
What may have once been referred to as a commune is today termed a co-living space. The big news that it’s not hippies with hemp…
It’s Official—New York Is Now The Most Expensive City In The World To Build
As if you didn’t already know, it’s expensive to build in New York City. Not just expensive but now officially the most expensive place in…
An Ultimate Destination For The Most Comprehensive Real Estate Data, Agorafy Prepares To Launch Nationwide
In the coming days, Agorafy will be entering a new chapter. It is the beginning of a new growth cycle in real estate technology with…

TOP 10