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Terminal deal approved.

The New York City Council approved the $400 million Gateway Center at the Bronx Terminal Market on February 1--one of the largest private sector investments in the Bronx ever.

The Gateway Center will transform a series of dilapidated warehouse buildings into a vibrant, job-generating retail center. The development will house a mix of national and local retail stores, offering quality shopping venues for Bronx residents--76% of whom regularly shop outside of the borough.

Working with the borough's Council delegation and the office of Borough president Adolpho Carrion, the project's sponsor, BTM Development Partners (an affiliate of The Related Companies), forged a community benefits agreement that ensures the neighborhoods surrounding the development will share in the economic benefits generated by the project.

Per the agreement, the development will participate in programs sponsored by the Bronx Overall Economic Development Corporation, such as "Buy Bronx First" and "Bronx at Work." BTM Development partners also committed to an aggressive minority/women business enterprise program, as well as to offering local residents job training and assistance in job referrals. BTM Development Partners will also be advising future tenants of the Gateway Center to participate in these programs.

"The residents of the South Bronx will soon be able to enjoy the same shopping opportunities that residents in the rest of the City take for granted," said Glenn Goldstein, executive vice president of Related Retail Companies.

"Furthermore, the Gateway Center will provide thousands of jobs in a community with high unemployment. I am grateful that the City Council affirmed the position of the community board and the Borough president and offered it support for what we view as an essential component of the borough's continued revitalization of the Bronx."

The Gateway Center will contribute to the resurgence of the Bronx by generating approximately $21 million in annual tax revenue.

Among the advantages provided by the Center at the Bronx Terminal Market will be:

Top national retailers, as well as space for neighborhood stores and local dining options;

An attractive, environmentally-friendly design that will beautify the area;

Restoration of public access to the Harlem River waterfront;

Revitalization of the neighborhood with clean, lively, well-lit sidewalks that are safer to travel;

An improved image that will encourage other businesses to invest in the Bronx.

Borough president Carrion, the Bronx delegation of the City Council and the New York City Economic Development Corporation all played crucial roles in the approval of the Gateway Center.

"The redevelopment of the Bronx Terminal Market with the Gateway Center is yet another milestone in the resurgence of the Bronx," said Economic Development Corporation president Andrew M. Alper.

"By transforming a market that suffered from years of neglect into an outstanding retail development, the South Bronx can experience terrific economic opportunity, job growth and potential for future investment."

Related Retail Corporation is an affiliate of The Related Companies, one of the most active real estate development, management and financing companies in the nation. Other recently completed projects of the Related Retail Corporation include Gateway Center in Brooklyn and Clifton Commons.
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Title Annotation:Construction & DESIGN
Publication:Real Estate Weekly
Date:Feb 8, 2006
Words:505
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