In November 2019 Brookfield Properties introduced Bankside, a $950 million, 4.3 acre mixed-use multi-tower development located along the waterfront in Mott Haven.
Bankside represents one of the largest private investments ever undertaken in the borough. Brookfield purchased the property in September 2018 for $165 million from Somerset Partners and the Chetrit Group.
On March 26, Brookfield announced that it has topped out the final tower at the phase 1 site, “Third at Bankside,” located at 2401 Third Avenue and broken ground at Bankside’s phase 2 site, “Lincoln at Bankside,” located at 101 Lincoln Avenue.
“Brookfield is committed to the future of the Bronx and we are proud to hit these major milestones as we advance the Bankside development,” said Alireza Esmaeilzadeh, senior vice president, development, Brookfield Properties. “Mott Haven is known for its beloved local restaurants and shops, and we’re excited to support them – especially as we begin to recover from the pandemic. By making Mott Haven’s waterfront accessible to the entire community, creating new retail and community space, generating hundreds of new job opportunities, and more, our goal is to invest in the borough and knit the new development into the fabric of the community.”
Bankside will consume two parcels located on each side of the Third Avenue Bridge along the Harlem River – at 2401 Third Avenue and 101 Lincoln Avenue. There will be 462,000 gross square feet of development at 2401 Third Avenue and 950,000 gross square feet at Lincoln. The Third Avenue parcel will have three towers and 101 Lincoln Avenue will have four towers.
The construction, which has now begun, will occur in two phases, beginning with more than 450 apartments on the site at 2401 Third Avenue, expected to open by the end of 2021.
There will be a public waterfront park and esplanade on the Harlem River shoreline. Brookfield will also make substantial improvements to the shoreline bulkhead and enhance upland connectivity to the river.
The development will include 15,000 square feet of ground-floor local retail, including a tech-based educational and community center run by Project Destined, the nonprofit that administers a real estate-based education program focused on empowering underserved communities through training in financial literacy, total health and leadership development.
Brookfield has teamed up with Building Skills NY for its local hiring program at Bankside to maximize job opportunities for residents of the south Bronx in conjunction with the construction project. Through this collaboration, more than 20 workforce training partnerships have been established with local community colleges and community and faith-based partners.
“The Bankside project has provided a unique opportunity for Building Skills to further its mission of helping New Yorkers – particularly those in underserved communities – secure good-paying jobs in the construction industry while contributing to the city’s economic recovery effort,” said David Meade, executive director of Building Skills NY. “We commend Brookfield Properties’ commitment to ensuring that south Bronx residents benefit directly from this effort from day one.”
