$300m Bronx project will create 2,400 jobs.

The Related Companies has partnered with the city to develope a $300-million retail center at the Bronx Terminal Market.

The Related Companies' proposed Gateway Center calls for about one-million s/f of retail space with a mix of big box, specialty and smaller shops in five newly-constructed multi-tier buildings, structured parking, a one-acre public park with an esplanade along the Harlem River, and possibly a hotel.

The project will create more than 2,400 construction jobs and about 2,100 permanent jobs. It will generate approximately $21 million in annual tax revenue for the city.

"The plans for the Gateway Center at the Bronx Terminal Market put an end to the 30-year reign that allowed this remarkable site to deteriorate and become a monumental eyesore and detriment to the whole borough," said Mayor Michael Bloomberg at the unveiling last week.

"The proposal from Related will not only remove this blight, it will also create about one million square feet of quality retail space, an inviting waterfront esplanade and park and generate thousands of jobs for area residents and enormous tax revenues for the City.

"This is another example of this Administration's commitment to resolving long-standing disputes that impede the City's ability to capitalize on our assets and improve our economy."

The Related Companies and the city reached an agreement for Related to lease the 26-acre property for the next 63 months while it finalizes long-term plans for the development. After agreeing to take over the property, Related reached an agreement with the City to continue to operate the Market for the next two years while the company's development plan for a retail center, waterfront esplanade and public open space goes through the city's public review process.

After that process is completed, construction will take about two years, and the entire retail center is expected to open in 2008. Upon approval of the development plan the City agreed to grant Related a 49-year lease for the property, with options to extend to 99 years.

"The Related Companies is excited to be a part of the continuing revitalization of the Bronx," said Related Chairman Ross. "We are confident that when completed, Gateway Center at the Bronx Terminal Market will stand out as a critical catalyst for future economic development and job creation for all the people of the Bronx."

The Bronx Terminal Market was built in the 1920s and at one time was one of the largest Hispanic food wholesale operations in the country with more than 100 tenants and over 1,000 employees.

It is located near Yankee Stadium between East 149th Street, River Avenue and the Harlem River. Today, the Market consists of nine buildings, seven of which are partially occupied, with less than 30 fruit and vegetable wholesalers remaining. One of the buildings, known a WH-1, is in hazardous condition and demolition will be commenced by Related over the next few months.