South Bronx 161st Street Corridor CBD
Transcript of South Bronx 161st Street Corridor CBD
OverviewThe South Bronx 161st Street Corridor encompasses the both the Bronx Civic Center and
Melrose Commons / Third Avenue business districts. The Bronx Civic Center is an urban
center with a strong civic and office core, bolstered by new and enhanced regional
destinations like Yankee Stadium, Gateway Center, Harlem River Waterfront parks, and
the Bronx Museum of the Arts. The recently constructed 775,000 square foot (SF)
Bronx Hall of Justice, designed by Rafael Viñoly Architects, consists of 47 different
Supreme and Criminal Court rooms. The nearby Joyce Kilmer Park and Lou Gehrig Plaza
provide public parkland and settings for concerts, exhibitions, and festivals.
Melrose Commons / Third Avenue is a thriving residential area with vibrant cultural and
retail activity. The Hub, located along Third Avenue, is a regional commercial center of the
South Bronx where more than 200,000 pedestrians pass through each day. As of 2010,
over 400,000 SF of retail space has been built on public sites around Melrose Commons
and the Hub. Boricua Village is a public / private development that includes a satellite
campus of Boricua College, 689 units of mixed-income housing, 47,000 SF of retail space,
and 1.6 acres of public open space.
In 2008, Mayor Michael R. Bloomberg released the “South Bronx Initiative” (SBI). This plan
reflects an effort to sustain the positive effects of several development and infrastructure
projects that the City has undertaken over the past 3 years to attract private investment
and promote the creation of affordable housing, retail, and office space in the South
Bronx. As a result, over $3 billion of public / private investment and new development will
create almost 16,000 construction and permanent jobs and lay the groundwork for
additional, sustainable growth.
Available Commercial Incentives*
� Relocation and Employment Assistance Program (REAP)
� Commercial Expansion Program (CEP)
� Industrial and Commercial Abatement Program (ICAP)
� Energy Cost Savings Program (ECSP)
� South Bronx Empowerment Zone Benefits
� See www.nyc.gov/businessexpress for more information about incentive programs
* Subject to individual program requirements
2011� � � � �SOUTH BRONX 161ST STREET CORRIDOR
Office Market Snapshot1
Number of Buildings: 51
Total Square Feet (RBA): 1.46 million
Available Direct Lease Space: 201,907 SF
Available Sublet Space: 20,956 SF
Vacancy Rate: 11%
Under Construction: 70,000 SF
Class B Office SpaceNumber of Buildings: 16
Total Square Feet (RBA): 774,900 SF
Vacancy Rate: 15%
Average Rental Rate: $30 / SF
Class C Office SpaceNumber of Buildings: 35
Total Square Feet (RBA): 681,694 SF
Vacancy Rate: 7%
Average Rental Rate: $28 / SF
Barretto Park
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Who’s Here
Best Buy
Bed, Bath, & Beyond
Toys R Us
Babies R Us
Home Depot
Staples
T-Mobile
Target
BJ’s Wholesale Club
Marshalls
Raymour & Flanigan
GameStop
Applebee's
Payless
GNC
AT&T
Subway
Michael's
Youngworld
COMING SOON!
Conway
Lens Central Optical
BX Sports
Jaba Furniture
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Office MarketIn September 2009, the City Council adopted the 161st Street/River Avenue
Rezoning to provide opportunities for new high-density residential, commercial,
and community facility development in the civic heart of the Bronx. These recent
zoning changes and public investments have primed the 161st Street Corridor
as a convenient, affordable, and attractive office environment, including the
ongoing construction of the neighborhood’s first Class A office building.
Retail MarketWith new destinations like the Harlem River waterfront parks and the new
Yankee Stadium, the South Bronx 161st Street Corridor is fast becoming a
dynamic urban center of year-round activity for workers, residents, and visitors.
The area has some of the best transit access in the Bronx, with stops on the B,
D, and 4 subway lines, two new Metro North stations (Yankee Stadium Station
and North Melrose Station are both less than 15 minutes from Grand Central
Station), as well as proximity to the Major Deegan and Cross Bronx Expressways.
The Gateway Center at Bronx Terminal Market, completed in 2009, provides a
913,000 square foot retail anchor in the community alongside a vibrant corridor
along 3rd Avenue of local shops and restaurants.
Demographics2
.5 MILE RADIUS 1 MILE RADIUS
Total Population 61,171 200,675
Total Households 20,791 66,577
Total Employees N/A 42,209
Average Household Income $37,290 $35,728
Aggregate Household Income $775 million $2.4 billion
Median Housing Value N/A $197,384
Current Retail Environment
.5 MILE RADIUS 1 MILE RADIUS
Total Retail SF (RBA) 1,406,331 5.9 million SF
Average Rent $20 / SF $23 / SF(per square foot / year)
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Large-Scale Development Activity
The Gateway Center at Bronx Terminal Market
is the Bronx and Upper Manhattan's newest
and most exciting shopping destination,
located just steps from Yankee Stadium. The
LEED Silver certified building, completed in
2009, created nearly 1 million SF of new
retail space, street-level restaurants and
on-site parking for 2800 cars.
� Use: Retail� Cost: $500 million� Status: Complete
Yankee Stadium
Yankee Stadium Park Redevelopment Project
Gateway Center at Bronx Terminal Market Bronx Hall of Justice
Boricua Village
The new Yankees Stadium opened in April
2009 and provides a state-of-the-art home to
the New York Yankees, or “Bronx Bombers,”
baseball team. Much of the stadium
incorporates design elements from the
previous Yankee Stadium, paying homage to
the Yankees' history. The new stadium features
has capacity for 52,325 people and contains
25 fixed concessions stands, along with
112 moveable ones and a Hard Rock Café also
open to the public.
� Use: Recreational / Retail� Cost: $2.3 billion
The Bronx County Hall of Justice, designed by
Rafael Viñoly, is a courthouse at 265 East 161
St, between Sherman and Morris Avenues.
The 10-story building has 775,000 SF and
includes 47 Supreme and Criminal Court
rooms, 7 grand jury rooms, and office
space for the Department of Corrections,
Department of Probation, and the District
Attorney.
� Use: Municipal� Cost: $275 million� Status: Complete
Boricua Village is a 4.5 acre site located in
the Melrose Commons section of the
Bronx that contains 689 units of mixed
income housing, 47,000 SF of retail space,
and 1.6 acres of publicly accessible open
space. The project was a public / private
partnership with NYC Department of
Housing Preservation and Development.
� Use: Residential / Retail /
Higher Education� Cost: $250mm total investment� Status: Complete
As part of the award winning Yankee Stadium
Area Redevelopment Project, the City is
building four new parks with high-quality
recreational facilities including three athletic
fields, an all-weather soccer and football
field surrounded by a 400-meter competition-
quality track, four basketball courts, fitness
equipment area, handball courts, a skate
park, playgrounds, a waterfront esplanade,
tennis courts and a picnic area along the
Harlem River at the Mill Pond Park.
� Cost: $195 million� Use: Recreational� Status: Under construction
South Bronx Map
For additional information please visit www.nycedc.com/CBD or email [email protected].
www.nycedc.com | Find us on:
Yankee Stadium
Boricua Village
Bronx Hall of Justice
Gateway Center at Bronx Terminal Market
Yankee Stadium Park Redevelopment Project
Melrose
Concourse
High Bridge
Concourse Village
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149 St - Grand Concourse 4
161 St - Yankee Stadium B-D
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Queens
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The Bronx
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References1. CoStar; 161st Street BID / Fiel Corporation (220 East 161st Street)
2. Demographics Now; CoStar