Gateway Center at the Bronx Terminal Market Approved by City Council

The article doesn't say so, but this City Council approval for the Bronx Gateway Project happened in about late January of 2006. I will bold things that I want to emphasize.

Suffice it to say that the Bronx does not appear to be left out of the area's development plans as much as fewer people are talking about it. Part of the reason for this might be that such projects lack the populist drama of the Forest City Ratner project in Brooklyn. Why the lack of drama? Because many people are happy to see development in the Bronx, especially the South Bronx, which has been ignored for decades.

As for the possibility that it will only bring low wage jobs to the area at the expense of local businesspeople, as one respondent in Brooklyn or Queens said to a Wal-Mart surveyor said, "There are a lot of low income people around here who want and need the kinds of jobs Wal-Mart (and retailers like Wal-Mart) have." Moreover, the Gateway project will very likely be an opportunity for local entrepreneurs of color.

In any event, if you follow the link to the article you will see pictures of the proposed project.
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Gateway Center at the Bronx Terminal Market Approved by City Council

One of the Largest Private Investments Ever in the Borough Will Revitalize the South Bronx

In a move that bodes well for the future economic vitality of the South Bronx, the $400 million Gateway Center at the Bronx Terminal Market - one of the largest private sector investments ever in the Bronx - received approval from the New York City Council last week.

The Gateway Center at Bronx Terminal Market will transform a blighted 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 percent of who 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 (CBA) that ensures the neighborhoods surrounding the development will share in the economic benefits generated by the project.

Per the CBA, 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 with job training and assistance in job referrals. BTM Development Partners also will 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 today 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 boroughÂ’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 to provide city services such as hiring teachers and firefighters, buying schoolbooks, and repairing streets and sidewalks.

Among the amenities provided by the new Gateway 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.
* A powerful magnet that will encourage other businesses to invest in the Bronx.

Borough President Carrion, the Bronx delegation of the City Council and the NYC Economic Development Corporation all played crucial roles in the approval of the Gateway Center. Their leadership and determination to revitalize the South Bronx were important to the project's successful navigation of the city's land-use review process and in drafting a community benefits agreement.

"The redevelopment of the Bronx Terminal Market with the Gateway Center is yet another milestone in the resurgence of the Bronx," said NYC 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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