The Bronx is the place to be according to a new report released last week.
On Friday, February 27, Borough President Ruben Diaz, Jr. officially issued his annual development report which highlights the total investment in the Bronx since he first took office in 2009.
The report notes that collectively the borough has seen more than $7.212 billion in total development within all categories since the beginning of his first term.
Last year alone, the Bronx witnessed over $1.13 billion in new development.
This report’s debut follows on the heels of last week’s ‘State of the Borough’ address in which the borough president outlined his continued vision for the ongoing prosperity of the Bronx’s economy.
“The Bronx continues to grow stronger and stronger each year, as we create new jobs, build new housing and improve quality of life in the borough,” said Borough President Diaz. “We will continue to attract the type of investors that want to help the Bronx flourish and reach its full potential.”
Diaz, Jr.’s report illustrates other development highlights from last year including a total of $788 million in residential development, $483 million in institutional development, and $134 million in commercial development across the borough.
Last year saw approximately 405 new addresses issued.
There has been a steady increase in unsubsidized residential development throughout these years and the Bronx has topped last year’s record of 63% unsubsidized units with a total of 69% unsubsidized units this year.
This represents 2,547 unsubsidized units out of a total of 3,697 housing units developed last year.
Last year’s noteworthy commercial developments included 15 new retail stores, three restaurants, a TD Bank in Parkchester, a Hotel Hampton Inn and a boutique in Highbridge, four storage facilities, five warehouses, an auto laundry, and two gas stations.
Residential highlights detailed were four 1-family houses, 44 2-family houses, 20 3-family houses, 81 multifamily buildings including six supportive housing buildings, and 98 alterations.
Institutional developments described in the report included a new natatorium for Riverdale Country School, P.S. 317, Children’s Aid Society College Prep Charter School, the Metropolitan Lighthouse Charter School, Fordham University’s Faber Hall and Loyola Hall, a new building at Bronx Community College, Bronx Council on the Arts Gallery, MTA training facility, NYPD training facility, St. Barnabas Hospital building, and a mosque in Van Nest.
The report’s ‘Top Ten Projects by Total Investment in 2014’ included Riverdale Country School’s Natatorium for $100 million, Melrose Site C: 203-unit mixed use and 59-unit supportive housing with HDC/HPD financing for $91 million, 134-unit multifamily building with HDC financing for $58 million, 149-unit supportive housing with DOMH and HASA funding for $55 million, $49,399,000 for P.S. 317, 136-unit supportive housing and 200-bed homeless shelter with HPD/DHS financing for $34 million, $33,670,450 for a 150-unit multifamily with HDC financing, 60-unit HIV supportive housing with HPD financing for $27 million, and Children’s Aid Society College Prep Charter School for $27 million.
“This is truly an exciting time to visit, work, live and do business in the Bronx. Since 2009, our borough has seen a transformation, with more than $7 billion invested on improving the quality of life of all Bronxites, building more and better affordable housing units, greener business infrastructure and creating thousands of new jobs,” said Marlene Cintron, Bronx Overall Economic Development Corporation president.
